WHY TAX PLANNING MATTERS?

Every business transaction can create tax consequences.

Without planning, these consequences often become clear only after the financial year ends, when there are limited options available to improve the outcome.

A proactive tax planning review allows you to:

• understand your expected tax position before year end
• identify legitimate strategies to reduce tax
• manage the timing of income and expenses
• plan for upcoming tax payments
• align your tax strategy with your business goals

For many business owners, the result is greater clarity, improved cash flow planning, and reduced tax payable.

 

WHAT HAPPENS DURING A TAX PLANNING REVIEW?

Our tax planning process focuses on understanding your current financial position and identifying opportunities before the financial year ends.

During a tax planning review we typically:

• estimate your expected taxable income for the financial year
• forecast the amount of tax payable
• identify strategies that may reduce tax
• review business and investment structures
• discuss superannuation planning opportunities
• identify actions that should be implemented before 30 June

Following the review, we provide a clear action plan outlining the steps required to implement any agreed strategies.

WHO TAX PLANNING IS FOR?

Tax planning is particularly valuable for:

• business owners
• investors with rental properties or investment portfolios
• individuals with multiple income sources
• business owners operating through companies or family trusts
• clients expecting a higher income year

Tax planning is especially important for businesses operating through companies, trusts or multiple entities, where income distribution and structure can significantly affect the overall tax outcome.

If your circumstances have changed during the year, tax planning can help ensure your strategy still aligns with your goals.

WHEN SHOULD YOU COMPLETE TAX PLANNING?

Tax planning typically takes place between April and early June.

This allows enough time to:

• review financial results
• identify opportunities
• implement strategies before 30 June

We recommend booking your tax planning review before 31 May where possible.

WHAT WILL MY TAX PLANNING SESSION COVER?

During your tax planning session with Green Wave Accountants, we will typically:

✓ Estimate your expected tax position
✓ Identify potential tax reduction strategies relevant to your circumstances
✓ Provide a clear action plan before 30 June

We recommend booking your review before 31 May to allow sufficient time to consider and implement any appropriate strategies before the end of the financial year.

Frequently Asked Questions

How much tax can tax planning save?

The outcome varies depending on your circumstances. The goal of tax planning is not simply to “reduce tax”, but to ensure you are paying the correct amount of tax while making informed financial decisions before year-end.

For many clients, the biggest benefit is clarity and avoiding unexpected tax liabilities.

When should I book my tax planning session?

Tax planning is usually conducted between April and early June.

We recommend booking before 31 May to allow enough time to review your financial results and implement strategies before 30 June.

How much does tax planning cost?

 The cost typically ranges from $500 to $1,500 + GST, depending on the complexity of your circumstances, business structure, and the level of analysis required. 

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Can tax planning actually reduce my tax bill?

Yes, tax planning can identify legitimate strategies that may reduce your tax liability depending on your circumstances.

At Green Wave Accountants, the focus is not simply on reducing tax, but ensuring you are paying the correct amount of tax while making informed financial decisions before 30 June.

Is tax planning only for large businesses?

No. Tax planning can be valuable for many types of clients, including:

• small business owners
• professionals with higher income
• investors with multiple income streams
• individuals with company or trust structures

Green Wave Accountants works with clients across Australia who want a more proactive approach to managing their tax position.

What if I have never done tax planning before?

Many clients engage Green Wave Accountants for tax planning for the first time after experiencing an unexpected tax bill in a previous year.

A tax planning review provides early visibility of your likely tax position, allowing you to plan ahead rather than react after the financial year ends.