Tax Planning Starts Now!

There’s five key things that all taxpayers MUST consider RIGHT NOW. Three of them are brilliant wealth creation ideas. Please read on!

30 June is not far away. 

Too often, we end up suffering because we have procrastinated and not made a positive decision to do something. If we leave your tax planning until the end of May and early June, quite frankly there may not be enough time to do anything significant to legally reduce your tax.

So for 2014, our invitation to you is to START NOW with your tax planning.

5 Key Tax Planning Strategies
Over the next 5 weeks, we will provide one of our 5 key tax planning strategies. These are:

1. Consider a Self Managed Super Fund (SMSF) – How to make it your family's wealth VAULT and legally pay NIL tax at retirement.
2. Big tax refunds for prepaid interest on your investment property or portfolio.
3. Debt Optimisation – Pay off your home loan sooner, minimise non-deductible interest and maximise your tax deductions for investments.
4. Trust Distribution Resolutions needed BEFORE 30 June 2014 – or pay up to 46.5% tax on trust profits.
5. General tax planning strategies – Key items that mean $ in your pocket.

So keep an eye out for these articles, and we'll outline in detail for you how to save $ and at the same time grow your family's wealth in a low-risk manner.

How our Tax Planning Process works
First of all, we request from you details of your expected income and/or business profits for the 2014 tax year (1 July 2013 to 30 June 2014). This includes all wages / employment income, interest and dividends and rental income received, business profits / losses, and any capital gains / losses you expect to make.

Based on this information, we estimate your taxable income and your tax payable BEFORE any tax planning strategies. For example, we may calculate (based on your information) that you may have a taxable income of $200,000 for 2014. This would result in $66,547 tax and Medicare levy payable.

Secondly, we discuss all of your tax planning options. Some of these may be things to do in your business, and some of these may be investment / wealth creation options.

Thirdly, we provide you with a report that explains in plain english the tax planning strategies we recommend and exactly how much tax you will save.

And finally, we provide you with an easy-to-follow Action Plan to ensure that both you and we can do everything that needs to be actioned before 30 June.

Don’t wait until June. Contact our office TODAY to start your tax planning for 2014.

Published : 05 May 2014

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