Taxation is not all about knowing what you owe, or are getting back after the financial year has ended. A real accounting firm will be on the phone to you before the financial year end to discuss how the year has gone so far, and how the impending tax situation can be improved.
This is commonly referred to as ‘tax planning’. It can be as simple as a self-employed person making a concessional superannuation contribution (deduction) prior to 30 June. The other end of the scale is the preparation of a tax planning report (for as little as $200), in which we analyze your trading to date (usually between March and very early June), and provide you with a report that provides a number of strategies that can be implemented prior to 30 June, to improve the impending tax situation.