Read Our Blog:
“I hate paying so much to the ATO”
“I hate paying so much to the ATO”
- Do you feel that you’re working just to pay taxes to the ATO?
- Are you looking for a way to align your personal and business finances to make sure you are maximising your tax savings?
- When presented with a BAS or Income Tax Bill, do you find that you’ve already spent the money – just to make ends meet?
If you find yourself in this position, then we need to talk … but first, read on.
Is the goal to pay no tax?
No. Pretty much everyone pays tax. If you’re making good money and earning a profit, you’re going to pay tax. Therefore the goal is not to pay no tax.
The goal is to make sure that you are not paying a cent more than you have to. And let’s be honest, tax is complicated. You need a great accountant in your corner, someone who will work for you!
There are a number of legal strategies that you can use to minimise the amount of tax you pay.
With no planning there is tax that you do not need to pay. This is the hidden tax that you pay. Dead money. Money that could otherwise be funding your lifestyle or your future plans.
The difference lies in whether you have an accountant that is proactive and working for you. Or one that is reactive and only responds when specifically asked a question.
Are you paying your accountant to be proactive? Or are they reactive?
But … no tax!?!
Everyone making money pays tax. Everyone. Period.
There are a number of different spruikers out there who say ‘pay no tax’ – but the reality is that if you are paying no tax then you aren’t making money.
Now I fully understand all of the tactics associated with real estate, derivatives or margin lending that mean that you are using tax sheltered (free or deferred) income to minimise your current tax bill.
But do you think that the ATO doesn’t know all about this too? And assuming that you go on to sell those assets to fund the margin loan or sell the real estate for a profit – then again you will pay tax. (And just so you know, there are still some further tax tricks that we know that can minimise that too!!)
In short, if you are making real money, then you pay tax. The question is what are you going to do about it?
Despite what the media say, millionaires don’t pay ‘no tax’. I mean check out this article:
Great click bait headline right? Or what about this one:
Sixty-six Australian millionaires paid no tax last year: ATO
From this article, I just love this quote:
“Highly skilled accountants were able to get their clients out of over $400 million in tax. Those accountants were paid an average of $219,000 for their services, which was also tax deductible”
Look past the headlines and look at the data. Are these people all tax dodgers or cheats? Heck no.
What they had was great advice and access to legitimate tax planning and saving strategies. Why shouldn’t you have the same?
Feel Like You’re Paying More than your Fair Share?
If you are serious about minimising your tax burden while pursuing your longer-term wealth goals, then we need to have a conversation.
We have a team that is dedicated to helping you save every cent that you are entitled to, ensuring that our strategies align with your financial aspirations.
When we take on a new client, all of our Strategy + Tax clients are given a free Initial Tax Review.
This is so that we can give you a second opinion on your most recent tax returns. We also provide you with a business performance review which means that we give you extra insights into the performance of your business.
As of right now, we have saved our client’s in excess of $1.2 million dollars in money that would otherwise have been paid to the ATO. (This is for income tax, penalties and GIC and is current as at the 11 June 2023).
Yes, that is seven figures. And we are confident that the number will only keep going up.
How can we help?
To really make sure that you don’t pay any more than you have to, then you need to be in regular contact with your Accountant. And when I mean regular, it means having a catch up at least quarterly.
Some strategies require solid cash flow which makes it easier to budget for throughout the entire year.
We believe in tax saving strategies that help you achieve your life goals too!
While it is easy to say “Just spend this to buy yourself a tax deduction”, if that isn’t helping you achieve your longer term plans, then it is useless.
We have Tax Planning and Strategies as an included part of all of our Strategy + Tax programs.
If you are serious about making sure that you don’t pay a cent more than you have to AND that you are achieving your longer term wealth goals, we need to chat.
We’re so confident that the strategies that we bring to the table will save you more than you pay us, that we will guarantee it!
Get in touch today to see how we can make a difference for you.
Check out our Strategy + Tax package
Find Out More InformationHow do we do this?
We seek to understand you and your business. What is it that drives you? How does your business fit into your lifestyle plans, both now and for the future?
To do this means that we help you to:
- Understand the numbers that drive your business
- Keep your tax and compliance obligations in hand
- Structure your business for the future
- Carry out Tax Planning throughout the year
- Make sure that you are using all the tech you have to it’s fullest capability
- Build long term wealth
In summary, we provide peace of mind. Let us help you sleep easy knowing that everything is taken care of.
You need to truly understand the numbers that drive your business. Then you need to make sure that those numbers are monitored regularly to make sure that your business is delivering exactly what it should be.
Measure what matters in your business and then focus on those things like a hawk.
With Strategy + Tax we work with you on either a monthly or quarterly basis to help you use these numbers in a meaningful way. There’s no point just knowing what they are, you need to know how they help you and where you need to make a change.
