Your Trusted Tax Planning Experts
Tax planning is the bread and butter of any accountant – we like to do it a bit differently. Flinging terms like PAYGI and SMSF is all well and good but giving our clients a thorough understanding of their tax position, options and outcomes is something entirely different.
Arranging affairs to keep your tax to a minimum
A lot of factors contribute to your tax obligations throughout the year and some of those include your business structure, which state you reside in, how many employees you have, GST registration… the list goes on. It’s our job to make sure that long list is in order and smart choices are made to ensure you’re tax compliant, your risk is managed, and your tax payable is minimised.
Understanding your tax position
One of the most common issues we see for businesses – no matter size or age – is that owners don’t keep a close eye on their tax position and therefore don’t put the right amount of money aside to meet their obligations. Queue scrambling for the cashflow, entering into numerous payment plans or finding themselves in debt. Ensuring that you know where you stand with your tax position throughout the year means significantly less stress and strain on your bank accounts.
Utilising super to your benefit
Extra super contributions can be a very effective tax strategy (whilst saving more for your future). We make sure you’re using this option in a way that makes sense for your current financial position. We also remind you to meet superannuation payments before they’re due so that any potential repercussions for late or missed payments are avoided.
Claiming everything you’re entitled to claim
Ensuring that you’re accessing all tax deductions that you’re entitled to is a huge puzzle piece to minimising your tax bill whilst remaining compliant. These are often easy to miss when doing yourself as they’re often misunderstood.
Frequently Asked Questions
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Tax planning is the process of organising your financial affairs throughout the year to legally minimise the tax you owe. Rather than scrambling at the end of financial year, good tax planning means you know exactly where you stand, what’s coming, and how to make smart decisions before it’s too late to act. At Future Advisory, we make sure tax planning is an ongoing conversation, not a once-a-year panic.
Yesterday, ideally! But seriously, tax planning works best when it’s done year-round, not just before 30 June. The earlier we understand your income, expenses, and business structure, the more options we have to legitimately reduce your tax bill. If you wait until tax time, most of the opportunities have already passed.
They’re closely related but not the same thing. Tax minimisation is the goal, paying only what you’re legally required to pay, nothing more. Tax planning is the strategy that gets you there. It involves reviewing your business structure, timing income and expenses, maximising deductions, and using tools like super contributions to reduce your taxable income. All of it done properly, compliantly, and with the ATO in mind.
Absolutely. Tax planning is entirely legal, and actually encouraged. The ATO distinguishes between tax avoidance (dodgy) and tax planning (smart). Working with a qualified accounting firm to legitimately structure your affairs and claim everything you’re entitled to is not only legal, it’s just good business. The key word is “legitimately”, and that’s exactly how we operate at Future Advisory.
Most accountants hand you a tax bill and a shrug. We do it differently. We make sure you genuinely understand your tax position, not just the number at the bottom of the page. That means walking you through your options, explaining the outcomes in plain English, and making proactive recommendations throughout the year, not just at EOFY. We’re in your corner all year, not just when the ATO comes knocking.
As your trusted tax accountant melbourne cbd, we start by getting a clear picture of your current financial position, income, expenses, business structure, super contributions, and any upcoming changes to your business. From there, we identify opportunities to reduce your tax liability before the end of the financial year and put a plan in place to action them. It’s a proper strategy session, not a box-ticking exercise.
Significantly. Whether you’re operating as a sole trader, partnership, company, or trust has a direct impact on your tax rate, your ability to split income, and how you access profits. A structure that made sense when you started might be costing you more than it should now. We regularly review business structures as part of our tax planning service to make sure you’re set up in the most tax-effective way.
Yes, and it’s one of the most underused strategies we see. Making concessional (before-tax) super contributions reduces your taxable income, which means you pay less tax now while saving more for later. It’s a win-win, but it needs to be done correctly and before the right deadlines. We’ll factor this into your plan and make sure contributions are timed to maximise the benefit.
More than you’d think. Common ones include home office expenses, vehicle and travel costs, depreciation on equipment, professional development, software subscriptions, and certain prepaid expenses. The rules around each one are specific, and claiming them incorrectly is just as risky as missing them altogether. We make sure you’re claiming everything you’re entitled to, compliantly and confidently.
Yes. If you’re already in a tough spot with the ATO, we can help you negotiate a manageable tax payment plan, liaise directly with the ATO on your behalf, and put systems in place so it doesn’t happen again. We don’t judge, we just get to work finding a practical path forward.