When you hear the words “tax planning,” you might assume it’s only relevant for the wealthy or large companies. In reality, tax planning is one of the most powerful tools available to small business owners, sole traders, and individuals with investments or multiple income streams.
When done properly, it can help you legally reduce the amount of tax you pay, avoid unwelcome surprises at tax time, and plan ahead with confidence.
So, how do you know if it’s time to book a tax planning consult?
Let’s break it down…
Who Should Consider Tax Planning?
1. You run a business or side hustle
Whether you’re operating as a sole trader, company, or trust, understanding your projected tax position can help you manage cash flow and make smarter financial decisions before the end of the financial year.
2. You expect to make a profit this year
Tax planning is most valuable when your income is growing. The earlier you plan, the more options you have to reduce your tax bill legally and effectively.
3. You have investments or passive income
Rental properties, dividends, capital gains, crypto transactions and other investment income all have tax implications. Planning ahead can reduce or defer tax in a smart, strategic way.
4. You haven’t contributed to super this year
Superannuation contributions are a powerful tax planning tool for business owners and individuals alike. But there are limits and deadlines, so timing is key.
5. Your business structure hasn’t been reviewed in a while
Is your current structure (sole trader, company, trust) still serving you? Tax planning gives us a chance to review whether a different structure could offer greater benefits.
6. You want more control and less stress around tax
Tax planning gives you clarity, certainty, and peace of mind—so you’re not caught off guard or left scrambling in June.
What’s Included in a Tax Planning Consult?
We begin by reviewing your numbers to calculate what your tax would look like on your current trajectory. From there, we create tailored scenarios and strategies to reduce your tax legally and effectively.
Once your personalised plan is ready, we’ll jump on a call or Zoom with you to walk through the results, explain your options, and answer any questions. You’ll leave the session with a clear action plan, full visibility over your tax position, and practical steps to implement before 30 June.
Here’s what we cover as part of your tax planning consult:
- Review of year-to-date income and projected profit
- Review of current deductions and missed opportunities
- Super contributions and timing strategies
- Business structure suitability
- Strategic tax-saving options
- Clear tax estimates based on different scenarios
Why Timing Matters
Tax planning is all about being proactive. If you wait until after 30 June, most tax-saving opportunities are gone. That’s why we recommend booking in well before the end of the financial year to get the most value.
Not Sure If It’s Worth It?
If you’re unsure whether a tax planning consult is right for you, feel free to get in touch. Existing clients, please feel free to self-serve our complimentary Tax Planning Questionnaire within your client portal account. Regardless, if any of the situations above sound familiar, it’s likely that a consult could be one of the smartest financial decisions you make this year.
Want some tax planning tips?
Download our free tax planning brochure for more info.
