This month I was given the opportunity to join as a guest speaker on a webinar where the topic was Tax Planning. I know - you are devastated you missed this one - right? But while I was preparing this super exciting content, it gave me a chance to think about what the true value of tax planning is. And yes, a big part of it is getting that expected tax bill down as low as possible. But there is more to it than you might think. Some of the key benefits of tax planning don't have anything to do with saving tax at all.
Cashflow planning - knowing the possible result of your current year tax right now gives you a full 12 months to save and reduce the potential cashflow impacts on your business
Peace of mind - eliminating that bill shock that can happen when you end up with a payable result
Review of performance - sometimes tax planning is the first time business owners stop and take a good look at how the business has gone for the year
Centrelink estimates - for those needing to provide income estimates to Centrelink for family tax benefit or childcare subsidy tax planning can make sure you update your estimate in time to avoid yet another bill if your estimate was short
We are coming into prime tax planning season at the moment so if you haven't already, now is the time to talk with your Adviser to see if some of these benefits can make a tax planning session worth the investment. Stephanie. P.S. who has noticed the new name for our Adviser in the Spotlight articles? The title block is typically the first thing you look at on a blueprint so we thought it was perfect!