AVOID THE STRESS OF TAX SURPRISES
Despite all the best business planning and systems in place, sometimes there are surprises, like paying more tax than you thought you would have to. With some simple planning, Cox Sherlock Accountants can help you avoid the shock and stress of a tax surprise as well as providing options to reduce your tax position and increase your net wealth.
2021 Legislative Changes
This financial year, there have been a number of legislative changes which may impact your business profit and tax position including:
- Cashflow boost;
- Instant asset write off;
- Temporary full expensing; and
- Unused concessional cap carry forward.
Avoid Undue Cashflow Pressure
Not only are tax surprises personally stressful they also place undue pressure on your business and cashflow. Your tax bill doesn’t have to be a surprise. However, this can only be achieved with early planning. Waiting until tax time is too late.
A Simple Process For You
Tax planning is a really simple process, specifically designed to have minimal impact on you and your business. Of course, we will ask you to send us some information, but once we have it, our process does not require a lot of time from you.
Act Early, Act Now
Tax planning is only effective if you act ahead of tax time. By undertaking some simple tax planning, now, we can make recommendations that will give you the opportunity to reduce the tax bill and determine your tax position. You’ll be less stressed and will have more time and energy to focus on your business.
“I wasn’t aware of the benefits of tax planning until I sat down with my accountant and did it. It gave me the ability to dedicate time to properly considering and subsequently making plans in respect of my tax position rather than being a passenger in that process. I am very time-poor but working with Cox Sherlock to do the tax planning saves time as all of my questions and concerns are answered as part of the process. I think the tax planning work has been invaluable and has helped me to maximise my financial position, pay less to the tax man and have more buy-in about my financial setup.”
– Averil, F
Useful Tax Planning Articles
As legislation, your personal circumstances, or your business changes, so does how your tax can be planned.
These articles can help you understand a little more about what we can do and how we can help with your tax planning.
4 TAX LEGISLATION CHANGES THAT CAN AFFECT YOU THIS FINANCIAL YEAR
If any of these changes are applicable to you, it makes complete financial sense to be aware of your tax position as well as knowing what you can do to reduce this tax bill and increase your net wealth.
WHAT DO YOU MEAN I HAVE A LARGE TAX BILL!
No one likes the nasty surprise of an unexpected tax bill. This nasty surprise is magnified when there are insufficient funds to pay the tax bill. Tax planning can help avoid the nasty surprise and here is how the process works.
HOW TAX PLANNING SAVED JERRY $39,975
Case Study – Jerry has a number of Canberra investment properties and sold two of these properties. Jerry was also running a business and was paying himself a wage as well as making personal contributions to his superannuation. Here’s how Cox Sherlock Accountants saved Jerry $39,975.
“We had the sale of a couple of rental properties during a financial year and we knew we were going to have a large capital gain. With discussions with Cox Sherlock Accountants and our financial planner we were able to structure our affairs in a way which both saved tax and gave us peace of mind as the tax bill was in line with what had been calculated by Cox Sherlock.”
– Shelley, U
Do you want to avoid tax surprises this year?
Contact us today to have a no-obligation discussion about how tax planning can help you.
Individual Income Tax
Preparation of individual Income Tax Returns for wage and salary earners and provision of taxation advice.
Investor Income Tax Returns
Income Tax Returns for rental property owners and larger investors and provision of taxation advice.
Business Financial Statements
Preparation of simple Financial Statements and Income Tax Returns for individual contractors and micro businesses and provision of taxation and commercial advice;
Business Income Tax Returns
Preparation of Financial Statements and preparation of Income Tax Returns for small to medium sized businesses including individuals, partnerships, companies, and Trusts together with provision of taxation and higher level commercial advice.
Business reports involving comparisons with Industry Benchmarks, and analysis of the client's business and comparisons with the Industry Benchmark.
Audit Shield Insurance
Audit Shield Insurance provides for the payment of professional fees incurred by a client when audits, reviews or investigations of lodged returns are initiated by the ATO, Federal and State agencies. The product covers you and your related entities against audit costs from a basic phone enquiry to a complete audit of lodged returns with the ATO, Federal and State agencies. To find out more information, please visit the downloadable reports.