You may be one of the thousands of contractors that take advantage of the free or subsidised tax returns available to you as a Satori Advisory Global contractor and provided by our Accounting division, but do you understand what Tax planning is?    At this time of year, we receive calls from contractors asking what they need to change within their taxable structures, moving forward.  Now is the perfect time to start planning your tax strategy for 2018/2019 and beyond.

Let me break it down for you.  Within the tax sector there are two areas that our accounting team focus on.

Tax Compliance.  Tax compliance is the necessary work required to lodge an Individual Tax Return.  This includes all your individual activity within the financial year, such as income and expenses relating to your wages, investment properties, Sole Trader activity, Foreign income, the list goes on. Of course, we ensure all tax planning opportunities have been utilised, to ensure you pay the right amount of tax and not a cent more!  Essentially Tax compliance is your prior Financial year tax obligation.

Tax Planning.  Tax Planning is learning about you, your situation and your goals to help you build your wealth in the future. It includes strategies to ensure you are maximising your ability to legally reduce your tax in the future. Successful investors see the Tax Return not as an obligatory requirement but as a springboard to achieve their goals. Tax planning will ensure you are positioned to take advantage of legislative changes to entity set-ups, superannuation, retirement planning, salary packaging and positioning of investments in tax effective environments as they occur from within a compliant environment.  It removes the ‘Oh I wish I’d known that earlier’ discussion.   Tax planning is about creating benefits into the future for you and your family. It’s about activating your prosperity!

At Satori Advisory Financial Partners we know that paying the right amount of tax and not a cent more means more disposable income in your pocket. Our taxation experts can ensure you’re doing just that and they will help structure your accounts or business to maximise your income, while minimising your taxes.

We offer advice on the following Tax & Accounting Services

• Tax returns for Individuals, Sole Traders, SMSFs, Trust, Partnerships and companies
  Business Activity Statements (BAS)
• Other end of year tax compliance (Superannuation compliance requirements, payroll etc)
• Establishment and set-up of an entity such as a Trust, Sole Trader, Pty Ltd company or Self-Managed Super Fund (SMSF)
• Salary packaging
• Superannuation contributions
• A transition to retirement income stream
• Negative gearing and investment properties
• Legitimate work and business deductions
• Asset restructuring

If you would like to talk about what TAX Planning could do for you, or you are yet to lodge your Tax Return, contact our Tax team on 1300 925 081 or email info@satoriadvisory.com.au