For all of our business and investor clients we look at the whole family situation to ensure the family unit pays the lowest possible income & capital gains tax.
We pay particular attention to get the best deduction for motor vehicles and to keep fringe benefits tax to a minimum by reminding clients to keep log books where appropriate and by keeping family members in the same tax bracket. We plan ahead where possible not only to minimise income & capital gains taxes but to ensure that you will have sufficient cash flow if unfortunately you are required to pay tax.
We carefully reconcile the GST payable to client's tax returns to ensure that the correct GST has been paid and to ensure income tax payable is correct. So that our clients don't get any year end surprises we recommend the regular preparation of financial statements, budgets and cash flow forecasts.
As we specialise in tax returns for property investors, we often find with new clients that building depreciation has been missed. We will amend previous returns to obtain the tax savings missed. Tax planning is not just a year end exercise, it requires careful decision making throughout the whole year.