EOFY – The perfect time to consider MORE than just your tax planning!
Adam Pasquill, Associate Partner & CPA from our Cranbourne office, highlights the importance of tax planning in the lead up to EOFY, while making a very strong point – that the EOFY is also a great time to consider more than just your tax minimisation strategies…
It’s April. We’ve all well & truly settled into 2023 & the months are flashing by. Which means the end of the 2023 financial year is approaching & your tax planning of course, is of high importance.
When it comes to tax planning, taking a holistic approach can be highly beneficial for individuals & businesses alike. This approach involves not only considering tax minimisation strategies, but also looking at opportunities for wealth creation & asset protection.
Looking at your circumstances from a ‘birds’ eye view’ with the right team of specialists – which likely means not only your awesome Highview Accountant this year – we can identify opportunities or potential challenges ahead, to carefully advise & action a tailored plan to your unique needs. Our team at Highview is made up of many experienced Financial Planners, Finance Brokers, Bookkeepers, Insurance Brokers & referral partners – so this holistic approach can easily be delivered by our team adding great value to our clients.
With the current market conditions, including an impending recession & high inflation rate, it’s more important than ever to take this holistic approach to your finances. Our team can help you take considered steps to safeguard your wealth & protect your assets, while also minimising your tax burden (of course!).
One of the first steps in our holistic tax planning approach is to assess your current financial situation. This involves looking at your income, expenses, investments & assets, as well as your short & long-term financial goals. With this information, we can offer you the most suitable advice.
In addition to traditional tax planning strategies, such as maximising deductions & credits, our holistic approach may also involve exploring opportunities for wealth creation. This could include making additional superannuation contributions (a nice tax deduction!), investments in stocks, real estate, or other assets that have the potential to generate income & increase in value over time. By diversifying your portfolio, you can reduce your risk & potentially achieve greater returns.
Another important aspect of our holistic tax planning approach is asset protection. This involves taking steps to safeguard your assets against potential legal or financial threats, such as lawsuits or bankruptcy. Our team can assess & recommend many options. For example, a strategy could include setting up a Trust or forming a Limited Liability Company to help protect your assets.
Surrounded by a team of specialists, you can get highly considered advice to ensure you, your family & your business (if applicable), can weather the ups & downs of the economy & work towards achieving your long-term financial goals.
Talk to us about this approach – we’re ready to book your planning appointments & can include another Highview specialist in your appointment if you feel this would add value – or if you’d like to explore opportunities!
Let’s get the mix right for you.
Adam Pasquill
Associate Partner, CPA
Highview Accounting & Financial, Cranbourne.
Source: https://www.ato.gov.au/