Our Tax Planning Process

In addition to our regular Tax Return Processing Service, at Lemonade Beach we also offer Tax Planning. Our Year-End Tax Planning process takes place before year end, usually around April – May. During this time, we work closely with you to assess your financial situation so we can suggest ways to minimise your tax liabilities and promote tax efficiency.  We recommend completing any tax planning by early June, as this allows time for you to consider your options and implement any plans.

By working with our team of experienced professionals, you can gain insights into various strategies that can help you legally reduce your tax burden. Whether you are a business owner looking to maximise deductions or an individual seeking to optimise your tax return, through our tax planning process we prioritise understanding your unique circumstances to deliver effective recommendations that foster both compliance and financial growth.

Through careful analysis of your financial standing and future goals, we can provide you with a roadmap to not only minimise your tax liabilities but also to enhance your overall financial well-being. By taking advantage of tax-saving opportunities and implementing efficient strategies, you can potentially increase your savings and investment opportunities. Our commitment is to empower you with the knowledge and tools necessary to make sound financial decisions, both now and in the future.

Is Tax Planning Right For You?

It’s important to note that Year-End Tax Planning services are not always needed for every client, and as it’s an extra expense it’s not something we will ever “push” unless it will be beneficial to your situation.

Whilst there’s a focus on Tax Planning towards the end of the financial year, larger more complex discussions and strategies can occur at any time throughout the year.  Items such as business sales or restructuring can take considerable time to both seek adequate advice and implement that advice. 

There are a number of ways that Tax Planning can benefit clients. We can help you:

• Understand the tax implications of different business structures and assist you to move to the most beneficial structure for your situation.
• Understand how investments impact your tax payable as well as tax considerations on purchase and sale.
• Plan for your property sale by calculating the estimated tax payable on capital gains prior to you preparing your return. This helps you to plan for any tax payable by ensuring you have funds available when it comes time to lodge your return. We can also explore measures that may assist in reducing tax payable on a capital gain event.
• Calculate the payroll tax or fringe benefits tax on planned staff incentives and bonuses.
• Plan the most tax-efficient way to exit or sell your business.
• Utilise small business capital gains tax concessions correctly. These concessions allow reduction, exemption, or deferral of capital gains from active assets used in a small business.
• Discuss and plan your dividend strategy
• Review any loan agreement requirement (e.g. Div7a Director Loans) to ensure that minimum payments are met and the loan remains complying.
• Assist with decisions regarding distribution of Trust income prior to 30 June and ensuring documentation of trustee decisions.
• Understand how to use capital works deductions to benefit your business.
• Produce cash flow projections for your tax payments.

If you feel you can benefit from any of the above, please don’t hesitate to enquire about our Tax Planning Services today.

What Happens After Tax Planning?

Once you’ve completed our Tax Planning process your Lemonade Beach accountant will provide a base scenario together with options for your consideration.  Following our meeting you’ll be clear on the steps you can take to reduce your tax as well as any expected tax refund or payable for the year. Understanding how much you will receive or owe upfront allows you to then make decisions around when to process your return. You may choose to delay your return if you have a tax bill, which you can usually push back until May the following year due to being registered with a tax agent. If you’re expecting a tax refund you may like to process your return quicker, which your Lemonade Beach accountant can move ahead with for you.

Once your tax return has been lodged, the ATO generally takes approximately two weeks to process your return.

Pricing of Tax Planning Services

As Tax Planning isn’t necessarily needed by all customers, it is priced separately to our general Tax Return Processing service to provide you with more flexibility. If you would like a quote for these services, please don’t hesitate to contact us.

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