Tax planning means managing your financial affairs such that the amount of tax you pay is minimised as much as legally possible. The idea is that you pay all the tax you have to – but no more.
Optimising your tax planning unlocks enormous potential for your financial plan. In fact, getting the tax planning right is typically more important to your financial performance than just about any other aspect – including things like choosing the right investment. A good investment can become a bad one if you find yourself with a bigger tax bill than you needed.
Australia’s taxation system is deliberately designed to encourage people to do some things and not do others. This means that when we take advantage of quality tax planning we are actually doing exactly what the community wants us to do.
That said, it can be difficult to know exactly what the community wants you to do! Australia’s taxation rules are complex – in fact, according to the government itself, each Australian faces a potential 125 taxes that they are liable to pay.
This makes it imperative that you seek qualified, quality tax advice provided by someone who is legally allowed to provide it.
Aussie Wealthy Life and Nav Singh are registered as Tax (Financial) Advisers. In addition we can arrange additional Tax Planning, advice and lodgement services through Registered Tax Agents that we know and trust. By having us co-ordinate your Tax Planning, advice and lodgement you can be sure that the management of your Tax obligations complements all other elements of your Financial Plan. No more situations where one hand does not know what the other hand is doing. The Tax Impact of everything you do is thought through before we recommend you do anything.