Tax Minimisation

Ways we could help include:

  • Working with your Wealth Strategist
  • Options for tax effective investments
  • Advice for high income earners
  • Salary sacrificing arrangements
  • Advice for managing gains and losses

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Make Tax Work For You

You have the right to organise your finances in a way that minimises your tax. This is often referred to as tax planning or tax effective investing. We have a team of accountants and tax specialists who create strategies around this for you, ensuring it aligns with your personal goals, wealth strategy and the law.

Let’s Talk About Your Tax Strategy

We Make It Personal.

We are passionate about helping you get the most from your money. Our team of accounting and tax specialists know their clients by name and will ensure your affairs are managed like it were their own.

Ben McTomlinson

Head of Future Assist Accountants

Debbie Allardyce

SMSF Accountant

Harrison Weld

Team Leader Accounting & SMSF

Aakash Gupta

Assistant Accountant

Tax Advice for High Income Earners

If you’re a high-income earner, have large employer super contributions or a combination of both, you may find yourself in the situation where you receive additional tax bills from the Australian Taxation Office after lodging your annual tax return. This is formally known as Excess Contributions Tax and Division 293 Tax Assessments. No one likes surprises from the Tax Office, Future Assist can help you plan your contributions for the coming year as well as provide advice on the options available to settle with the ATO.

Tax Minimisation vs. Tax Avoidance

Tax minimisation is using legal strategies to reduce your personal tax burden. On the other hand, tax avoidance is the use of illegal strategies or the non-disclosure of income that may have been earned from cash wages. Working in conjunction with our strategy team, we can model various investment strategies to help you grow your wealth, achieve your goals and minimise tax legitimately.

Tax Planning FAQ

How could a Future Assist Tax Specialist help me?

In addition to working with your Wealth Strategist to proactively and legally minimising your tax obligations through tax effective investments, our tax specialists can help with:

 

  • Advice for maximising before-tax superannuation contributions
  • Advice for high income earners
  • Salary sacrificing arrangements
  • Advice for managing gains and losses
  • Guidance and establishment of family trusts
  • Self Managed Superannuation Fund (SMSF) administration and compliance

What is tax effective investing?

Tax effective investing includes a variety of strategies for reducing tax on your investments. Generally, tax effective investment provides deductions relating to interest expenses, asset depreciations, or neutralising tax effective structure.

Who should I speak to regarding my tax strategy?

Generally, the first port of call for most Australians are accountants, however if you are looking to ensure your tax strategy aligns with your property and investment strategy it may be best to seek guidance from a tax specialist that works as part of a multidisciplinary team

Should I salary sacrifice to super?

Before considering salary sacrificing towards your super, it’s important that you understand your personal financial circumstance. Remember, you won’t be accessing your super until you reach your retirement age, therefore the true benefits of salary sacrificing towards your super are better understood as long-term. Salary sacrificing can be helpful, however you shouldn’t sacrifice your lifestyle because of it.

What types of things can I claim at tax time?

Employees (including casuals) can claim work-related expenses in the financial year they are incurred. This is the case even if you start employment in June but don’t receive income until the next financial year, you can claim deductions for work-related expenses incurred in June

Depending on your situation common deductions may include:

  • Interest, dividend and other investment income deductions
  • Vehicle and travel expenses
  • Clothing, laundry and dry-cleaning expenses
  • Home office expenses
  • Self-education expenses
  • Tools, equipment and other assets
  • Other work-related deductions
  • ATO interest
  • Cost of managing tax affairs
  • Gifts and donations
  • Interest charged by the ATO
  • Personal super contributions
  • Undeducted purchase price of a foreign pension or annuity

What types of travel expenses can I claim?

Your travel must be relevant to your job function for you to be eligible to claim a deduction for those expenses. Where this is the case, and you have the necessary documentation, you can claim the cost of transport and incidentals. If your travel involved an overnight stay you would be able to claim for meals. Travel overseas also requires you to keep travel diary.

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