Tax is not a word we love to hear unless, of course, it ends with ‘refund’. Before you know whether you will receive a refund, you must first lodge your annual tax return with the Australian Taxation Office (ATO). While many employees and sole traders turn to e-tax to independently go about doing this, others, including many business owners and those with more complicated finances, turn to a professional for tax advice.
Tax advice is something that we here at Grow Advisory Group do well. As specialists tax accountants, tax advice is just one of the tax services we offer to Gold Coast clients, along with other tax services such as tax return preparation and lodgement and tax planning.
Today, we’re going to focus on tax advice to explore what it is and how it may benefit you and your circumstances.
What Does Tax Advice Cover?
Tax advice is the practice of offering tax-related advice to position one better for possible tax savings. It is very similar to tax planning, and some Gold Coast tax accountants will merge the two services.
Tax advice covers various areas, including
- helping clients better understand the consequences of non-compliance,
- setting long and short-term goals,
- pre-sale review of assets to minimise capital gains tax,
- strategies to minimise business and personal tax,
- advice on income tax, GST, stamp duty and payroll,
- reviewal and advice on private rulings,
- administration and advice for deceased estates
- guidance and application of research and development tax incentives for businesses,
- guidance through ATO reviews and audits for positive outcomes, and
- updating clients on the latest changes to tax regulations.
How Can Tax Advice Help Me?
The purpose of tax advice is to strategise how tax can legally be reduced. Thus, tax advice can offer considerable savings to anyone. However, professional tax advice is partially beneficial to business and company owners as there are more means to avail tax efficiency.
For employees and individuals, tax advice can help you determine what deductions you can claim, how much supper you need to pay, and how to comply with your tax obligations.
For business and company owners, tax advice can help you re-structure your company to make it more tax-efficient. They can help you protect your business assets and advise on the tax requirements of expansions and special projects.
Professional tax advice can also help with the passing of a loved one advising on deceased estate matters.
Do I need Tax Advice or a Tax Agent?
Tax advice and tax agents go hand in hand, and often, a tax agent is the one providing the tax advice. However, there are some distinctions between the two.
Tax advice can be given by a registered tax agent or a financial planner, but only a registered tax agent can perform tax agent services. Moreover, tax advice is a service geared toward using legal strategies to incite tax savings. In contrast, the primary focus of a general tax agent is compliance and reporting to the ATO.
You can find good tax agents on the Gold Coast, such as our team at Grow Advisory Group who don’t distinguish between the two; who believe that tax advice is part of being a tax agent and will always do whatever they can to make those tax savings happen.
The primary focus of any tax advisory service is to look at ways to reduce tax via strategic tax savings. However, other areas are covered, including compliance advice, income tax, GST, stamp duty, payroll advice, advice on ATO audits, private rulings, deceased estates, etc.
Tax is complicated, and without the help of a professional Gold Coast tax advice service, you may end up paying a lot more tax than you could have otherwise paid, had you sought advice earlier.
Whether you’re an employee, business owner or company, you can benefit from the professional tax advice of Grow Advisory Group.
Don’t pay any more tax than you have to. Contact Grow Advisory Group. We’ll connect you with one of our skilled tax advisors today, so you can start looking forward to lower taxes tomorrow.
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Disclaimer: The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from an accountant and/or financial adviser.