Be smart about tax and keep more of what you earn

There is no denying it has been another disruptive financial year, with small business again at the forefront of the interruptions. Fortunately, there are tax planning strategies you can implement to potentially minimise your tax liability.

When it comes to being Financially Well Organised in a tax planning context, the primary goal is to pay the least amount of tax while remaining compliant with the law. You may be thinking, ‘Tax rates are fixed. Other than making sure I claim all of my deductions, there must be little I can do to pay less tax.’


In reality, the complexity of Australia’s taxation system works in your favour
when it comes
to reducing the amount you pay back to the government. 

Being Financially Well Organised with your tax plan means structuring your assets and income effectively in the right entities to take advantage of lower rates of tax. In other words, by limiting exposure to higher tax rates, you are able to keep more of your after-tax income.

Can your income be taxed at lower marginal rates? Are your assets structured to take advantage of corporate and superannuation tax rates? In the video below, Matt Schlyder shares some essential tax planning tips to lower your tax burden.

Identify and implement your available tax planning strategies.

The Tax Planning resource guide below examines a variety of tactics for lowering your effective tax rate and
explores different examples of how efficiently structuring your income and asset ownership can
significantly reduce the amount of tax you pay..

Download the guide here

Contact us to schedule a tax planning appointment and to discuss the best strategy to reduce the amount of tax you pay.
Please contact Matt Schlyder at matt@fwoca.com.au or on 07 3833 3999.

The 10 key elements to becoming Financially Well Organised

When you have a clear strategy for each of the elements, you will be  Financially Well Organised and you too can have peace of mind your financial affairs are in order.

You might also like to read

Man at desk with laptop and calculator.
Webinar: Stop Itemised Bills

In this Grow Your Law Firm webinar, Matt Schlyder, the Lawyers Accountant, will show you how the issuing of itemised bills can impact your profitability and the key activities that work against you when a breakdown of fees is issued to a client.

Read more
Webinar: Fee Earner Targets

How do law firms set accurate fee earner targets aligned with costs and expectations for growth? Matt Schlyder, The Lawyer’s Accountant, guides you through actionable steps to ensure firm-wide buy-in and accountability.

Read more
Webinar: Law Firm Valuation

Looking to improve the value of your firm? Matt Schlyder, the Lawyers Accountant, will show you how even modest improvements in two critical KPIs can make a significant difference to your firm’s value.

Read more
Webinar: Cash Flow

Many law firms fail to grow because they can’t get on top of their cash flow. In this webinar, Matt Schlyder explores Lock-Up Revenue and takes you through proven strategies that will result in better cash flow for your firm.

Read more