Case Study: Managing the ATO
Who wants to pay tax – hands up? That’s what I thought – not 1 hand was put up.
One of the first things a new client says to me in our first meeting is:
“I got a tax bill last year, I didn’t know it was coming and there was no help from my accountant on how to pay less tax. I want this help.”
No-one likes to pay taxes. And there is no need to pay more taxes than necessary. By working with us at Clear Vision Accountancy Group in our CFO Now program, we work with you to find the level of taxes you need to pay and for you to still achieve your goals.
And I want to emphasize achieve YOUR goals.
Here’s an example:-
I met with Bill and Mary (names changed of course). Bill works as a contractor to a mining company. Bill, through our Annual Planning Session, mentioned he wants a new house.
He also mentioned he wanted to pay less tax but as Mary was there, the first priority was a new house in 3 years. We worked through the numbers, found what was achievable then find what they could afford.
That left some money over to put into superannuation and reduce Bill’s tax further. However Bill couldn’t put the maximum into super of $35k (Bill was over 49 at 30th June 2014). If Bill had put $35k into super, they would not have been able to purchase a new house in 3 years. Unhappy Mary.