loader image

Home > Blog > The power of tax planning

The power of tax planning

Date: 22 March 2023

No one wants a surprise when it comes to their tax obligations! With the March BAS soon to be prepared it is an appropriate time to talk to your accountant about year-to-date results and look at long term opportunities.

  • Reduce tax liability: One of the primary reasons for tax planning is to manage your tax liability. By reviewing your financial situation, your accountant can identify ways to reduce your tax burden. This may involve taking advantage of tax deductions, credits, and other incentives.
  • Avoid penalties and interest: By engaging in tax planning, your accountant can help you plan your obligations, which will help to avoid penalties and ensure that you remain compliant.
  • Improve cash flow: Tax planning also helps you manage your cash flow by identifying the most tax-efficient way to structure your income and expenses. This can help you maintain sufficient cash reserves to meet your financial obligations.
  • Plan for the future: Tax planning can also help you plan for the future by identifying tax-efficient ways to save for retirement, fund education expenses, or transfer wealth to future generations. By working with your accountant to develop a long-term tax strategy, you can ensure that you’re prepared for whatever the future may bring.

Tax planning is an important part of financial management that can help you manage your tax liability, avoid penalties and achieve your financial goals. If you would like to organise a tax planning session, please contact Roberts + Morrow to arrange a time to meet with your accountant.

Start today

To get in touch with our team, start by emailing us at enquiries@rm.net.au

Know More

Property Subdivision Projects: The Tax Implications

Property Subdivision Projects: The Tax Implications

As the urban sprawl continues in most major Australian cities, we are often asked to advise on the tax treatment of subdivision projects. Before jumping in and committing to anything, it is important to understand the tax liabilities that might arise from these...

read more
Business Deductions

Business Deductions

Understand which business expenses can be claimed as tax deductions. What you can claim You can claim a tax deduction for most expenses you incur in carrying on your business if they are directly related to earning your assessable income. Types of business expenses...

read more
Year-End Tax Planning & What’s New from 1 July 2025

Year-End Tax Planning & What’s New from 1 July 2025

As we approach the end of the 2024–25 financial year, now is the final time to review your tax position and take advantage of strategies to legally minimise your tax liability. Below are key areas to consider before 30 June 2025, along with important changes taking...

read more