The SAVE TAX Scorecard

Neither we nor you can afford to ignore the incredible impact of paying more tax than you’re legally supposed to.

Yet tens of thousands of business owners do.

Let's uncover 5 places where you can save ...

YOUR TRADING STRUCTURE

It starts with making sure your ‘structure’ is right so that you’re not paying unnecessary taxes (we save clients thousands upon thousands just from this step alone).

Do you know the differences between Companies, Trusts, Partnerships & Sole Traders? *

Yes

Maybe

Do you operate any of your businesses as a Sole Trader or a Partnership?

Yes

Maybe

Could you draw your current business structure and explain why it was set up this way?

Yes

Maybe

Do you have a family trust or discretionary trust?

Yes

Maybe

Do you use trusts to distribute profits to other family members and entities who are in a lower tax bracket than you?

Yes

Maybe

Do you avoid the ATO taxing your Trust at 47% by making a “Trustee Distribution Resolution” before 30 June of each year to choose which of the trusts beneficiaries should receive its income?

Yes

Maybe

Do you and your current Accountant use a “Bucket” Company strategy to make sure the highest tax rate you ever pay is at 26% or 30% instead of 47%?

Yes

Maybe

YOUR ACCOUNTANT

Good accountants should be a profit centre not a business expense. That means they save you many times more tax than you invest in their services. If your accountant isn't putting $10,000+ a year back in your pocket in tax savings it might be time for a change.

Have you recently made a large tax saving by planning it out in advance with your accountant?

Yes

Maybe

Is your current accountant proactive? e.g. you’re NOT having to push them for outcomes.

Yes

Maybe

Are you 100% sure that you are paying your fair share in tax, and not a cent more?

Yes

Maybe

Would you enthusiastically rehire your current accountant?

Yes

Maybe

Do you and your current Accountant have a Tax Planning meeting at least once a year to ensure you're implementing every legally available tax saving strategy?

Yes

Maybe

When presented with a BAS or Tax bill, do you usually pay them in full and on time?

Yes

Maybe

Are you 100% sure that you’re up-to-date with your Business and Personal PAYG Instalments?

Yes

Maybe

Do you have a separate account (other than your main operating account) where you put money aside for profit, tax or GST?

Yes

Maybe

YOUR EXPENSES

While it never makes sense to spend money JUST for the sake of a Tax Deduction, while you are incurring expenses in the day to day operation of your business why not ensure you're claiming every legally available deduction.

Have you and your current Accountant 'written off bad debts' to avoid paying tax on money you haven't yet recieved?

Yes

Maybe

Is there a chance that you're paying tax on money you that you haven’t yet received because people typically still owe you money as at 30 June?

Yes

Maybe

Do you have a motor vehicle log book that proves the percentage (%) of business use?

Yes

Maybe

Are you and your current Accountant taking advantage of Accelerated Asset Depreciation and the current instant asset write-off incentives?

Yes

Maybe

YOUR EARNINGS

Do you know if you should pay yourself a salary, a dividend, a distribution, a loan or something else? Knowing exactly HOW (and why!) to take money out of your business in the most tax effective way can be the difference between a huge tax debt and a huge take home pay.

Does your business have a revenue of more than $500,000 per year?

Yes

Maybe

Do you know if you should pay yourself a salary, a dividend, a distribution, a loan or something else?

Yes

Maybe

Are you still being paid a Salary (incl. PAYG & super) as a means to draw money out of the business?

Yes

Maybe

Do you and your accountant actively reduce or manage your 'Div7a' company loans?

Yes

Maybe

YOUR SUPER & INVESTMENTS

Do you and your current Accountant have a strategy in place to pay the least amount of tax possible when you sell your Business, Shares or Investment Properties? Getting your exit strategy right can be the difference between the biggest payday or the biggest tax payable of your life. Your choice.

Do you have a tax depreciation schedule for all your rental properties?

Yes

Maybe

Do you feel you are squeezing every last drop out of your investment property for tax purposes?

Yes

Maybe

Did you know you can rent out your Principal Place of Residence (PPR) for 6 years and pay Zero Tax (CGT) when you sell it?

Yes

Maybe

Do you and your current accountant have a plan in place for you to sell your business and pay Zero Tax using the active asset rules?

Yes

Maybe

Do you treat your SMSF like your families very own 'tax haven' to pay little, less or even no tax legally?

Yes

Maybe

Do you hold and pay your Income Protection Insurance policy outside of super in order to claim a tax deduction?

Yes

Maybe

Do you hold and pay your Life Insurance policy inside of super in order to claim a tax deduction?

Yes

Maybe

Are you saving up to $8,000 in tax savings per member per year by maxing out your tax deductible contributions to super instead of paying 47% tax?

Yes

Maybe

Did you know you can play catch-up with any unused superannuation personal contributions for a carry-forward period of 5 years?

Yes

Maybe

Have you become your own bank using the excess profits in your "Bucket" Company as a War Chest to lend to the business, invest in shares or purchase property?

Yes

Maybe

Do you and your current Accountant have a strategy in place to pay the least amount of tax possible when you sell your Business, Shares or Investment Properties?

Yes

Maybe

First Name *

Last Name *

Phone

Email *

Organization *

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