Tax Time: Preparing Your Plan

It’s tax time, Melbourne! Whilst this is a busy (and potentially stressful) time of year for businesses and individuals alike, Wilson Pateras are here to lend a hand. Our experts are prepped and ready to make this tax season simpler for yourself and your business – and saving you time and money.

Every year between April and June, accountants and tax planning experts spend time poring over the previous nine months of your financial affairs to strategise the management of your tax obligations. During this important period, experts assist clients to identify and evaluate the most suitable projects and services for tax efficient outcomes.

In today’s blog, Wilson Pateras shares insights on the value of preparing a timely tax plan supported by our specialist team.


What are the three key benefits of tax planning?

1. Tax planning offers an opportunity to forecast the expected financial position of business groups and high net individuals before June 30. This estimation allows us to review and investigate legal options to reduce tax exposure. It’s also important to talk through (and in most cases avoid) tax saving investment schemes, as they can often prove to be illegal or poor investments.

2.  Tax planning allows us to determine when tax needs to be paid. We consistently manage issues for businesses and individuals failing to adequately prepare for future tax payments. Tax planning is not just about reducing tax but calendaring in the timing of tax payments to come.

3. Tax planning also offers an opportunity for us to meet with our clients. Some clients don’t get time (or make time) to stop what they are doing and really investigate their business or personal finances. Our tax planning meetings enable clients to sit with us and consider the workings of their business, to see what can be improved or changed for the better.

How can Wilson Pateras assist to ensure clients achieve success?

Wilson Pateras have organized a companywide campaign to meet with each of our clients and review their tax position, based on accurate and timely data. We employ a series of tax planning techniques in line with all necessary legislation and weigh up the pros and cons of each tax planning measure. We then map out and develop a plan that puts our clients in the best possible financial position – prior to the 30 June deadline – and assist with implementation. We often take this one step further and map out the cashflow for the next twelve months of payments for our clients, too.


Could you provide a client case study that highlights how tax planning can be of benefit to Wilson Pateras clients?

Just last week I met with a client at their premises. I had reviewed this client’s financial documents and determined they were due to pay approximately $58k in tax. Together with this client, I discussed the idea of setting up a corporate beneficiary and introduced various tax planning projects. With these projects in place, we estimated their tax payment to instead be approximately $30k. Wilson Pateras will now assist them in all actions required to implement these changes, and the client will have an additional $30k in the business to help it grow!

Feeling a little out of your depth as June 30 approaches? The team at Wilson Pateras are just one call away! Learn more about tax planning and how our experts can minimise your tax exposure here.

Contact us on 03 8419 9800 for more information.

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