Tax planning
Tax planning is not the same as tax compliance. With tax compliance, an accountant tries to maximise a clients refund or savings by claiming valid deductions that they have evidence for while meeting their ATO compliance obligations.
In contrast, tax planning involves assessing each client's unique circumstances against over 250 tax strategies and selecting the strategies that could be implemented to make structured savings. This is achieved by using deductions, exemptions and structures. For the chosen strategies it then details the required steps/actions that are necessary to make those tax savings happen.
Tax agents and Tax (financial) advisers.
The TaxFitness Tax Savings Reports are not financial product advice. The reports may include factual information provided by registered tax agents or BAS agents under S766B(5)(c) of the Corporations Act 2001.
Fees range from $500 - $5000 depending on the category of service and cover the report, client meeting and report discussion. Extra fees are charged for the implementation of various strategies selected.
Annual subscribers have access to our full Price Guide in the Marketing & Resources section.
The peak tax planning period is April, May and June of each financial year after the March BAS has been prepared.
TaxFitness recommends using our 10-step process which covers practice integration, information gathering, fees and charging clients, educating clients, selling the service to clients, the tax strategies database, selecting strategies, the tax planning report, the advisory meeting (discussing the report) and implementing the strategies.
Annual subscribers will find this information covered in the Self-paced tax planning course manual in the Marketing & Resources section. This self-paced course is also in video format.
Yes. Practices can develop a checklist to cover this to make sure they consistently obtain the necessary details. Our annual subscribers can use the Interview checklist in the Marketing & Resources section.
Tax planning is packed with benefits and savings for the right clients. Tax planning needs to be treated as a proper service and conducted in such a way that processes are followed to correctly lock in the service.
Accountants with minimal or weak tax planning skills often have problems being able to do this and instead use their basic knowledge to mention a possible strategy or two because they think it appears helpful and will retain the client’s loyalty for their usual compliance service (BAS, tax return, etc). Often this advice is given away for free which is a mistake. They do not approach this formally or in such a way that it has credibility or structure. These pieces of advice that are not systemised, documented and approached accurately may also affect PI insurance and damage an accountant’s business. It is risky working in such a way.
Whereas accountants who treat tax planning as a valuable service correctly obtain information and have systems from start to finish that reflect accuracy, documentation, factual reports, disclaimers, client/accountant discussion and implementation. This is a protective, value-adding service with benefits for the client and a chargeable service by the accountant.
TaxFitness helps to bring the processes together. Depending on your subscription level you will have access to a range of support tools and guidance (online and by contacting us).
There is no risk of a data breach with our software and AI assistance.
Our AI database is not available outside of our software.
All data and processing stays within our Tax Fitness Azure tenant. The public ChatGPT has no access to this data.
Your prompts (inputs) and completions (outputs), your embeddings, and your training data:
- are NOT available to other customers.
- are NOT available to OpenAI.
- are NOT used to improve OpenAI models.
- are NOT used to train, retrain, or improve Azure OpenAI Service foundation models.
- are NOT used to improve any Microsoft or 3rd party products or services without your permission or instruction.
- Your fine-tuned Azure OpenAI models are available exclusively for your use.
The Azure OpenAI Service is operated by Microsoft as an Azure service; Microsoft hosts the OpenAI models in Microsoft’s Azure environment and the Service does NOT interact with any services operated by OpenAI (e.g. ChatGPT, or the OpenAI API).
Learn more about Azure OpenAI data privacy and security here.
Data
There is no risk of a data breach with our software and AI assistance.
Our AI database is not available outside of our software.
All data and processing stays within our Tax Fitness Azure tenant. The public ChatGPT has no access to this data.
Your prompts (inputs) and completions (outputs), your embeddings, and your training data:
- are NOT available to other customers.
- are NOT available to OpenAI.
- are NOT used to improve OpenAI models.
- are NOT used to train, retrain, or improve Azure OpenAI Service foundation models.
- are NOT used to improve any Microsoft or 3rd party products or services without your permission or instruction.
- Your fine-tuned Azure OpenAI models are available exclusively for your use.
The Azure OpenAI Service is operated by Microsoft as an Azure service; Microsoft hosts the OpenAI models in Microsoft’s Azure environment and the Service does NOT interact with any services operated by OpenAI (e.g. ChatGPT, or the OpenAI API).
Learn more about Azure OpenAI data privacy and security here.
Reports
Your data stored in TaxFitness is deleted 30 days after your trial ends or 30 days after you cancel your subscription. We delete old data for security and privacy reasons.
Yes, clients' Xero financial data can be imported into TaxFitness.
The ability to import clients' MYOB financial data into TaxFintess will be available in early 2024.
Yes, you can import and sync your Xero clients and client groups with our TaxFitness software.
The peak tax planning period is April, May and June of each financial year after the March BAS has been prepared.
TaxFitness recommends using our 10-step process which covers practice integration, information gathering, fees and charging clients, educating clients, selling the service to clients, the tax strategies database, selecting strategies, the tax planning report, the advisory meeting (discussing the report) and implementing the strategies.
Annual subscribers will find this information covered in the Self-paced tax planning course manual in the Marketing & Resources section. This self-paced course is also in video format.
Yes. Practices can develop a checklist to cover this to make sure they consistently obtain the necessary details. Our annual subscribers can use the Interview checklist in the Marketing & Resources section.
Tax planning is packed with benefits and savings for the right clients. Tax planning needs to be treated as a proper service and conducted in such a way that processes are followed to correctly lock in the service.
Accountants with minimal or weak tax planning skills often have problems being able to do this and instead use their basic knowledge to mention a possible strategy or two because they think it appears helpful and will retain the client’s loyalty for their usual compliance service (BAS, tax return, etc). Often this advice is given away for free which is a mistake. They do not approach this formally or in such a way that it has credibility or structure. These pieces of advice that are not systemised, documented and approached accurately may also affect PI insurance and damage an accountant’s business. It is risky working in such a way.
Whereas accountants who treat tax planning as a valuable service correctly obtain information and have systems from start to finish that reflect accuracy, documentation, factual reports, disclaimers, client/accountant discussion and implementation. This is a protective, value-adding service with benefits for the client and a chargeable service by the accountant.
TaxFitness helps to bring the processes together. Depending on your subscription level you will have access to a range of support tools and guidance (online and by contacting us).
Yes. Go to MY PRACTICE on the menu and add your settings for Details and logo. These will then appear on the reports.
Yes. Go to MY PRACTICE on the menu and add your settings for Report colours.
Yes. Go to MY PRACTICE on the menu and About content.
Go to MY PRACTICE on the menu and My accountants.
Go to MY PRACTICE on the menu and My accountants. Disable the relevent accountant.
Go to DATABASES on the menu and Tax strategies. You can view all the strategies or filter them by using the categories for businesses, employees, SMSF, investors and retirees, etc.
Strategies that you add are only visible to you and those who have access at your practice. To add a strategy use the ‘Add a strategy’ button found under Databases on the menu and Tax strategies.
Xero integration
Please follow our Xero integration manual.
Go to the "My Practice" -> "My Account" page on TF.
Disconnect the Xero Tenant for Client Sync.
Go to the "My Clients" page and click the "Sync Xero Clients" button
Choose another tenant while Authorizing the tenant in the Xero authorization screen.
This occurs when relationships are not set up correctly in XPM, causing duplication of individuals.
Two ways to correct this issue:
Fix in XPM and re-sync.
Delete the duplicated individuals in the TaxFitness software (probably the quickest and easiest method).