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If you’re giving tax planning advice without a written report, you’re not an advisor — you’re a liability.

2 September 2025
advisory report

The Tax Agent Services Act now requires ALL advice to be in writing. Yet many accountants are still “winging it” with verbal advice and no paper trail. That’s not professional. That’s reckless. Here’s why a written tax planning report is non-negotiable: It protects you legally (ATO, TPB, and professional bodies recommend it). It protects the client…

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Tax planning sin 4: Failing to gather client information and data

28 August 2025
client report

Just as financial planners need to know their clients before preparing a financial plan, accountants must know their clients before preparing a tax planning report. This means more than just income and expenses. Compliance tax returns cover profit and loss. But they rarely reveal the complete picture of the client’s affairs. What’s often missing: Assets Liabilities…

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 Tax planning sin 3: inadequate time spent on the tax planning process

26 August 2025
business girl

Even with highly trained accountants and powerful tax planning software, there’s one truth that can’t be avoided. The 10-step tax planning process takes time—and that time is essential. When steps are skipped, or when not enough time is spent on each stage, the outcome is predictable:  A rushed process = a substandard report Substandard reports…

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If you think tax planning is as binary as super contributions – you’re in big trouble!

21 August 2025
super contributions

Some principals think that telling a client to “put more money into super” is tax planning. Yes — contributing to superannuation is a great tax strategy. But it’s just one tactic. Real tax planning is a ten-stage process that considers the client’s full situation and identifies multiple strategies to maximise tax savings and business outcomes. Here’s the uncomfortable truth: Even…

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 Part IVA – the ATO’s ultimate weapon against tax schemes

14 August 2025
secret weapon

Not all tax planning is created equal. The General Anti-Avoidance Rules (GAAR) in Part IVA of the Income Tax Assessment Act 1936 give the ATO sweeping powers to unwind transactions it sees as tax avoidance – and impose penalties of up to 50% of the tax payable. Key questions Part IVA asks: Was there a scheme? Was a tax benefit obtained (e.g.,…

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Top 15 illegal tax-saving strategies – what every accountant should Know!

12 August 2025
business man behind bars

As accountants, we’re trusted to help clients reduce tax legally. But there’s a fine line – and some go way over it. The ATO estimates 1.6 million businesses are part of Australia’s illegal cash economy. And that’s just the beginning. Here are just a few of the 15 most common illegal tax strategies: Paying or receiving undeclared cash wages Not…

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How benchmarking transformed a client and a practice

11 August 2025
Construction wa

Implementing industry: Building & construction Original service level: Annual compliance – $3,000/year Background Two years ago, a mid-sized accounting firm was providing basic compliance work for a building industry client. The business was turning over $12 million a year, but despite the size, profitability was low. Two working directors were taking home only $300,000 combined in…

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Maximising legal tax savings isn’t a loophole, it’s smart policy

7 August 2025
tax maximisation loophole

In Australia, we’re privileged to live in a safe, prosperous society — one supported by a tax system that works because most individuals and businesses pay their fair share, voluntarily and lawfully. At TaxFitness, we believe that minimising tax within the boundaries of the law is not only legal — it’s encouraged. Complying with the law to reduce…

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Australia’s 10 most expensive legal tax breaks

5 August 2025
Australian house tax break

Are you helping your clients use them wisely? According to the Commonwealth Treasury’s Tax Expenditures Statement (2016), these are Australia’s most costly but legal tax breaks: Main residence CGT exemption: $61.5B Concessional tax on super earnings: $16.9B Concessional tax on super contributions: $16.9B CGT discount for individuals/trusts: $9.6B GST exemption – fresh food: $6.9B GST exemption…

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Implementing tax strategies because plans don’t save tax, actions do!

31 July 2025
strategy

You can have the best tax planning report in the world, but if nothing is implemented, your client saves $0. Implementation is where tax planning becomes real It’s the final and most critical step in the process. Here’s why implementation matters: Turn strategy into action — move from theory to results Maximise tax savings —…

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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"

- Bono: U2