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Income Tax General Anti Avoidance Rules

The general anti-avoidance rules contained in Part IVA of the Income Tax Assessment Act 1936 (Cth) (‘Part IVA’) may be applied by the Australian Taxation Office (ATO) to deny a taxpayer the tax benefit of a scheme 

The Most Common Illegal Business Tax Avoidance Strategies

The top 8 Illegal business tax saving strategies.

The Most Common Illegal Employee Tax Avoidance Strategies

The top 7 illegal tax saving strategies used by Australian Employees.

Tax Planning – Making a Start

There is nothing wrong with being a novice tax planner (it’s actually very exciting taking the challenge and starting the journey to learn something new).

Michale Erat’s Five-Stage Model

In the novice stage, a person follows rules as given, without context, with no sense of responsibility beyond following the rules exactly.

‘The Beginning is the Most Important Part of the Work’ - Plato

The quote by Plato ‘The Beginning is the Most Important Part of the Work’ sums up the central issue some accountants have with tax planning, they just cannot get started.

Tax Planning Sin 7: Inadequate Tax Planning Training

Tax planning is like a forgotten bespoke craft that is only provided by a few expert craftsmen (who pass the knowledge onto their ‘apprentices’).

Tax Planning Sin 6: Failing to Provide the Client with a Written Tax Plan including Implementation Process and Cost/Benefits.

All important client advice should be provided to the client in writing (irrespective of whether also provided to the client verbally as well).

Tax Planning Sin 5 | Inadequate Tax Strategies Database

The tax strategies database is the intellectual knowledge and know-how that is the horsepower behind the whole tax planning process.

Tax Planning Sin 4: Failing to Gather Client Information and Data

Just as financial planners need to know their clients when preparing a financial plan, so too do accountants need to know their clients when preparing a tax plan.
Just as financial planners need to know their clients when preparing a financial plan, so too do accountants need to know their clients when preparing a tax plan.
Just as financial planners need to know their clients when preparing a financial plan, so too do accountants need to know their clients when preparing a tax plan.

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