That’s not just an ATO stat, it’s a wake-up call. According to the ATO’s Individuals Not in Business Tax Gap Report, a staggering 78% of tax returns prepared by registered tax agents contain errors. Most of these are unintentional, of course – but they highlight a deeper issue in the industry: Many accountants rely solely…
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Let’s face it, most traditional accounting services are seen by clients as mandatory form-filling exercises. BAS lodgements, compliance reports, tax returns etc, they may be essential, but they’re rarely appreciated. Why? Because clients don’t feel the value. These services are expected, not celebrated. But what if your firm could flip the script? Value-added services create…
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Over the past two decades, accounting technology has transformed every aspect of practice management. Financial statements, budgeting, and tax returns are now automated and streamlined. Now, tax planning is undergoing the same shift – driven by advanced, AI-powered software. From manual to strategic What was once a slow, ad hoc process has become a high-value…
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Most accountants undervalue their expertise by focusing only on compliance. but what if you could double your fees, or even more – without chasing new clients? The answer: tax planning + business advisory + benchmarking. Your clients don’t just need tax returns; they need strategic insights to improve cash flow, profitability, and business performance. They…
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Tax planning isn’t just about reducing tax, it’s about unlocking massive financial opportunities for your clients while generating high-value, recurring revenue for your practice. Why tax planning is a must-have service When executed correctly, tax planning: Delivers significant, legal tax savings for clients. Turns tax planning into a year-round, high-fee service. Strengthens client relationships, increasing…
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Many business owners and individuals assume tax planning is just about lodging a tax return on time. Wrong. That’s tax compliance. Tax compliance = meeting legal tax obligations (like lodging a return). Tax planning = proactively structuring finances to legally minimise tax and maximise benefits. Why tax planning is a game-changer Tax planning isn’t about…
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Big news! In the next two weeks, we’re rolling out a powerful AI upgrade for TaxFitness, featuring: AI-powered tax & business advisory recommendations. Instant AI chatbot support for faster insights. Smarter, automated strategies to save time & boost results. Important: From March 20, 2025, the monthly subscription will increase from $99 + GST to $200…
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The ATO has introduced a 4.20 cents per km rate for home-charging electric vehicles (EV). The rate is multiplied by the number of kilometres the electric vehicle travels during the year. As the compliance costs involved in calculating the EV electricity consumption vs the household private electricity use is high, the ‘Practical Compliance Guideline PCG…
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In 2017, South Korea enacted the world's first robot tax. The law doesn't require robots to be taxed. Instead, they have reduced the tax breaks those investments in robotics previously enjoyed. South Korea's existing automation incentives of a three to seven per cent tax deduction for businesses investing in automation are reduced by two per…
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If your accountant says you can legally save tax by storing your money in places inhabited only by penguins, seals and seabirds, red alarm bells should be ringing in your head. It’s time to find a new accountant. Whilst having money in overseas accounts is not necessarily against the law, deliberately evading paying tax by…
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Accounting practices have six options available to them in relation to providing tax planning services. Some practices will choose one option (strategic pathway) and Read more
- Tax Planning Sin 7: Inadequate Tax Planning Training
Most practice principals meet the Tax Practitioner Board requirements of thirty hours accounting and tax training per year. Unfortunately, this is normally exclusively related Read more
- Australia’s Ten Most Expensive Legal Tax Breaks
The Commonwealth Treasury’s 2016 Tax Expenditures Statement (published in January 2017) shows Australia’s ten most expensive tax breaks are: Main residence exemption from CGT: Read more
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Even if accountants are well trained and utilising tax planning software it will still take 2-3 hours (on average) to complete the six stage Read more
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2