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. A substandard or limited tax strategies database will not get the job done for the client and will inevitably produce poor performance.
Too many accountants are attempting to provide tax planning services with an arsenal or toolkit of only 10-20 tax planning strategies. The reality is too many accountants are just relying on the negative gearing and super contributions tax strategies. A good tax strategies database will have over 200 strategies, and the very best over 300.
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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