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…
In suburban accounting practices across Australia, a startling trend has emerged: around 80% of firms are generating minimal revenue from tax planning and business advisory services. Despite having loyal client bases and years of experience, these practices remain heavily focused on compliance work—BAS, tax returns, and financial statements—leaving significant revenue, profit, and business value untapped.…
Public practice accountants are missing huge opportunities – simply because they focus too much on compliance work. BAS, tax returns, and financial statements are essential, but they’re just the bare minimum. Imagine two dentists: Michael only does cleanings, fillings, and scaling. Steven offers all of that – plus whitening, veneers, crowns, and root canals. Who’s…
This is a real client of a Queensland practice subscribed to the TaxFitness programme. This shows the impact of just 1 strategy. Background: Thomas is a contract plumber who lives in Newcastle and gets contract work in Sydney. Facts: Thomas has been offered a 12-month contract in Sydney at $133,000 pa. He typically…
Objectives: Peter is a small business owner who wants to save tax and reduce his child maintenance payments. Facts: Peter’s business has a taxable income of $77,000 and is growing (taxable income is expected to double next year). Peter is divorced and pays child support of $12,000 per year. Accountant’s Advice: Tax Strategy…
Objectives: Thomas is a plumber who wants to save tax so he can buy a new car. Facts: Thomas’s car was stolen 3 months ago and he is still waiting for an insurance payout. During this 3-month period Thomas borrowed his wife’s vehicle and travelled 5,000 work related km. Thomas’s wife also uses…
Objectives: Frankie is an aircraft engineer working for Qantas at the Sydney Airport. Frankie uses some of his own specialist tools to perform his job every day but doesn’t leave them at the workplace overnight due to recent thefts. Frankie wants to protect his valuable tools and save tax. Facts: …
Objectives: Robert is a plumber and has recently lost tools due to theft at the building sites he works on. Robert purchases a dog to take to work for companionship, and to also protect his tools. Facts: Incurs $900 buying the dog and $600 training fees. Incurs $1,200 per year for food and…
Objectives: Tom, an employee mining electrician has just got a new job in Port Headland, WA and will need to relocate his family from QLD. He wants to save some tax to help fund the relocation costs. Facts: Incurs $18,000 in airfares, accomodation, and furniture transport costs relocating the family. Tom’s current wages income is…
Objectives: James is employed as a contract engineer at two different engineering companies. He would like to build wealth and save tax at the same time. Facts: James contracts through his company and has income totalling $300,000 pa. Sarah, his wife, looks after their two young children and has nil income. Accountant’s Advice: Tax Strategy…
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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