Why choose TaxFitness for your tax planning?
Empower your firm with faster, smarter, and more professional tax planning solutions.
- Speed and Efficiency: Generate client-ready tax plans in minutes, not hours.
- 600+ Proven Strategies: Instantly access a comprehensive, ATO-compliant tax strategy database
- Professional Reports: Deliver polished, branded reports that enhance credibility and client trust.
- Automation and Compliance: Always up-to-date with tax law changes, saving you time and reducing risk.
- Scalable for Growth: Manage tax planning efficiently across dozens or hundreds of clients.
- Advisory Integration: Provide broader business improvement advice with integrated benchmarking tools.
- Stronger Client Relationships: Engage clients with proactive, high-value strategies that drive loyalty and referrals.
What is tax planning?
ATO definition
Tax planning or tax-effective investing is the arrangement of financial affairs to keep taxes to a minimum. Tax planning is legitimate when done within the letter and spirit of the law.
Chat GPT definition
Tax planning is the proactive and strategic structuring of an individual’s or business’s financial affairs to legally minimise tax liability, optimise after-tax outcomes, and improve financial efficiency and wealth creation.
TaxFitness definition (what's included)
- Wealth creation (business and/or investments).
- Saving future tax (before retirement).
- Saving future tax (after retirement).
- CGT on business and personal assets.
- Ensuring tax compliance.
- Resolving tax-related issues, i.e. Div 7a loans.
- Forecasting tax liabilities.
- Ensuring cash flow is available for a tax payment schedule.
- Wealth and asset structures.
- Saving stamp duty, payroll tax, and land tax.
- Saving tax – prior to 30th June.
Excel vs our tax planning software
Excel is ideal for one-off, custom tax planning, but for firms managing multiple clients, TaxFitness delivers faster, more professional, and scalable results.
With instant access to compliant strategies, automated updates, and polished client reports, TaxFitness saves time, reduces risk, and enhances advisory credibility, making it the smarter choice for growth-focused practices.
| Feature/factor | Excel | TaxFitness software |
|---|---|---|
| Customisation | Full control over design and formulas | Structured templates (with some customisation) |
| Cost | One-off purchase or free (Google Sheets) | Ongoing subscription (annual or monthly) |
| Offline access | Yes | Internet access usually required |
| Speed for one client | Fast if simple; slow if complex | Extremely fast (prebuilt strategies + automation) |
| Handling many clients | Cumbersome; manual tracking | Efficient dashboard and client management |
| Professionalism of reports | Depends on user skill | Always polished, branded, and consistent |
| Audit trail / compliance | Manual setup needed | Built-in documentation and referencing |
| Updating for tax law changes | Manual, error-prone updates required | Automatic updates (e.g., tax rates, thresholds) |
| Benchmarking and advisory tools | Not built-in | Integrated into system |
| Scalability across a firm | Difficult (version control issues) | Easy (multi-user access, team workflows) |
Why do accountants need tax planning software?
Tax planning software aims to simplify tax-related tasks, optimise tax positions, and ensure compliance with tax laws and regulations. It streamlines the tax planning process, saves time, reduces errors, and helps users make informed financial decisions to minimise tax liabilities and maximise tax savings.
To date, Australia has lagged behind the US in the adoption and use of tax planning software. As a result, tax planning in Australia has generally been provided manually, on an adhoc basis, to less than 10% of taxpayers.
Over the last twenty years, every task, function and service in the average accounting practice has changed dramatically. The personal computer, and associated software, has brought enormous efficiencies in the preparation of financial statements, budgeting, and tax return preparation. Today, no accountants perform these tasks manually.