Tax planning in Australia has come a long way. Timeline of tools 1985–2011: Microsoft Excel dominates – flexible but labour-intensive. 2012–2014: QuickBooks, MYOB, Xero Tax + XPM enter the scene – useful for compliance, not planning. 2013–2015: Tax Strategist, Change GPS, Business Fitness – better tools emerge 2017–Now: TaxFitness changes the game. Tax planning is…
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Most accountants are still reacting to tax. The best firms? They plan it. The ATO says “Tax planning… is the arrangement of financial affairs to keep taxes to a minimum.” But that’s just the starting point. At TaxFitness, we define tax planning as: The proactive and strategic structuring of a client’s financial affairs to legally…
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Most accountants don’t truly know what their clients want until it’s too late. Tax returns and compliance work tell us what happened. But they don’t tell us what’s important to the client or where they want to go. And if we don’t know what they want, how can we help them get there? That’s where…
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They see the tax return. The final numbers. The result. But behind that are hours of analysis, compliance checks, and strategic thinking they never see. So, how do you show your value and open the door to tax planning conversations? At TaxFitness, we recommend a simple but powerful step: Integrate three quality control checklists into…
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Most accountants struggle to sell tax planning and business advisory services — not because clients don’t want them, but because the practice doesn’t understand the client. Here’s the truth: If you don’t know your client’s current financial position… If you don’t know what they actually want to achieve… Then of course you’ll struggle to sell…
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Most accounting practices have nailed the system for tax returns, BASs, and financials. But when it comes to tax planning, too many are still winging it – and it’s costing them. Without proper systemisation, tax planning becomes: Ad hoc and inconsistent Offered to only a select few clients Priced too low – or worse, not…
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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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As tax season approaches, many business owners ask the big question; Am I paying more tax than I should? For many, the answer is yes. But here’s the truth: most business owners can reduce the amount of tax they pay. The strategies exist. The legislation supports it. The tools are available. So why doesn’t every…
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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.…
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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