Tax Planning for Life

Tax Planning for Life – Not Just for Year End

 

When most people think about tax planning, they think about scrambling in June to find a few quick deductions before the financial year ends.  But smart tax planning is so much more than last-minute strategies – it’s about long-term planning that supports your personal and business goals throughout your life.

Tax planning evolves with you

Your financial needs and opportunities change over time.  The right strategies for a start-up business owner are different from those of someone growing a successful business, investing in property, or preparing for retirement.  That’s why tax planning isn’t a “set and forget” process – it’s an ongoing conversation that evolves as your life and business grow.

Key times to review your tax plan

  • Starting a business – Choosing the right structure (sole trader, company, trust) can make a big difference to how much tax  you pay and your legal protection.
  • Growing wealth – Whether you’re investing in property, shares or expanding your business, you’ll want to manage tax efficiently or maximise your returns.
  • Major life changes – Marriage, children, divorce or inheritance can all have tax consequences.
  • Succession and retirement planning – Long before you plan to sell or retire, you should be considering the tax implications and ways to maximise the value you retain.

Tax planning isn’t just about saving tax

While minimising tax is important, good tax planning is really about protecting your wealth, supporting your goals, and ensuring you have the right structures in place to adapt to changing circumstances. It’s about working smarter, not just harder, so your financial affairs are aligned with your lifestyle and future plans.

Selling your business?

Hve you considered your business exit strategy?  If it involves selling your business, there may be significant tax savings available through the Capital Gains Tax (CGT) small business concessions. These concessions can be incredibly valuable but are also complex, with strict eligibility criteria and timing requirements. In some cases, selling even one day too early (or too late) can mean the difference between a tax-free sale and a hefty tax bill.

Ongoing tax planning ensures you’re well-positioned to take full advantage of these concessions when the time comes, helping you achieve the best possible tax outcome on the sale of your business.

Looking to invest?

Investment decisions also benefit greatly from proactive tax planning. Whether you’re considering buying an investment property or investing in the share market, choosing the right ownership structure is crucial. Many people default to making investments in their personal name without considering the long-term tax implications or asset protection risks.

A tailored investment structure can optimise tax outcomes, provide flexibility, and protect your assets. Strategic planning before you invest ensures your wealth is built on a solid foundation.

Need help with long-term tax planning?

If you’d like to take a more strategic approach to tax planning — one that looks at the bigger picture and helps you plan for life, not just year-end — we’re here to help.

DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice.  Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information.  We recommend that our formal advice be sought before acting in any of the areas.  The article is issued as a helpful guide to clients and for their private information.  Therefore it should be regarded as confidential and not be made available to any person without our consent,