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.
Partner with the right adviser
By working closely with a tax adviser who understands your full financial picture — your business, investments, family, and long-term goals — you’ll have the peace of mind that your tax strategies aren’t just reactive at year-end but are proactive and working for you all year round.
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,
Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.
