Meet our clients…
Our clients Stuart and Caroline had predicted early on in the financial year that their business was going to have an unusually high profit for the year. After offering advice in prior years to Stuart and Caroline, our clients knew this was something Initiative could help them with. Over the course of the next few weeks we had several meetings with our clients to discuss their concerns about not paying all their profits in tax.
After looking at numerous tax saving strategies Initiative met with the client to show them our ideas. We had devised a strategy that looked at several key components of their business and financial affairs. Our suggestions included reviewing their current business structure, making contributions into superannuation (up to the maximum contribution caps as well as using reserves) and fully utilizing the Federal Budget Changes announced on 12 May 2015.
Before we met with Stuart and Caroline, they were looking at a tax bill of approximately $120,000. After listening and agreeing to our strategies we managed to save them over $60,000 in income tax. As you can expect our clients were ecstatic with this result. If they had not contacted us they would have paid $60,000 too much tax.
The most important thing Stuart and Caroline had done was to contact us early so we could work within the tax legislation throughout the year to ensure they received the best tax outcome at the end of the financial year.
Nobody likes paying more tax than they have to. However as taxpayers, we all understand that funding for roads, health care and other community services all rely on everyone paying their ‘fair share’ of income tax. Unfortunately you can’t avoid paying tax, however you can minimise how much you have to pay. We believe it’s important to have a strategy to pay the least amount of tax possible.
At Initiative we have many strategies that can help minimise your tax. Our approach looks at implementing and planning these strategies throughout the financial year….not just at year end.
Based on the Sunshine Coast, Initiative Group are all about making the complicated simple for our clients.