Personal tax planning
Tax strategies that keep money in your pocket.
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One short meeting
can save you tax for a whole year
Personal tax is often a grudge, last-minute effort of rushing to get your return in to the ATO before the due date. It’s a frustrating process of searching through emails and files for supporting documents and knowing that you’re probably missing out on deductions.
Deductions that you didn’t claim because you didn’t know about the tax-saving strategies available to you. You do have options available to reduce your tax bill, and in some cases redirect those savings into wealth creation opportunities like reducing your mortgage.
If you were to take just a few hours, once a year, with your accountant, to do some individual tax planning you could potentially make the process a lot smoother and enjoy substantial tax savings at the same time.
At creditte, we meet with our clients before the start of the new financial year to develop a clear tax plan for you in the short-term (1 year) and long-term (5+ years). We’re also available to you throughout the year to set up, advise and walk you through your personal tax strategy.
Our tax planning services
Our team of tax agents are available to meet with you, either in person or virtually, and discuss your individual financial position and goals for the future.
Together, we’ll develop a clear tax strategy without the confusing jargon. Some of the ways we help you:
- Making sure you claim all work-related expenses
- Setting up a system to record claimable expenses during the year
- Timing your investments
- Salary sacrificing (either super, vehicles or other opportunities)
- Increasing your long-term wealth
Tax planning is best done before the end of the financial around May or June, but it’s never too late to start implementing strategies that will minimise your tax bill.
Book a free 15-minute discovery call with us to find out where you could be saving.
Why choose us as your personal accountant
17 ways to minimise personal tax
It’s a great feeling lodging your tax return, knowing you paid your dues but also did as much as possible to legally keep cash in your bank account.
We’ve put together this free tax minimisation guide with smart strategies to help you save on tax this year.
What would you do with all those savings? Reduce your home loan, go on a holiday or invest in your future?
Click to download this tax saving guide.
Ready to start saving on personal tax?
Book a discovery call or reach us here:
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Frequently asked questions
What is tax planning?
Tax planning is a process to minimise the amount of tax an individual pays for their income, wealth and assets. In simple words, it is a plan that helps you minimise your tax and maximise your wealth. It involves using the available tax deductions and tax offsets in your favour
Can a personal phone plan be a tax deduction?
You can claim costs you incur when you use your own phone, data or internet for work-related purposes and have records to support your claims. You must meet the following conditions to claim a deduction:
- you spent the money and your employer did not reimburse you
- the expenses are directly related to earning your income
- you have a record to prove it
You can’t claim a deduction where you don’t incur any expenses or for personal phone calls to family and friends. If you use your phone, data or internet for both work and private use, you will need to work out the amount that relates to your work use.
We’ve prepared a handy guide to home office expenses that you can download here.
Should I claim a tax deduction for personal super contributions?
This is entirely dependent on your personal financial situation. Contact us today for tailored advice so we can put you on the right path.
What is salary sacrificing?
Salary packaging is an ATO-approved employee benefit that affords you the ability to spend your pre-tax dollars. Depending on the industry and sector you work in, when you salary sacrifice, you could be eligible to pay for a range of expenses with your pre-tax salary. This could reduce the amount of tax you pay and increase your disposable income.
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