Tax Planning strategies might seem like a luxury, when in the whirl of tax time, you get caught up and end up providing tax planning in a non-structured way and for some but not all of your clients.

A strong Tax Planning strategy allows you to take it beyond just tax reduction and make tax planning a process that helps your clients.

One reason a Tax Planning strategy is important is that it allows you to provide your clients all the benefits of Tax Planning, not just tax reduction.

Key Benefits of Tax Planning

Strategies to Reduce Tax

Reducing your client’s tax is a key part of Tax Planning - but it’s not the only one.

Ensuring Compliance

Providing clients with the information they need to remain compliant should be another key part of your Tax Planning strategy. This requires the sharing of your knowledge to educate your clients on what must be done and how. Some areas where clients often need guidance are record-keeping practices, such as maintaining accurate motor vehicle logbooks and Div7A loan requirements.

TaxFlow Planning

This is a big one because, for so many small businesses, payments to the tax office are the biggest cash outflow. So, having an idea of the payment required in advance is a huge advantage.

TaxFlow reports in ChangeGPS can streamline the process of planning payments to the ATO.

Why Tax Planning Needs to be a Service

Providing tax planning as a service allows you to control your time and provide well-considered advice to your clients.

Avoid the “Quick Tax Chat”

You know, the one when the client calls you up, acting all friendly and then asks for advice on the spot. It’s easy to provide this information because you’re a service professional with the knowledge, but think about it: no other professionals give “quick advice” like this.

If you rang your doctor to say your kid’s a bit sick, should I just give them the same antibiotics as last time? They’re not going to give you advice over the phone. They’ll need you and your sick kid to come to their office so they can get all the details to provide the best advice.

Your profession is no different, and you deserve all the information and time to give the best advice.

You Control Your Time

By refusing to provide the “quick tax chat”, you take back control of your own time, as it's spent in considered work and not in many short calls.

Grow Your Practice

Tax planning strategy meetings present an opportunity to introduce clients to additional services, including

• TaxFlow projects

• Asset Protection Strategies

• Estate Planning Assistance

• Business structure adjustments

• Business profit improvements and valuations

How to Move to a Tax Planning Strategy

Move Advice to Advanced Reports

Now that you have better control of your time, you can format your advice into detailed and structured reports that provide your advice, educate your clients and prove the value that you provide.

TaxPlanning in ChangeGPS makes it easy for you to produce an elegant and professional report.

Standardise Prices and Services

Because all clients are receiving a similar service, the advice report makes it easier for you to provide like-for-like services and charge for them accordingly.

Follow a System

Have a process that you and your team follow to introduce, educate and provide tax planning to your clients.

Follow a Timeline

Ensure that all work is completed on time and with plenty of time to capture clients’ information by following a timeline with key milestones.

By integrating these services into tax planning strategy discussions, you can add value to your client relationships and grow your business.