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Why TMS Fincials?
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Is Tax Planning right for you?
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Save money with Tax Planning
At TMS Financials, we’re dedicated to making tax planning straightforward and beneficial for you. We take the time to understand your unique situation, tailoring strategies that suit your individual or business needs. Our focus is on legally minimising your tax liability, enhancing your cash flow, and safeguarding your future financial health.

We excel in identifying all possible tax deductions and credits you’re entitled to, with a keen eye on often overlooked opportunities such as super contributions, which can significantly reduce your income tax payable.

We are committed to providing you with personalised tax planning strategies that align with your business structure and financial objectives, all while ensuring compliance with the latest tax laws. Whether you’re a sole trader, running a family business, or at the helm of a small to medium enterprise, TMS Financials is here to navigate the complexities of tax planning, ensuring you’re positioned for success in the current financial year and beyond.

Smart tax saving strategies

By planning your taxes, you have the opportunity to legally reduce the amount of tax you need to pay. This involves using tax deductions, credits, and allowances. For example, understanding how to use the instant asset write-off can be a big plus for small businesses as it allows you to claim immediate deductions for new or second-hand assets, which can improve your cash flow.

Improve your savings

Making sure you claim all the deductions you’re eligible for can greatly decrease your taxable income, which in turn, reduces how much tax you owe. Our tax planning services are designed to keep you informed about every possible deduction you can claim, tailored to your specific circumstances. This includes everything from day-to-day business expenses to depreciation on assets, aiming to boost your bottom line.

Streamlining your business for tax efficiency

Choosing the right structure for your business is crucial for tax efficiency. We collaborate with you to review your current setup and pinpoint areas for enhancement. This might involve reorganising your business, adopting strategies for tax-effective investing, or planning ahead for future changes. Our goal is to simplify the complexities of the tax system, ensuring your business and personal finances are positioned for the best possible outcomes.

Start Planning with TMS Financials

Our team at TMS Financials specialises in providing personalised tax solutions tailored to your unique situation. We can help you navigate through the complexities of tax planning, identify the most effective strategies for your situation, and ensure you maximise your tax savings.

We’re an Australian tax accounting firm with 30+ years of experience serving business owners and investors. Our reputation for reliability and exceptional client service is built on providing accurate financial advice and asset protection. We remain committed to serving our clients with integrity, professionalism, and quality, and have the expertise to help you succeed.

TMS Financials is online now

We are a Sydney based tax accounting firm servicing clients Australia wide online since 1993
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Eng Sivieng

Principal of TMS Financials

We strive to build long-term relationships with our clients and to be a trusted advisor for all their financial needs.

Tax planning: is it right for you?

Tax planning isn’t just for high net wealth individuals or big companies. Our experience has shown us that smart tax planning can benefit everyone, helping individuals and small business owners alike to save money and meet their financial goals.

Interestingly, nearly half of all Australians are already using legal tax strategies to their advantage. This includes strategies like negative gearing for property investments and making extra contributions to superannuation, which can significantly reduce your tax liability.

At TMS Financials, we believe tax planning is about making wise decisions that can lead to financial success. With options ranging from Capital Gains Tax discounts to small business tax concessions, there are numerous strategies that can help you minimise what you owe in taxes, ensuring you keep more of what you earn.

Importance of tax planning

Understanding why effective tax planning matters is key to managing your money well. At TMS Financials, we emphasise reviewing your earnings, possessions, and what you owe before the financial year wraps up. This way, you can avoid unexpected tax demands and make sure you’re on the right track to improve your tax standing by the 30th of June.

Everyone’s tax planning needs are different, and can be affected by things such as where you are in your career, whether or not you own property, or if you run a business. This demonstrates why it’s crucial to have regular tax planning discussions. Getting advice from a professional tax accountant is vital to stay within tax laws and leverage all tax advantages open to you. Kicking off this process in the early months, such as April or May, is wise to make sure you catch all benefits and sidestep any unwelcome surprises.

Tax tips for business owners

As a business owner, paying close attention to your taxes each year before the 30th of June is crucial. While every business is unique, this general guide focuses on key areas such as managing your business’s earnings, strategising your tax planning, staying current with tax regulations, and optimising tax benefits. These steps are essential for maintaining your business’s financial well-being and fostering growth.

Consulting with a tax professional is highly recommended to ensure you’re navigating your tax obligations correctly and maximising all available advantages. They can offer insights into how your business structure impacts your tax obligations and suggest tax-efficient investment strategies. This guidance is invaluable for safeguarding your assets and positioning both you and your business for long-term success.

Instant tax deduction limits

For eligible businesses, there’s an opportunity to claim immediate tax deductions for purchases made for the business. However, it’s important to note that these deductions are subject to a limit.

Claiming bad debts on your taxes

To deduct bad debts from your taxes, they must be formally written off in your records before you claim them. This process requires documenting the write-off before the financial year concludes, such as removing the debt from a customer’s account or recording it as a bad debt expense in your books. For the debt to be deductible, it must not have been waived, forgiven, or sold.

Stay updated with employee payroll reporting

A lot of employers have switched to the Single Touch Payroll (STP) reporting system. From the 1st of July 2021, this started to include small business owners and those with closely held employees. Then, from the 1st of January 2022, the requirements for STP reporting broadened even more.

Claiming depreciating assets

When you buy an asset that loses value over time for your business within the financial year, you can usually deduct the business part of this purchase immediately from your taxes. This principle, previously known as temporary full expensing, now known as an instant asset write-off, aims to promote business investments in essential assets.

Managing maintenance and repairs

Consider finishing any required maintenance or repairs on business-related equipment, vehicles, or rental properties by the 30th of June. You might be able to deduct some of these costs from your taxes. It’s a smart move to check with your tax advisor to fully leverage these tax benefits.

Rental Properties and Assets

As the financial year ends, remember that to claim tax deductions on a rental property, it must have been available for rent all year. If you rent to friends or family at a lower than market rate, it may not qualify. Only expenses paid directly by you can be deducted. Ensure you have the right documentation to support your claims on your tax return.

It’s important for employers to be aware of and adhere to their FBT responsibilities, ensuring all reports and payments are made in time to avoid these penalties and charges.

Enhance your tax planning: Contact us today

Navigating tax planning can be tricky, especially with the risk of stumbling into tax avoidance schemes that could lead to unwanted penalties. The ATO provides a guide to steer clear of such pitfalls. If you’re seeking to enhance your tax planning or feel your current advisory isn’t comprehensive, we’re here to assist. Our 20-year track record in Sydney extends to various tax services, ensuring you’re well-informed about capital gains, tax deductions, and effective strategies to minimise your tax burden.

We specialise in guiding small businesses and individuals through the intricacies of tax planning. From optimising your business structure for tax benefits to leveraging tax credits and deductions like the instant asset write-off, we aim to improve your financial health. Our approach is tailored to support your business and financial goals, ensuring your tax planning aligns with your aspirations and keeps your hard-earned money working for you.

Next step is to contact TMS Financials

TMS Financials provides you with a team of experienced professionals that help you achieve your financial goals through smart tax structures and strategic financial structuring. We’re a one-stop shop for all financial needs and pride ourselves on building strong partnerships with our clients.

Book a free financial health review to see the difference we can make in your financial future.

Disclaimer

This outline is for general information only and not as legal, tax or accounting advice. It may not be accurate, complete or current. It is not official and not from a government institution. Always consult a qualified professional for specific advice tailored to your unique circumstances.

Contact us today for a consultation.

Contact us today to learn more about how our accounting services can benefit your business. We look forward to hearing from you and helping you achieve financial success!

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