Adelaide Based Tax Accountants & Tax Planning Services

Tax – the necessary evil! Lucent will make sure you’re prepared for, not stressing over, what’s coming next.

As one of the leading accounting firms in Adelaide we are specialists in business financial management and taxation; we know the pitfalls and exactly what it takes for a business to succeed. When you are in need of advice and guidance from an accountant in Adelaide, our team of highly accredited tax accountants will provide you with trusted solutions.

Keeping you up to date with your tax planning and obligations and ensuring you are fully informed is one large part of what we offer.

But we’ll also work for you proactively. Our taxation services ensure we take advantage of every opportunity to minimise your tax liabilities, and ensure that you have no nasty surprises when it comes time to lodge your returns.

We’ll also ensure you’re set up with the right structure for your business both now and in the future. Different business structures can have vastly different tax and risk considerations and outcomes for you and your business at different stages of your growth.

As your business grows and evolves your business and personal needs often change. Your optimum business structure now may not be the structure you need in the future.

But rest assured, that at Lucent, we have the knowledge and expertise to grow with your business and advise you during the entire business lifecycle, from start-up or acquisition right through to sale and exit which is what sets us apart from other tax accounting firms in Adelaide. We pride ourselves as being one of the most qualified accounting firms in Adelaide offering you trusted services. For advice from an expert tax accountant in Adelaide, contact Lucent Advisory today.

FAQs

What does tax planning involve?

Tax planning is the analysis of financial affairs to ensure that all elements work together to maximise tax breaks and minimise tax liabilities in a legal and efficient manner. This includes utilising tax exemptions, deductions, and government benefits. Tax planning should be an essential practice of any business to help make strategic decisions to benefit how much you end up paying when it’s tax time.

The purpose of tax planning is to ensure you are fully informed and able to plan your tax liabilities in advance and maximise any opportunity to reduce the tax you need to pay.

What are the benefits of tax planning?

Understanding how to implement tax planning strategies can help businesses improve their bottom line and create growth opportunities. Tax planning benefits include:

• Lower tax rate: Reduce effective tax rate through tax strategies;
• Reduced taxable income: Instead of focusing on reducing tax rate, you can find ways to distribute income and reduce your taxable income;
• Tax credit: Proper planning allows you to legitimately leverage tax credits and deductions
• Manage cashflow: Knowing well in advance your likely tax liabilities allows a business to budget appropriately

What are the 3 basic tax planning strategies?

3 basic tax planning strategies that you can implement in your business right away:

1. Maximising deductions: There are numerous possible deductions and credits out there, and they all have their own rules about who’s subject to them. Common deductions include charitable contributions, home office expenses, investment expenses, insurance premiums, work travel expenses and more.

2. Superannuation contributions: Salary sacrificing is a tax-efficient way to save on tax while also boosting your super. By putting pre-tax salary into your super, you will be taxed at 15% (income earners over $250,000 will be taxed at 30%).

3. Distribute income into a bucket company: The bucket company sits below your trust and is used to input money into it to reduce tax. This allows you to cap your tax payable at a corporate tax rate to 30% or 26%, whereas the individual top marginal tax rate is 47%.

What is an example of tax planning?

A business owner may consider setting up a trust as a tax planning strategy to reduce taxable income earned by the business.
Under a trust business structure, trustees (i.e. the business owner) can distribute income among the beneficiaries (i.e. family members such as spouse and children). In doing so, this reduces what is taxed in comparison to holding all income under a single person’s name; instead, the income is distributed among the beneficiaries who are on lower marginal tax rates.

What does a Tax Accountant do daily?

A Tax Accountant is responsible for analysing financial positions and preparing, submitting and managing tax statements and returns for businesses. They also provide advice on financial and tax related matters, as well as keeping up with regulations and laws that govern the process.

What services are offered by tax accountants?

In essence, accountants are qualified financial experts who help and advise businesses with their financial and tax matters. Services accountants offer include:

• Tax returns and financial statements
• ASIC returns and compliance
• GST returns and associated advice
• Business structure advice
• Tax planning and minimisation strategies
• Capital Gains tax (CGT) advice

What questions should I ask my tax accountant?

Considering hiring a tax accountant? Ask these 5 questions to ensure you and your tax accountant have a successful working relationship and stay on top of your business finances and taxes.

Question 1: How can I help you do a better job for me?

Question 2: Is my current business structure suitable for my business situation?

Question 3: How can you help me make this tax season better than last year’s?

Question 4: How can you help me better manage my cash flow?

Question 5: Are there any industry-specific tax regulations that I should know about?

How much will outsourced taxation services cost me?

With packages starting from as little as $150 per month, outsourced services for taxation reporting and compliance don’t cost as much as you think!

Get in touch today for a quote that’s appropriate for the size and complexity of your business. Everyone has different needs. A conversation is no obligation, so what have you got to lose to find out?

Contact us. We’d be happy to help you work out your service cost, and most importantly how much time and stress we can save you!

Sophie has over 18 years of experience in the industry, focusing on small businesses and high net wealth individuals. She has been a qualified CA for 13 years and in her previous role, she led an experienced team of highly motivated and proactive accountants. For the past 7 years, she has also worked as a CA mentor for a number of junior staff. In this rewarding role, she appreciated the opportunity to help her staff gain confidence, progress their careers and expand their knowledge.

Sophie loves working in the industry because she is able to help clients manage their taxation and compliance obligations, so they can focus on running their business and maximising results. She embraces cloud-based technology and will continue to utilise these tools and efficiencies at Lucent.