Dimension 1:

We will have a look at your income and deductions to see whether you have minimized your taxes using the current business structure (individual, sole trader, company or family trust). Below are common items that are deductible for lawyers:

• Car and travel expenses – Motor vehicle travel to and from work if having multiple work locations (working at more than one site every day before returning home), or transporting bulky equipment, or need to pick up materials, attend training courses, visiting tax accountant, etc. – You need to make sure you understand the difference between different methods to claim maximum deductions for your car.
• Overnight travel expenses visiting clients or attending different workplaces – includes airfares, meals and accommodation. (This can also form a part of the Travel Allowances under some business structures).
• Clothing expenses – either compulsory work uniform branded with the employers logo, or protective clothes.
• Protective equipment
• Phone expenses
• Self-education expenses
• Tool and equipment expenses
• Home office expense such as electricity, wear & tear of office furniture, phone & internet (if you do need to manage your business at home from time to time)
• Overtime meal expenses (or Overtime Meal Allowance under some business structures)
• Union and professional association fees for individuals as employees
• Licences, registration and subscription fees related to the business.
• FBT exempt expenses for some business structures (such as company) on expenses for employees including Directors

Dimension 2:

We will have a look to see whether the current structure is the best for you. Sometimes a different business structure could not only provide more tax benefits, but also give you more secure asset protection strategies.

If you are already running a business structure that allows you other tax planning strategies such as income splitting, exempt employee deductions, etc., we will look across your family group to help you to maximize after tax income for the whole family by reducing the family group tax to the minimum.

• If we don’t believe that the current structure is the best for you, we will give you our recommendations, and help you to compare pros and cons on different structures.
• We will help you with a cost / benefit analysis to show you the related benefit (tax saving amounts, asset protection advantages) on the structure we recommend. Once you decide, we will help you to set up the structure (company, family trust, etc.). Our documents have built-in features with best planning strategies on asset protection and succession planning.
• If you are already running your business under an ideal structure, each year we will look across your family group to see which entity is the best to receive income (or loss wherever applicable) from the family group, so that you can minimize tax for the whole family.

Dimension 3:

This dimension is more focused to the future to help you to maximize family wealth: We will have a look at all your business and ownership structures for all entities and investments, help you to make plans to save taxes and reduce possible risks in future years.

• If you have investments (such as rental properties or shares), we will have a look to see whether it is time to change current ownership structure to save tax in the future. For an example, on some situations moving investments to a family trust will not only saving tax for you and your family, but also provide another layer on asset protection. Please refer to our online video here to find more details: How Should You Own Your Assets And Investments
• For your active business, you should also consider changing business structure for potential future benefits.
• We will also help you with a forecast on your future wealth generated from your business or investments if they are kept in different business / ownership structures. This will include the wealth kept in your super fund (or SMSF) so that you can have a clear picture on when you can retire and how much will be your retirement income.