One question we are often asked is: “Have I claimed everything I’m entitled to?”
Interestingly, 100% of our new clients have had at least one legitimate tax deduction, concession, or planning opportunity that was overlooked in previous years.
This does not necessarily mean their previous accountant made a mistake. In many cases, it is because preparing a tax return and providing proactive tax planning are two very different services.
Return Preparation vs Proactive Tax Planning
Traditional tax return preparation often focuses on recording information. Effective tax planning, on the other hand, involves asking the right questions, understanding your full circumstances, and identifying opportunities that may otherwise be missed entirely.
The Most Commonly Missed Opportunities
Some of the most common missed deductions and misconceptions include:
- Motor vehicle claims: You may be able to claim more than one vehicle, or claim expenses for a vehicle that is not registered in your name.
- Second-hand work-related items: These may still be deductible, even without a purchase receipt.
- Alternative evidence: In some situations, bank statements or credit card transactions may be accepted as supporting evidence instead of receipts.
- Incorrect business structure: Continuing as a sole trader when a company or trust structure may be more tax-effective.
- Employing family members: Many business owners miss legitimate opportunities to employ family members and utilise lower tax rates or the tax-free threshold.
What This Means for You
On average, we help individual clients save $2,000–$3,000 in tax each year, while many business owners save $20,000–$30,000 or more through proactive planning.
The question is not whether you are paying tax. It is whether you are paying more than you legally need to.
Also Worth Watching
If you would like to learn more, our YouTube channel covers a range of topics including common tax misconceptions, missing deductions for business owners, and how to maximise your claims without receipts. Search for Impact Taxation & Financial Services on YouTube to find our latest videos.
Get a Second Opinion
If you have never had your tax returns independently reviewed, it may be worth having someone take a fresh look. The tax savings identified can often far outweigh the cost of the review. Book your complimentary first tax planning session with us today — call 1300 TAX SAV (1300 829 728) or contact us here.
