Tax Planning for Professionals

Personal services income (PSI) can be one of the most confusing and complicated taxation areas for anyone who uses their skill or knowledge to earn income.

Assess your business

Most contractors who fall under the PSI rules feel there is no room for any tax planning, but that is incorrect. Use our expertise to learn about the numerous tax benefits are available to contractors that are not common knowledge. 

Tax minimisation

Know more about all the tax deductions available to the personal service business. Eliminate or minimise payroll tax.  Take advantage of tax deductions for multiple cars, including cars with zero business use. Find out if you can benefit from an employee-employer relationship with your business entity. Learn the best tax savings strategies for professionals working as contractors and consultants.

Choose the right structure 

Find out if an incorporated entity is right for you. We offer advice on optimal use of trusts for tax-efficiency and asset protection. Find out how an investment company combined with a trust can be a lifetime tax saving and investment structure.        

Income Splitting

Find out how and when you can split income with a family member or an associate who is on a lower tax bracket. Check if you can lower your taxes to the company tax rates. Get credits for the tax your investment company pays and enjoy refunds in your retirement years in the form of franking credits.  

The Power of Specialisation

Specialising in personal services income enables us to sharpen our focus on those issues which affect professionals the most. It means that when we arrange a meeting, we get a good understanding of the status of your financial affairs immediately, simply because we do it every day. It means we can provide valuable insight into your working arrangements. 

The personal services income rules have been around for two decades but the tax-payers continue to challenge the ATO's interpretation of the rules evidenced by the number of court decisions that come out in this area every year. It makes specialisation even more important. We track all court judgements related to professionals and make sure our clients receive the best tax planning advice based on the latest trends and developments. In other words, due to specialization, if there is a new tax planning strategy arising from the latest court decision, our clients will be the first ones to benefit from it. 

It means we know the hot button tax issues that affect professionals and can provide advice to get the optimal business structure and to legitimately reduce tax liabilities bearing in mind the current practices, procedures and attitudes of the ATO. 

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