As of 1 October 2015 Online Accounting and Taxation Solutions has changed name to Affinitas Accounting, you have now been redirected to the new page.

Add Value at Tax Planning Time

The months of May and June are always busy times in the world of tax and accounting.

Not only are we finishing the last of our tax returns for the 2018 financial year, but we are tax planning with clients for the 2019 tax year.

Why Is Tax Planning Important?

It provides each business the opportunity to assess their potential tax situation PRIOR to 30 June each year. This gives a business time to either plan for the expected result and/or implement legal strategies to reduce their tax. Finding out you have a larger-than expected tax bill after 30 June is too late – because there is nothing you can do to reduce it.

How Does The Tax Planning Process Work?

By early May, we should have your business results up until 31 March – the end of the third quarter. Based on these figures, we can usually project your annual profit with a fair degree of accuracy. To do this we consider historical data from previous years, plus an estimate from the business owner/s of their projected last quarter results. And we do not just consider the figures in the business entities, but we include how that profit will potentially flow through to other entities or onto individual tax returns.

Uncovering Tax Opportunities

Sometimes there are opportunities within the business to reduce your taxable income. These can include pre-paying expenses; writing off bad debts, or obsolete stock and equipment, or contributing extra into superannuation for company directors. The immediate write-off of business assets up to $30,000 also could be useful to pick up new assets needed by the business and claim a full tax deduction prior to 30 June.

Broader Value Of Reviewing Your Numbers

Smart business owners will take the time to stop and assess how their business is travelling as year end nears. How do the figures compare with previous years? Are there any line items in the accounts that tell a story? For example, has any particular source of income greatly increased or decreased? Have expenses like wages or cost of goods sold increased and reduced your profitability? What about the balance sheet? Is your cash position getting low? Are trade debtors or trade creditors increasing? Are your tax debts or long term liabilities increasing? Picking up on trends in your numbers – good or bad – can help you put plans in place and set a strategic direction to navigate your business in the right direction.

Front Foot Business Review

This end of year process can be taken even one step further, via a formal business review. Called a Front Foot Business Review, we run through a comprehensive checklist with management, designed to check whether the operational, strategic, marketing, risk, insurances, partnership/directors agreements, leases and succession plans are in place and current. This review almost always highlights at least one or two areas that require work to be done.

To ensure you are making the most out of the 2018-2019 tax planning season, contact us on or phone 07 3359 5244.

Need friendly advice? Talk to our staff today about how we can help your business succeed.

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  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Blair Wright

    I’ve been dealing with Affinitas Accounting for about 3 years now and I have found them to be nothing but friendly and helpful. I’m a Bookkeeper and on occasions have been stuck with various accounting problems. Affinitas have not hesitated to spend time with me until the problem was solved. Any queries or questions have always been answered in a timely manner.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Joshua Drake

    I highly recommend coming here for all your tax needs! They explain everything you need to know about tax thoroughly and go about there jobs professionally, always leave here with a cheery smile and satisfaction.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Ben Campbell

    Affinitas Accounting has been so helpful with the restructure of my business. They made it an easy process and explained it in a language that was easy to understand. My ongoing tax and gst is all prepared by them, they’ve really taken the stress out of it all to let me focus on growing my business.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Rebecca & Russel Johns

    Since moving to Affinitas Accounting we have a clear understanding of companies and trusts. We have no hesitation in saying the team here will meet and then exceed your expectations! I never feel like i am annoying them. Thank you Team Affinitas

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Paul Maclaine

    Affinitas has looked after all our financial needs for our business and personal tax returns. We have been with our accountant for 10+ years. I have no hesitation in recommending Affinitas to anyone looking for an accountant or any financial advise. We have always found and received friendly professional and practical advise.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Carlie White

    For the past 6 years, Tammy has been lodging our tax. The team always spend the time to explain how things will affect us and always manage to maximise our returns. We highly recommend the team to anyone we speak to and have had friends move to do their future tax with the team at affinities accounting. Couldn’t recommend them highly enough.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Kirsty Whittaker

    I’ve been using Deb from Affinitas Accounting now for many years and have found her to be excellent in looking after my taxation needs. I’m in Tasmania, Affinitas Accounting is in Queensland and distance is no barrier. She understands my business needs, everything is done in a friendly and efficient manner and I happily recommend to anyone looking for ‘down to earth’ taxation advice.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    David Williams

    We’ve been with Affinitas Accounting for over 5yrs when they were known as Online Accounting & Taxation Solutions. From our initial phone call with Brad looking for an accounting team that would meet our expectations as well as provide efficient service, we’ve been really impressed with the team’s professionalism, knowledge & expertise.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Allyson O'Connell

    Debbie is our accountant and has been for seven years. She is thorough and always does what she can to honestly get us the best return but always adheres to the ATO guidelines. We recommend her to our friends and wouldn’t take our business to anyone else. Thanks Debbie.

  • We have only been with Affinitas Accounting for the past 12 months but in this time they have by far exceeded our expectations of an accountant and far surpassed previously used accountants.
    Affinitas are not just about annual returns, BAS statements etc, they take the time to get to know you enabling them to provide advise to help you work toward personal & business goals.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Mark D’Andrea

    Can’t fault Affinitas.

    Have been coming here for years (when it was then called online tax). Deb has been happy to always go the extra mile and doesn’t mind dispensing helpful advice throughout the year.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Deagon Fixing

    I have been a client of Affinitas Accounting (previously Online) for the past 8 years. It is like a one stop shopping experience, all my needs were addressed in the one office.

    Thanks Affinitas you for all your assistance and I would strongly recommend them to anyone to use

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