By Brendan Power
Brendan Power, a Director of Harris Black gives a brief introduction to the reason and benefits of undertaking tax planning prior to 30 June each year.
By understanding and planning ahead for our clients’ circumstances, decisions can be made to ensure they remain as tax efficient as possible. Where events have occurred (eg sale of assets, children turning 18 or a large increase or decrease in taxable income) Tax Planning with a client gives Harris Black the opportunity to discuss and determine the best course of action with their client.
We have seen an increase in the use of corporate beneficiaries (or bucket companies) as a useful entity to withhold income within the family group at lower marginal rates, and also as a possible alternative to contributions to superannuation.