Total Wealth Management > Tax Planners Ipswich

Tax Accountants Ipswich

IPSWICH TAX CONSULTANT

To secure a safe financial future and retirement you need personalised tax minimisation strategies. At Total Wealth Management we are up to date with current Taxation Planning opportunities and experienced with over 20 years in the financial planning industry, providing expert tax minimisation strategies to residents of Ipswich and greater Brisbane. We are registered Tax (Financial) Advisers with the Tax Practitioners Board.

ARE YOU PAYING TOO MUCH TAX? 

Tax is confusing! Income tax, capital gains tax, superannuation tax and so forth can make the complex process of tax minimisation difficult. Relax! At Total Wealth Management, we understand and can navigate the Australian Taxation legislation and Superannuation legislation to help you reduce your payable tax so that more of your hard earned money is spent on improving your financial future! 

Tax Deductibility of Estate Planning and Financial Planning Fees in Australia

In Australia, estate planning fees are generally not tax-deductible as they are considered personal expenses that do not relate to generating income. However, certain estate planning expenses, such as fees paid to an accountant or lawyer for the preparation of a Will or the establishment of a trust, may be tax-deductible if they are incurred in the course of earning assessable income or carrying on a business. The tax deductibility of legal fees can be complex and may depend on several factors such as the nature of the legal work performed and the circumstances in which it was incurred. Similarly, the tax deductibility of financial planning fees depends on the type of advice provided. If the advice relates to establishing a financial plan or does not pertain to assets or investments that currently generate taxable income, then the fees are generally not tax-deductible. However, ongoing advice fees for an existing portfolio may be tax-deductible. It’s important to seek professional tax advice to determine the tax deductibility of your specific estate planning and financial planning fees.

TAX MINIMISATION STRATEGIES: Making complex, simple

Tax minimisation strategies to reduce the amount of tax we pay throughout our lives and upon our death  can range from simple to complex.

At Total Wealth Management, we work together with your chosen taxation and estate planning professionals to ensure you have the right strategies in place in order to reduce the amount of tax you pay..

Some tax minimization strategies we may consider for you:

MANAGEMENT: 

  • Managing super contributions within the caps
  • Salary sacrifice and/or salary packaging
  • Tax-deductible contributions to superannuation
  • Super contribution splitting strategies
  • Transition to retirement strategies
  • Managing tax on redundancy payments
  • Assisting with tax planning before, during and after you become an Australian non-resident for tax purpose

RESTRUCTURING:

  • Structuring the ownership of your assets tax effectively
  • Structuring or transferring ownership of insurance to make premiums more tax effective

MAXIMISING: 

  • Maximising the CGT small business concessions
  • Maximising your estate by reducing tax paid by beneficiaries

INVESTING: 

  • Tax effective investing for children
  • Borrowing to invest

We are also authorised to provide personal Investment, Superannuation, Pension and Insurance advice on these product suits. We will help you to find the right product for you ensuring  “Your Best Interests” are being prioritised to meet your short, medium and long term goals!

  • MLC products previously offered by National Australia Bank (NAB)
  • Colonial First State products offered by Commonwealth Bank (CBA)
  • BT Products offered by Westpac
  • IOOF and ING products previously offered by ANZ Bank.
  • AMP products offered by AMP
  • An extensive range of Industry funds including, but not limited to QSuper, SunSuper, REST, Australian Super, HOSTplus, Cbus Super, LGIA Super, PLUM super, MTAA Super, AMIST Super and many more.