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Personal tax aspiration
Sunday, 20 July 2008
The Federal Government’s intention to start a comprehensive review of the tax system and to streamline personal income tax rates over the next six years sends a clear signal that fundamental changes are on the way, says Evan Hammond of Perth member firm Walker Wayland WA.“Now’s the time to review the structures you have in place for your personal or business tax affairs to ensure you understand how these work, their value to you and what changes may be necessary to ensure these structures remain beneficial,” says Evan.
“Armed with this understanding, as the Government’s changes to the tax system emerge over time you are then able to have a greater understanding of the impact of these changes on your own investment strategies and put yourself in a better position to initiate alterations to limit any impact on, or take advantage of, your financial affairs.
“We are often approached by clients to help ‘clean-up’ or unwind tax structures or strategies.
“This might be because they didn’t provide the benefits the client thought they would or the clients had simply outgrown these structures and needed alternative ones to reflect their changed circumstances.
“What is important is to explain the reasoning behind these structures, so that clients have a broader understanding of how the tax system works,” says Evan.
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