After the record savings we have been able to achieve for our clients during the 2021 Tax Plan and Business Strategic Sessions, here are some of the other sides of our impact that goes beyond just tax and numbers:
Struggling with an addiction, client had no control of his spending. By continuing in the same business structure would be disastrous in terms of the penalties, fines and criminal conviction he potentially would have to face for failing to meet compliance obligation.
The other major consequence would be of a family being torn apart.
From 1 July, after our recommendation, he will be trading under a different structure. His cashflow savings is estimated to be close to $10k annually.
In the past we had put him in touch with our trusted partners in the health sector to look after his mental well-being.
Thanks to our detailed Tax Plan report, a client’s existing lender used it as one of the documents to base their evaluation for granting a loan. The loan process ended up being quick. We certainly did not expect that one!
Young startup and investors:
We get to know a thing or two about our clients. So during a conversation when we found out about a client’s new partner in life, we sat down to chat about what he needs to do to protect his personal wealth and assets if things go pear shaped in future . Yes – we are quite foresighted in our services. And no – we are not against anyone falling in love – just ensure you look after yourself though! We do have some serious strategies for this.
First home buyers:
Thanks to our clients, we work closely with banks, lenders and mortgage brokers so when first home buyers approach us to help them with requirements to meet certain lending criteria, it is not only important to get the balance right between income and tax, but also being able to show lenders clearly the income and expenses breakdown for a proper loan assessment to maximise the chances for a strong lending approval.
These clients who approached us prior to the financial year end now have a clear vision and a pathway to owning their first home through our savings strategies.
These are just a few examples of what has been quite an impactful 2021 financial year!
Considering starting a charity or know of anyone wanting to?
We have helped establish charities and look after some of them on a pro-bono service Unni Ashok and team are part of charities management boards and act as their Treasurer. There are different types of entity structures so it is important to know what is right for your charity and obligations.
We also provide guidance on Deductible gift recipient (DGR) status application. Don’t waste time trying to figure it out by yourself. You could end up spending hours and getting nowhere. A lot depends on your charity activities, the members you will be having, extend of your outreach programs, how you raise funds, reporting obligations and much more. The regulatory requirement for each state is different. To whom you should be reporting and submitting your annual statements to will also vary depending on the above factors.
Contact us if you would like to have a chat.