Kerry Packer famously told a print media committee in 1991 that “I don’t know anybody that does not minimise their tax. I am not evading tax in any way shape or form. Of course I am minimising my tax. If anybody in this country doesn’t minimise their tax they want their head read. As a government I can tell you you’re not spending it that well that we should be paying extra.”

There is a big difference between tax avoidance (minimising tax within the rules of the tax system) and evading tax (reducing tax by means which are not in accordance with the tax legislation).

There is a big difference between tax avoidance (minimising tax within the rules of the tax system) and evading tax (reducing tax by means which are not in accordance with the tax legislation).

A good knowledge of the tax system and the opportunities for legal minimisation is essential to assist you in legally minimising your tax liabilities. We tell all our clients that we work well within the tax framework to help you do that. That involves a good understanding and application of the current tax law to help you plan for your tax obligations in a strategic and innovative manner.

It all begins with having the right structures in place for tax efficiency and asset protection.

As a practice, we have never advocated exotic tax planning opportunities that are often touted around town. Our clients did not lose their hard earned dollars in the managed investment scheme fiasco of the 1990’s.

We have never understood the concept of negative gearing to reduce tax. The way we see it is that it hardly makes business sense to pay someone a dollar to get a 39 cent tax reduction – you are already out of pocket by 61 cents of your hard earned money………….

Our experience is that our most successful clients have not wasted their energy in trying to grow wealth by reducing their tax. They have understood that certain strategies peddled around town are simply tax deferment exercises, not permanent tax savings. They have let us guide them in that space.

Instead, they have focussed their business energy on their businesses, built them up, made more profit and really perversely paid more tax on the way ! But importantly, they have allowed themselves to have a share of a bigger pie and improve their financial wealth and security and lifestyle on the way.

All it will take for you to work out if you are structured correctly and only paying your fair share of your tax is to have coffee with us and start a conversation. You have nothing to lose but may have a lot to gain.