Tax planning is another area where accountants need to lift their game.
A good friend and consultant to the accounting industry says, "Accountants take the term 'tax agent' a little too seriously".
Tax planning needs to be:
Done immediately if it hasn't been carried out before - often additions or changes to your business structure is required.
Performed on an ongoing basis - at least every 12 months (we carry tax planning out annually for our business clients in the May to June period of each financial year).
It's also important that your tax planning needs grow with the size of your business. When you're starting out, there's less scope for tax planning compared to when you're going flat strap and shooting through the tax brackets.