Frequently Asked Questions

Tax planning is the process of analysing your financial situation to ensure tax efficiency, and reducing your tax liabilities through legal strategies.

Effective tax planning helps you minimise your tax obligations, maximise deductions, and ensure compliance with tax laws.

Yes, both businesses and individuals can benefit from tax planning strategies to optimise their financial position and reduce tax burdens.

Tax planning should be a year-round process, but the months leading up to the end of the financial year are particularly crucial for strategising.

Strategies include income deferral, maximising deductions, contributing to superannuation, and taking advantage of tax credits and rebates.

Tax consulting focuses on long-term strategies to minimise tax liabilities, while tax return preparation is about filing your annual tax return accurately.

Factor1 offers tailored tax planning and consulting services to help businesses and individuals develop strategies that minimise tax while ensuring compliance.