--- title: "Tax Planning: Sleep Better This Year With These 6 Strategies" description: Are you concerned about taxes? Unfortunately, tax worries have the power to keep people up at night, but you can improve your position with great tax planning. image: https://www.altusfinancial.com.au/hubfs/Blog_Hero_Images/Tax-Planning%2c-Sleep-Better-With-These-6-Strategies.jpg --- [![Logo](https://www.altusfinancial.com.au/hubfs/Logo.svg "Logo")](https://www.altusfinancial.com.au/) - [![](https://www.altusfinancial.com.au/hubfs/1.%202017%20Assets/Dark_Phone.svg)](tel:+61289083444) [![Talk with us](https://no-cache.hubspot.com/cta/default/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36) ##### Accounting & Business Services ##### Wealth Services ##### Lending Sources ##### [Need Real-life Advice?](https://www.altusfinancial.com.au/request-a-consultation) [![Talk with us](https://no-cache.hubspot.com/cta/default/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36) [![page-1 (5)](https://www.altusfinancial.com.au/hubfs/page-1%20(5).svg "page-1 (5)")](https://www.altusfinancial.com.au) - ![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/group-14%20(1).svg)![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/group-17%20(1).svg) - ##### MENU - [![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call%20(6).svg)![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call-2.svg)](tel:1300832962) - ##### MENU [![Talk With Us](https://no-cache.hubspot.com/cta/default/512115/11099956-4246-4311-83f2-64fc6560f370.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/11099956-4246-4311-83f2-64fc6560f370) - [![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call-2%20(1).svg)](tel:+61%202%208908%203444) - ![](https://www.altusfinancial.com.au/hubfs/close.svg) CLOSE - [Instagram](https://www.instagram.com/altus_financial/) - [LinkedIn](https://www.linkedin.com/company/2339369/admin/) - [Facebook](https://www.facebook.com/AltusFinancial/) - [Business (242)](https://www.altusfinancial.com.au/blog/topic/business) - [Strategy (150)](https://www.altusfinancial.com.au/blog/topic/strategy) - [Wealth (142)](https://www.altusfinancial.com.au/blog/topic/wealth) - [Super (56)](https://www.altusfinancial.com.au/blog/topic/super) - [CFO (48)](https://www.altusfinancial.com.au/blog/topic/cfo) - [Growth (38)](https://www.altusfinancial.com.au/blog/topic/growth) - [Business Succession (25)](https://www.altusfinancial.com.au/blog/topic/business-succession) [![Helpful Resources](https://no-cache.hubspot.com/cta/default/512115/11b7293b-309b-4f1b-af85-27ec1dd19a35.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/11b7293b-309b-4f1b-af85-27ec1dd19a35) Request a Consultation - Close![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/close%20(3).svg) ## Request a Consultation - [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth) - [Super](https://www.altusfinancial.com.au/blog/topic/super) - [Tax](https://www.altusfinancial.com.au/blog/topic/tax) # [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) From 1 July 2026, Division 296 will introduce additional tax on superannuation balances above $3 million. For many Australians, this will be a marginal change. For high-balance super members, it’s something more significant — a shift that could reshape how sup..... ###### Altus Team #### Latest Posts [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Super](https://www.altusfinancial.com.au/blog/topic/super), [Tax](https://www.altusfinancial.com.au/blog/topic/tax) ##### [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) [Business](https://www.altusfinancial.com.au/blog/topic/business), [FBT](https://www.altusfinancial.com.au/blog/topic/fbt), [Accounting](https://www.altusfinancial.com.au/blog/topic/accounting) ##### [Common FBT Questions and Answers](https://www.altusfinancial.com.au/blog/common-fbt-questions-and-answers) [Super](https://www.altusfinancial.com.au/blog/topic/super), [Business](https://www.altusfinancial.com.au/blog/topic/business) ##### [Pay Day Super Is Coming: What SMEs Should Be Doing Now](https://www.altusfinancial.com.au/blog/pay-day-super-is-coming-what-smes-should-be-doing-now) [Lending](https://www.altusfinancial.com.au/blog/topic/lending) ##### [Supporting the Next Generation into Property](https://www.altusfinancial.com.au/blog/supporting-the-next-generation-into-property) [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Budget](https://www.altusfinancial.com.au/blog/topic/budget), [Risk](https://www.altusfinancial.com.au/blog/topic/risk) ##### [Rising Insurance Premiums: What’s Really Going On, and What You Can Do About It](https://www.altusfinancial.com.au/blog/rising-insurance-premiums) [Business](https://www.altusfinancial.com.au/blog/topic/business) - 5 min read ## [Tax Planning: Sleep Better This Year With These 6 Strategies](https://www.altusfinancial.com.au/blog/tax-planning-sleep-better-this-year-with-these-6-strategies) ###### Marc Walsh - SHARE: - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://www.altusfinancial.com.au/blog/tax-planning-sleep-better-this-year-with-these-6-strategies) - [**](https://www.twitter.com/share?url=https%3A%2F%2Fwww.altusfinancial.com.au%2Fblog%2Ftax-planning-sleep-better-this-year-with-these-6-strategies) - [**](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.altusfinancial.com.au%2Fblog%2Ftax-planning-sleep-better-this-year-with-these-6-strategies) In an ideal world, taxes would consume very little of our time and attention. In reality, taxes have the power to keep business owners up at night. Income tax is one of the largest expenses for most businesses and individuals, so it requires careful planning, budgeting and monitoring.   Fortunately, it’s possible to manage your taxes and gain control over their effect on your finances. When your taxes are fully understood and anticipated, you can regain control over cash flow, debt repayments and other obligations.   At Altus, we like to refer to “tax planning” as “annual planning” because taxes are an integral part of overall financial plans. Additionally, this planning must take place every year to keep up with changes in your business, changing tax codes and your upcoming goals.   In this post, we’ll look at six beneficial tax planning strategies that can help both businesses and individuals to minimise worry and maximise good results. 1. Properly plan your cash flow 2. Carefully consider your tax payment dates 3. Pay superannuation liabilities 4. Bring forward other expenses 5. Make additional superannuation contributions 6. Vary down instalments ### **1: Properly Plan Your Cash Flow** Most businesses experience cash flow highs and lows as they purchase supplies and equipment, pay their employees and collect payments. Large tax bills can hijack cash flow, putting undue pressure on businesses and household finances. By [planning out your cash flow](https://www.altusfinancial.com.au/blog/cash-flow-management-best-practices) and anticipating your tax deadlines, you can smooth out the roller coaster and focus on more critical aspects of your business.    ### **2: Plan for Payment Dates** Missing a tax payment date can have serious consequences, like fines and strain to your cash flow. Be prompt by carefully planning for your tax payments so you can avoid unnecessary expenses. Scheduling tax payments ahead of time and budgeting for them well in advance will reduce your anxiety and position you for steady success.   ### **3: Pay Superannuation Liabilities** If you need an additional deduction in order to reduce your tax bill, consider using superannuation as a tax strategy. You can obtain a deduction a year earlier by paying your superannuation liabilities. Planning for an early deduction can give you increased flexibility in your budget and cash flow.   ### **4: Bring Forward Other Expenses** This tax planning strategy is similar to the strategy of paying superannuation liabilities. When you bring forward other expenses, you can obtain the deduction this year, thus reducing your immediate tax obligations.   ### **5: Make Additional Superannuation Contributions** Create a win-win situation by [increasing your super balance](https://www.altusfinancial.com.au/blog/will-your-retirement-savings-be-enough) while reducing your taxes at the same time. You can do this by making additional superannuation contributions to your super fund. Many people find that they quickly adjust to the smaller budgets necessary to afford additional super contributions. After a while, you don’t miss the extra money, but you do enjoy watching your superannuation balance grow with increased speed. For more information on voluntary superannuation contributions, download a copy of our popular[ Retirement Planning eGuide.](https://www.altusfinancial.com.au/retirement-planning-guide) [![New Call-to-action](https://no-cache.hubspot.com/cta/default/512115/d5bbabf2-dd9e-4b5e-8aaa-7961f2968b46.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/d5bbabf2-dd9e-4b5e-8aaa-7961f2968b46) ### **6: Vary Down Instalments** Here’s another tax strategy you may not have used before. If you vary down instalments, you can avoid overpaying your income taxes and having to wait until your return is lodged to receive the cash back. Having this additional cash today gives you the capability to use it to pay other bills or reduce your debts. This strategy helps you to even out your cash flow and take back control over the money that was out of your hands for the greater part of the year. ## **Benefits of Annual Tax Planning Meeting** Annual planning is critical for businesses and individuals who want to take control of their finances and position themselves for success. As you implement annual planning, you can expect to realise the following benefits: - Improved cash flow - Better reporting - Improved goal setting and tracking - More control over your money - Improved decision-making Your annual tax planning process doesn’t need to be complicated, but it should be thoughtful. Working with your Altus adviser, you can evaluate your current tax strategy and find ways to optimise your tax situation further.   Have you had your Annual Planning Meeting (APM)? To learn more about the Annual Planning Meeting, or to talk about any other financial concerns that keep you up at night,[ contact us](https://www.altusfinancial.com.au/contact-us) at Altus Financial. [![New Call-to-action](https://no-cache.hubspot.com/cta/default/512115/8fc4f2dd-e13d-458c-9c52-c5a5c1d81e7b.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/8fc4f2dd-e13d-458c-9c52-c5a5c1d81e7b) ### **Could Your Business Benefit from an Outsourced CFO?** Set your business on the right path with this simple guide. [Access the Guide](https://www.altusfinancial.com.au/cfo-landing-page) ![Could Your Business Benefit From an Outsources CFO_Resources](https://www.altusfinancial.com.au/hs-fs/hubfs/1.Offers/Could%20Your%20Business%20Benefit%20From%20an%20Outsourced%20CFO/Could%20Your%20Business%20Benefit%20From%20an%20Outsources%20CFO_Resources.jpg?width=582&height=386&name=Could%20Your%20Business%20Benefit%20From%20an%20Outsources%20CFO_Resources.jpg) ## Financial insights you won’t delete. Delivered to your inbox weekly. ### Sign up for our newsletter ### **Prospective Business Owner** - Succession Checklist Make sure you’re on the right track with this online checklist. [Access the Checklist](https://www.altusfinancial.com.au/prospective-business-owner-succession) ![Business Owner - Succession Checklist_Resources](https://www.altusfinancial.com.au/hs-fs/hubfs/1.Offers/Business%20Owner%20-%20Succession%20Checklist/Business%20Owner%20-%20Succession%20Checklist_Resources.jpg?width=581&height=386&name=Business%20Owner%20-%20Succession%20Checklist_Resources.jpg) #### Featured authors [Adam Montana](https://www.altusfinancial.com.au/blog/author/adam-montana) [See all articles](https://www.altusfinancial.com.au/blog/author/adam-montana) [Alex Bouris](https://www.altusfinancial.com.au/blog/author/alex-bouris) [See all articles](https://www.altusfinancial.com.au/blog/author/alex-bouris) [Alex Thomaschuetz](https://www.altusfinancial.com.au/blog/author/alex-thomaschuetz) [See all articles](https://www.altusfinancial.com.au/blog/author/alex-thomaschuetz) [Altus Team](https://www.altusfinancial.com.au/blog/author/altus-team) [See all articles](https://www.altusfinancial.com.au/blog/author/altus-team) ###### Have a question for Marc Walsh? Connect with the author of this post and they'll get back to you. [Send a message](mailto:marc.walsh@altusfinancial.com.au) ![close (1)](https://www.altusfinancial.com.au/hubfs/Altus_LP_Images/close%20(1).svg) #### Related Insights [Business](https://www.altusfinancial.com.au/blog/topic/business), [FBT](https://www.altusfinancial.com.au/blog/topic/fbt), [Accounting](https://www.altusfinancial.com.au/blog/topic/accounting) - 7 min read ##### [Common FBT Questions and Answers](https://www.altusfinancial.com.au/blog/common-fbt-questions-and-answers) [Super](https://www.altusfinancial.com.au/blog/topic/super), [Business](https://www.altusfinancial.com.au/blog/topic/business) - 2 min read ##### [Pay Day Super Is Coming: What SMEs Should Be Doing Now](https://www.altusfinancial.com.au/blog/pay-day-super-is-coming-what-smes-should-be-doing-now) [Business](https://www.altusfinancial.com.au/blog/topic/business), [Real Estate](https://www.altusfinancial.com.au/blog/topic/real-estate) - 3 min read ##### [The New Power Partnership: Why Agents and Accountants Are the Real Deal-Making Force in Property](https://www.altusfinancial.com.au/blog/the-new-power-partnership-why-agents-and-accountants-are-the-real-deal-making-force-in-property) [Business](https://www.altusfinancial.com.au/blog/topic/business), [FBT](https://www.altusfinancial.com.au/blog/topic/fbt), [Accounting](https://www.altusfinancial.com.au/blog/topic/accounting) - 6 min read ##### [Everything You Need to Know About Fringe Benefits Tax (FBT)](https://www.altusfinancial.com.au/blog/everything-you-need-to-know-about-fringe-benefits-tax-fbt) ## Financial insights you won’t delete. Delivered to your inbox weekly. ### Subscribe Here! ![page-1 (4)](https://www.altusfinancial.com.au/hubfs/page-1%20(4).svg "page-1 (4)") ##### Services ##### Company ##### Learning ##### Social © 2022 Altus Financial, All rights reserved. Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).