Most people only think to seek tax advice once a year, right before lodging their return. But some of the most valuable tax advice happens before a decision is made, not after it’s already locked in. Here are the moments that genuinely warrant a conversation with a tax advisor.
Before Buying or Selling an Investment Property
The tax implications of purchasing an investment property — ownership structure, negative gearing considerations, depreciation planning — are far easier to set up correctly from the start than to fix later. Similarly, before selling, understanding the capital gains tax impact and timing options can meaningfully affect your net outcome. Seeking tax advice in Perth before signing anything, rather than after settlement, is when this guidance actually has room to make a difference.
Before Starting a Business
Choosing between a sole trader, company, partnership, or trust structure has tax, liability, and administrative implications that compound over the life of the business. This decision is straightforward to get right at the start and considerably more complicated to unwind later.
Before a Major Asset Sale (Shares, Crypto, or Other Investments)
Capital gains tax outcomes can vary significantly depending on timing, especially around financial year-end, and whether any exemptions or discounts apply to your specific situation. A conversation before the sale gives you options that don’t exist once the transaction has already occurred.
When Your Income Changes Significantly
A substantial pay rise, a new business venture, rental income, or a redundancy payment all shift your tax position in ways that benefit from proactive planning — adjusting withholding, considering superannuation contributions, or restructuring investments in response.
Before Retirement
Superannuation contribution strategies, the timing of asset sales, and structuring income in the years approaching retirement all have meaningful tax implications that are far easier to plan for in advance than to address once you’ve already retired.
When You Receive an Inheritance or Windfall
Understanding the tax treatment of inherited assets — particularly property or shares — before deciding what to do with them (keep, sell, or restructure) can prevent an unnecessarily costly outcome.
Before Taking on Significant Debt for Investment Purposes
Whether interest on a loan is tax-deductible depends heavily on how the borrowed funds are used. Structuring this correctly from the outset, with proper advice, avoids complications and potential disputes with the ATO later.
When the ATO Contacts You About a Query or Audit
If the ATO raises questions about your return, seeking advice immediately — rather than responding without guidance — helps ensure your response is accurate and appropriately handled, particularly if the matter is more complex than it initially appears.
Around Every Financial Year-End
The weeks leading up to 30 June represent a genuine planning window for eligible deductions, super contributions, and income timing decisions that must be made before the year closes.
When You’re Considering a Major Purchase
Buying a car, equipment for your business, or other significant assets can have tax implications — particularly around depreciation and whether the purchase is genuinely deductible or needs to be capitalised. A quick conversation before a large purchase can clarify how best to structure or time it.
When You’re Combining Finances With a Partner
Moving in together, marrying, or otherwise combining household finances can affect tax positions in ways people don’t always anticipate — from family tax benefit eligibility to how jointly-owned assets are treated. This is a reasonable moment to check in, even if nothing about your individual tax situation seems to have obviously changed.
The Cost of Waiting Too Long
In many of these situations, the window for genuinely useful tax advice closes once the transaction or decision has already happened. This is worth internalising: the value of tax advice is highest before a decision, and diminishes rapidly afterward, since compliance work can only report what’s already occurred rather than shape a better outcome.
Why Timing Matters So Much With Tax Advice
Compliance work — lodging your return — happens after the fact and can only report what already occurred. Tax advice sought before a decision is made can actually shape the outcome. This is the core reason waiting until tax time each year to seek advice means missing most of the genuine opportunities to improve your position.
How to Build a More Proactive Relationship With Your Tax Advisor
- Flag major life or financial decisions before acting on them, not after
- Schedule a mid-year check-in, not just an annual one at tax time
- Ask directly: “Is there anything happening in my life right now that I should be discussing with you?”
Final Thoughts
The most valuable tax advice is almost always the advice you get before a decision, not the compliance work that happens after. Recognising the moments above as opportunities to seek guidance — rather than waiting for your next annual return — is often where the real financial value of a good tax advisor shows up.
TFP Tax Accountants provides proactive tax advice for individuals and businesses across Perth, helping clients navigate major financial decisions before they happen, not just report on them afterward. Get in touch before your next major decision.