This article provides a short checklist of some of the key deductions and superannuation contributions to make the most of this financial year.
When it comes to getting the most (money) from your annual tax return, there is usually a lot to think about, so we’ve identified a few options that could open the door to some opportunities to save on tax. The key here is to plan ahead.
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This article explains the little understood concept of “bracket creep”. It recommends seeking professional guidance when it comes to finding an individual solution.
Australia has a progressive income tax system. This simply means that higher income earners pay a greater proportion of their income in tax than low-income earners. It is achieved by applying a different rate of tax to each income band or “bracket”.
For example, if you earn $25,000 per annum you’ll pay $1,330 in tax, or 5.3% of your total taxable income. Earn $80,000, however, and your tax bill jumps to $17,547, or 21.9% of your taxable income.
Where it becomes creepy...
This article explains different options to minimise tax with a focus on investing, superannuation and insurance. Good to send to clients to prompt action prior to June 30.
As June 30 fast approaches, there is still time to consider the strategies available to you this financial year to build your wealth, some of which are discussed below.
The advantages could be considerable as the following example shows:
Consider these options:
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If the following events have occurred this year, or you are anticipating similar changes, you need to address taxation implications immediately. Has your business:
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