Would you like to have your financial affairs arranged in such a way that will minimise your taxes?
What is tax planning?
The goal of tax planning is to arrange your financial affairs so as to minimise your taxes. There are three basic ways to reduce your taxes, and each method might have several variations. You can:
1. Reduce your income
2. Increase your deductions
3. Take advantage of tax credits.
Tax Options to consider in 2019
Below are a few options to consider as of 2019:
• Make concessional super contributions up to the $25,000 per year limit to your super fund by salary sacrifice. This allows a tax deduction to be claimed and reduces the tax rate to 15%.
• Make non-concessional contributions with the excess funds available of up to $100,000 per year or use the bring forward rule of $300,000 for the three-year period.
• You can invest some of the money from your bank account in non-super managed investments which will be eligible for imputation credits on dividends and subject to capital gains tax which is more lenient than income tax.
• Investment loan interest costs, together with ongoing expenses, can normally be claimed as deductions against your taxable income.
For more information please visit The ATO website.
How We Can Help
At Parkes Financial Planning, we will explain the difference ways you can minimise the tax payable per year with working closely with your accountant to jointly discuss the best ways that you may benefit.
Make an appointment today to have your situation reviewed and see how we may assist you.
What is important about money to you?
Understanding what drives you about money helps us create a tailored plan to suit your individual needs.
• To Protect Your Family
• Build your wealth
• Pay for your current lifestyle
• Plan for future retirement
• Reduce your current debts
• Create more freedom
Get In Touch
Contact Parkes Financial Planning today to see how we can help create the life you planned for.