Tax Effective Strategies
We can recommend tax minimisation strategies that enable our customers only to pay the minimum tax required by the ATO. We are also happy to work with your accountant / tax professional, to achieve this.
What We do to Help You
Time to Act ... Ready or Not
Although at Lifetime Financial Navigators we are not accountants, we can recommend tax minimisation strategies that enable our customers only to pay the minimum tax required by the ATO. We are also happy to work with your accountant / tax professional, to achieve this.
With June 30 fast approaching it is only now that most of us draw our attention to tax time. However the most effective approach would be to have an ongoing tax plan. So that deductions can be carefully planned across the year & avoid a last minute realisation that a large sum may be payable to the ATO, or that last minute lump sums may be required to take advantage of tax reduction opportunities.
Having said that, with only approx. a week to go there are a few options that can reduce your tax liability should you act immediately.
Do you like receiving money for nothing?
Receive $500 for making a contribution to Super
If you earn $51,000 or less & make a $1,000 non concessional (after tax) contribution to super, the federal government will contribute up to $500 into your super account as a co-contribution.
Does your spouse earn less than $40,000pa
If so, make a $2,000 spousal contribution to their super & receive a $540 tax rebate on YOUR tax.
Take advantage of the Rules!
Concessional (pre tax) Contribution Cap to reduce on July 1.
If you are 49 or over on June 30, the limit on pre tax contributions to super is $35,000. After July 1 this reduces to $25,000 pa.
eg. If your taxable income is $90,000pa & you make the full pre tax contribution, the tax savings would be approx. $2,200 more this year than the max tax savings next financial year.
Anticipating a Capital Gain this financial year?
If so, some of this may be offset by contributing to super.
Do you have an Investment Loan?
If you need to reduce tax in this financial year, you can pay 12 months interest in advance on your loan & be able to claim the deduction this financial year.
Do you have Income Protection Cover?
By paying your income protection premium in this financial year (annually & in advance) then the premium can be counted as a deduction this financial year.
No matter whether you can take advantage of the above or not Talk to Tom.
How about being able to take advantage of all the opportunities that are available to you? Call now so that your tax planning can be mapped out across the whole year, so that all potential savings become money in YOUR pocket.
Tom Crossen is registered with the Taxation Practitioners Board of Australia.