1. To reduce income tax
The actual paying is taxable. For example, earn $75,000 pa and paying a tax around $17,000pa. Today, the tax rate has continued to work for 30 days equal to $510,000 and does not increase any wages. The course of appropriate strategy in individual circumstances can reduce the income tax includes salary, package, tax deduction by keeping good records and get the right structure before purchase assets and investment in vehicles, use of debt and income protection insurance. 2. Transition to retirement The older worker is reducing their working hours and ease into retirement. The benefit of this strategy is greater than the age of 55. The strategy is broken into two parts. First, pension from superannuation can reduced by employment income. Second, superannuation fund is a top salary sacrifice to compensate for pension payments. 3. Reduce the capital gains tax (CGT) CGT applies for profit as a sell an asset. The asset held in less than 12 months will 100% profit of paying tax. The asset held in more than 12 months gives a discount and pay tax only 50% of the profit.
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AuthorKervin Kupp Archives
April 2020
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