Financial Planners want you to know;

  • Taking out an insurance policy(s) on your life for death, total and permanent disability, sickness and accident and Trauma Insurance will save you, your family or other dependant’s major financial ruin in the event of an unforeseen medical event.
  • Level insurance premiums are generally more cost saving, sustainable and effective long term compared to stepped premiums.
  • Assets that appreciate in value long term, are worth keeping onto.
  • Identifying and disposing of depreciating assets can potentially be cost saving throughout a person(s) financial future.
  • A defensive lifestyle can be more definite in respect of having more savings at retirement time.
  • In retirement, an individual with a cash balance of $1,000,000 excluding interest and CPI, with an annual lifestyle expense of $50,000 per annum, will last only 20 years.
  • So what’€™s the biggest secret? Compounding capital, capital preservation through asset protection, multiple income streams, tax effective investments, buying low and selling high.
  • Extinguishing property is a no brainer and provides security for you and your loved ones!

You can save on your taxes in many different ways, just remember to always keep your investment plans in mind when it comes to Tax Effective Strategies. Make sure you give yourself a lot of time to review everything before tax time.

Some ways to save on your taxes are:

  • Contribute as much as you can to your superannuation.
  • Take as many deductions as you are legally able.
  • Look into tax effective investments.

Some deductions that may be available for Tax Planning Strategies are:

  • Self-employed superannuation contributions up to your maximum deductible.
  • Contributions.
  • Income protection premiums.
  • Deductible amount for pensions/annuities.
  • Interest/fees on borrowing for investment purposes.

There are three main types of Tax Effective Strategies Investments;

1. Retirement Income Stream Investments

Any fund earnings are tax-free and you can defer lump sum tax on eligible termination payments. Income payments are taxed at marginal tax rates (Personal income tax rates), however a 15% tax rebate may be claimable and a tax-free amount available. For example; Allocated pensions and annuities.

2. Superannuation

Taxed at 15% on investment returns. You can defer lump sum tax by rolling over eligible termination payments.

3. Shares & Managed Investments

Franked dividends is when a credit is given for the company tax already paid. These credits, known as the imputation credits, can reduce your income tax.

General Advice Warning

This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances. Please seek financial advice prior to acting on this information.

For all Tax Effective Strategies, arrange an appointment today on 1300 850 902 or simply leave your contact details below.

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