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Tax Planning Strategies

You can save on your taxes in many different ways, just remember to always keep your investment plans in

mind. 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 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 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 - On franked dividends a credit is given for the company tax already paid.
    These credits, known as the imputation credits, can reduce your income tax.

 

A Best Wealth Creation adviser can show you the best ways to save when it comes to your taxes depending on your
personal needs and objectives. Contact us to arrange a complimentary initial interview.

Why would you choose a financial adviser from Best Wealth Creation in Townsville?

Our personalised advice includes input from a team of experts in financial planning, tax, investment, superannuation, estate planning and philanthropy based on your requirements. This comprehensive approach helps ensure we can identify the most effective way to enhance your financial circumstances. Our advice can also be supported through an ongoing relationship with Best Wealth Creation which allows you to choose the level of our ongoing participation in your financial affairs.