Strategy Tailored For You
Tax Strategies
Every year we visit our accountant to lodge our tax returns and confirm how much tax we will pay. But how many of us give thought to the potential tax for the year ahead? This is where your financial planner can help.
The days of making a significant difference to your tax just prior to the end of the financial year are numbered. A regular and disciplined approach is more successful in reducing your tax bill on an ongoing basis.
Your financial planner can assist you in developing strategies that suit your financial goals as well as minimising your future tax liability. Such strategies include:
- Salary packaging and/or Salary sacrifice
- Negative gearing
- Income splitting
- Transition to retirement strategy, where your superannuation is converted to an income stream before you retire, so you can increase your superannuation contributions.
- Tax efficient investments
- Withdrawal and re-contribution strategy, where the tax free portion of your superannuation fund is increased by withdrawing funds from your super and re-contributing these same funds back into superannuation.
Tax minimisation strategies apply to self managed super funds (SMSFs) as well as individuals, some of these include:
- Insurance reserves – particularly for those with health issues where conventional insurances are difficult to obtain.
- Anti-detriment payments – ensuring your trust deed allows for these payments in the event of death.
- Management of imputation credits within pension streams.
- Negative gearing
Even in the event of death, tax may be minimised for your beneficiaries some input from your financial planner.