"I'm not evading tax in any way shape or form. Of course I'm minimising my tax. If anybody in this country doesn't minimise their tax they want their head read. As a government I can tell you you're not spending it that well that we should be paying extra." – Kerry Packer 1991
With 11 Days before the end of the year most people without a plan are either oblivious, or resigned to the fact that they will be giving the tax man more than he deserves this financial year.
As advisers one of our key roles is to help people make the most cost and tax effective use of the available income and the assets they have.
The unfortunate reality is that MOST people DON'T!
In today's episode Jay and Ben outline the key areas every Australian should consider when thinking strategically about managing their tax position:
· Making sure your Accountant and Financial Adviser have a good relationship, communicate and are on same page with goals, strategies.
· Taking responsibility for ensure your accountant is claiming all your travel, home office, work related expenses.
· Reviewing available super contributions including salary sacrifice and catch-up contributions.
· The benefits of tax-free Super pensions and transition to retirement.
· Gearing and interest on investment borrowings including the structure of your debt.
· The type of Investments you own. Who owns it? Is it producing income versus capital growth?
· Managing sale of assets for capital gains purposes.
· Salary Packaging benefits.
· Insurances that can be claimed as a tax deduction and where to hold them.
· What type of financial advice is potential tax deductible?
· Small business tax structures.
If you are chasing your tail to get your tax position sorted in the next 11 days it suggests you need to be more organised with a detailed plan and support, well in advance of the end of financial year.
https://www.youtube.com/watch?v=e97kq2XflKE
If you are seeking personal financial advice specific to your circumstances you can contact the team at Burke Britton Financial Partners on 0352217700, admin@bbfp.com.au, visit our website at www.bbfp.com.au or book a 15min call to see how we can help you via https://app.acuityscheduling.com/schedule.php?owner=18922676
You can find us on Twitter, Instagram & Facebook @BurkeBrittonFP
PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners ABN 67 097 381 523. PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners are Authorised Representatives of AMP Financial Planning Pty Limited, ABN 89 051 208 327, AFS Licence No: 232706.
Any advice contained in this podcast is of general nature only and does not constitute personal financial product advice. In preparing this podcast, no account was taken as to the objectives, financial situation or needs of any particular person. Therefore, before making any decision, listeners should consider the appropriateness of the advice with regard to their particular objectives, financial situation and needs.
