- Published on 14 May 2024
- - Investment & Financial Advice
Big news!
Stage 3 tax cuts are on the way, starting July 1st, 2024. This means many Australians will keep more of their hard-earned money. But how can you maximize these benefits?
Understanding the Cuts:
- Lower tax rates for most income brackets, especially for those earning between $18,200 and $135,000.
- Higher thresholds before you move into higher tax brackets.
Planning for Bigger Savings:
- Higher earners: Consider prepaying deductible expenses this year to benefit from current tax rates.
- Super under $500,000 & income $120,000-$200,000: Think about making extra super contributions this year - it could be a tax win!
- Everyone: Review your spending and debt management to maximize tax savings. Consider repairs or prepayment for deductible investment expenses.
Thinking Long Term:
- Selling assets? Time it right! Wait until your tax rate is lower under the new system to potentially save on capital gains tax.
- Extra income? Plan wisely! Boost your super contributions, pay down debt, or build an emergency fund.
Don't Go It Alone!
These are just some ideas. Our financial experts can help you create a personalized plan to maximize your savings and reach your financial goals. Don't miss out on this opportunity to improve your financial wellbeing!
Why not take the next step and talk to a qualified financial planner?
LifeTime Financial Group are specialist (holding appropriate accreditations) advisors who are ideally positioned to assist you with your superannuation contribution needs.
If you would like to discuss your wider financial planning needs, why not call us today on 03 9596-7733? There is no cost or obligation for our initial conversation/meeting.
Alternatively, please make an appointment using our online Book an appointment (Blue button above)
LifeTime Financial Group. A leading privately-owned Melbourne-based Financial Planning practice with no ties to any Banks or Financial Institutions