Who wants to pay more tax than they legally have to?

“If anybody in this country doesn’t minimise their tax they want their heads read.” – Kerry Packer 

Tax is one of the topics almost everyone agrees on; we don’t want to pay any more than we absolutely have to and fair enough. We all work hard for our money and want to keep as much of it as we can. It makes sense then that planning our finances in a way that legally minimises the tax we pay; both ongoing and in the future is something we all ought to do.

Making financial, investment and retirement based decisions; decisions that often have 20 year time frames can have potentially enormous tax implications. This may potentially mean tens, if not hundreds of thousands of dollars difference in tax paid – or not. As the law currently exists, there are quite a number of valid, legitimate and legal strategies available to legally minimise tax.

The key to legally minimising tax is proactive, thoughtful planning that considers both today and the long-term.

The decisions of today can have consequences and impacts which echo into retirement. What decisions will you make?

Some tax related questions to consider:

• What ownership structure for your retirement nest egg is the most tax effective for you?
• When you think about your retirement income do you factor in tax? 
• Is it even possible to have a 100% tax-free income in retirement? If so, how do you prepare for that now?
• Can you minimise the tax you pay right now, each fortnight from your salary?
• Is there a way to pass on your inheritance to your children in a tax-friendly manner?
• Do you know of the 100% legal and legitimate tax strategies available to salaried employees building for retirement?
• Do you have in place every relevant strategy to save you tax AND boost your retirement nest egg?

If your answer to any of the questions is ‘hmm not sure’ then we maybe we should chat…