YOU'RE PAYING TOO MUCH TAX
Published on June 15, 2015
With the end of yet another financial year just weeks away this is perhaps your last chance to look at how you can minimise your tax liability and/or receive a decent sized tax refund next month from the Australian Tax Office (ATO).
At the end of this article you will be given the opportunity to download the MRD ‘Tax Tips Fact Sheet’ at no cost to you.
Most people fail to claim all their entitlements on their end of financial year tax return. There is an ‘opportunity cost’ for those who fail to understand and/or implement some of the many legitimate options available to them in the tax act to reduce the taxes they have to pay.
An MRD client in WA some years back told me that he enjoyed being on a building site with his co-workers when the payslips were handed out. Due to his property investments his gross pay and his net pay were the same, with tax deducted showing as zero. He got much pleasure from showing his mates who had told him for years that he was crazy for buying investment properties. Of course, when he finally reduced his taxes to zero and showed them they changed their tune and went from telling him how he was crazy to asking him how he did it.
Reducing your tax bill is going to help put you in a better position going into the new financial year. So why do many, many Australians continue to simply send money to Canberra that could otherwise stay in their bank accounts?
More often than not, tax planning is left to the last minute (like the middle of June), or is not done at all. If you haven’t yet undertaken this financial year’s tax planning you have left it to the last minute, but that’s still better than doing nothing about it at all!
Our focus in this week’s newsletter is on legitimate ways you, your business or your self managed superannuationfund (SMSF) can minimise tax obligations. We’ll give you all sorts of tips, including the significant opportunities for property investors to receive tax deductions through holding investment property.
Mark Candy is a licensed financial adviser here at MRD and he has written a detailed Tax Tips Fact Sheet that we have made available for you to download, at no cost to you.
Tax tips fact sheet
Please click the link below to access your no-cost copy of our detailed Tax Tips Fact Sheet. It will provide you with some valuable information.
MRD employ strategists in the areas of investment property, finance and finance broking. Now is the perfect time for you to make contact with us to explore strategies to reduce your taxes and your mortgage repayments and give you a healthier financial future.
Call now on 1300 883 854 or send a reply email with your preferred contact number and time and we'll come back to you and respectfully discuss your individual needs and explore ways we can add value to your situation.
Partnering with you for your investment success.