The Chasers Channel

TCC 34 - Planning Ahead for Stage 3 Tax Cuts



The stage three tax cuts are set to take effect from the 1st of July 2024. These cuts will bring tax relief, particularly for higher-income earners, creating exciting opportunities to boost retirement savings.

They involve:

  • Removing the $120,000 to $180,000 tax bracket.
  • Increasing the top tax bracket threshold from $180,000 to $200,000 and
  • Reducing the marginal tax rate faced by taxpayers in the $45,000 to $200,000 tax bracket from 32.5% to 30%.

This episode discusses some strategies for high-income earners to consider and take advantage of the opportunities that the tax cuts will create.

What you’ll learn: 

  • (0:14) Maximizing Opportunities with Stage 3 Tax Cuts
  • (0:54) General Advice Disclaimer: Tax Planning Episode
  • (1:40) Stage 3 Tax Cuts: Enhancing Retirement Savings
  • (2:59) Leveraging Pre-Payments and Deductions
  • (3:36) Strategies for Tax-Deductible Expenses
  • (4:23) Timing Considerations for Carry-Forward Contributions
  • (4:56) Utilizing Carry-Forward Concessional Contributions
  • (5:42) Maximizing Carry-Forward Contributions Benefits
  • (6:23) Seizing Opportunities Post Stage 3 Tax Cuts
  • (7:02) Importance of Early Implementation in Financial Planning
  • Loads More…

Links and Resources:

Australian Taxation Office (ATO

#TaxCuts #FinancialPlanning #TaxStrategy #RetirementSavings #Superannuation #TaxPlanning #InvestmentStrategy #FinanceTips #FinancialAdvice #WealthManagement