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
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