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Making the most of the 1 July tax cuts
Manage episode 407795518 series 3363549
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In this insightful episode, Stuart and Mena delve into strategic approaches for maximising the benefits of the 1 July Stage 3 tax cuts. They highlight the advantageous shift in the average tax rate, emphasising that in the financial year 2024, a $165k income corresponds to a 30% average rate, increasing to $200k in the next financial year (2025). Post-1 July, individuals can potentially take an extra $35k in their name.
The hosts explore the implications of the concessional cap increasing to $30k, enabling a post-1 July annual intake of $230k. They deliberate on the wisdom of delaying income to FY25 and offer a cautionary note about Div 293, advising listeners to keep income below $250k if feasible.
A key takeaway is the heightened importance of placing ungeared investments in the name of the person with the lowest income. The episode concludes with practical advice, urging individuals to bring forward any deductions in the current financial year (2024). This episode serves as a timely guide for viewers seeking to optimise their financial strategies in light of the upcoming tax changes.
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
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