As part of an overall wealth creation strategy, there are numerous ways to minimise the tax you currently pay.
Depending on your priorities, timeframe and investment objectives, there are a range of simple steps you can take to ensure you are making the most of your hard earned income tax bill, such as:
- Establishing an offset against your loan/s;
- Putting in place a Transition to Retirement strategy;
- Exercising a range of Superannuation contribution options;
- The use of investment bonds and tax-effective investments; and
- Utilising a gearing strategy as part of your investment plan.
There are a range of opportunities available, so seeking professional advice to determine what is most appropriate for your situation can pay off in the long term.
