Maximising Your Tax Refund

Without question, minimising your tax liability each year is an important component of maximising your potential wealth.

There are a wide range of strategies and opportunities that can be explored, with particular attention being paid to structuring ownership of your assets and your potential cashflow in the future.

Having a crystal clear understanding of your future intentions with any potential investment is particularly important.

For example, we have met with dozens, if not hundreds, of investment property owners whom typically pay a great deal of attention to their choice of property, but scant regard to the decisions of how to establish the ownership structure of the asset.

This can lead to sub-optimal tax minimisation in the short term, with potentially significant tax liabilities in the long term. 

Strategies such as Joint Venture Unit Trusts, Self Managed Super Funds can be explored so as to offer both short term and long term tax efficiencies.  They offer a legitimate manner in which to minimise tax, both now and in the future. 

We can offer you a scheduled tax planning meeting each year, with an ongoing checklist to ensure that your existing strategies remain relevant to ongoing changes to superannuation and tax legislation.

Tax Tip - Send through your 'draft' personal tax returns from your accountant to your adviser.  They can check that all strategies for which you have jointly recommended are included such as share portfolios, salary sacrifice contributions, life insurance, income protection policies and negative gearing benefits.

If you'd like to review your tax minimisation strategies, please feel welcome to call David directly on 02 9525 0777 or email david@reedfinancial.com.au