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Tax Secrets of the Rich Person in Australia. [Read Now].

Article by WealthSafe.

Date Published: 22 Feb 2023

I’m sure you’re all wondering how the rich get richer and richer, and the poor get poorer.

I’ve wondered the same too.

Long before building Wealth Safe, I was not aware there are indeed secrets to being rich. Just that it’s TAX SECRETS.

Tax Secrets of the RichLet us give two secrets to legally minimize your tax.

  1. Split your income. This is because marginal tax rates are higher as you get more income.
    For example, if you have a $200,000 income—you’re going to be paying a very high rate of tax. If you can split that $100,000 each between you and your partner who’s got no income, your tax is going to go down considerably.
  2. Find Maximum Deductions-There’s plenty of expenses you can claim, and even though the rich and business owners have a greater rate of tax, they have greater concessions available to them to get out of those taxes

For example, if you’re an on-call consultant who’s on-call 24/7 and have to work from home, you can sometimes claim home to work. So, in that case, if you’re doing work-related travel of any kind, you can claim up to 5,000 kilometers without any kind of receipts, provided there’s some reasonable basis for claiming it.

However, it can be tricky and confusing what you can claim or not.  The best way is to make sure that you have a good accountant and that you’re always in touch with him.  Wealth Safe offers bookkeeping services that ensure tax minimization.  Contact us at [email protected] for more information, or complete our web form.

At Wealth Safe, we’re here to help you with all your asset protection, tax planning, business structuring, and superannuation needs. We work with you to find the best strategy to keep your assets safe, slash your tax 100% legally, and put more money in your pocket.

Please feel free to visit us on our Facebook page at www.facebook.com/WealthSafePtyLtd for more interesting articles, and tricks to reduce your tax and protect your assets.

To contact us, and get your complimentary copy of your book on how to slash your tax and protect your assets, complete our web form by clicking here. Or call us on 1300 669 336. One of our staff will be glad to assist you.

Book Your Free
Tax Saving Assessment.

Wealth Safe
 

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