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The Holistic Accountant

Making the most of the 1 July tax cuts

March 20, 2024 Stuart Wemyss & Mena Abraham Season 4 Episode 7
The Holistic Accountant
Making the most of the 1 July tax cuts
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The Holistic Accountant
Making the most of the 1 July tax cuts
Mar 20, 2024 Season 4 Episode 7
Stuart Wemyss & Mena Abraham

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.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mean & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

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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Show Notes

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.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mean & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

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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