It is again the time of the year when we all plan and prepare our taxes. Let’s talk about a few tax time strategies as you look for practical (and legal) ways to use the resources God has given you to manage. As always, careful PLANNING and seeking WISE COUNSEL are the key things to do. Do not attempt to do it on your own as you may miss out on available opportunities you are entitled to.
Review your options
The government has instituted tax brackets that match different stages in one’s financial life. These brackets define what is taxable income, tax offsets, levies, deductions, surcharges, and tax-free thresholds. Tax time strategies differ and are based on the tax bracket you belong to.
Has something major happened to you? Marriage, a new job, a promotion, a new business venture? A review of your taxes is good to consider at this point.
Refer to this Superannuation guide provided for your ready reference.
Why tax time strategies work
For this month, our focus is to let you know the legal options you are entitled to as you prepare to file your taxes. It is a multi-part series here on ChristianWealth.com, and today, we are focusing on what is relevant to your superannuation, as it affects the majority of us.
There are quite a number of tax benefits available, like the opportunity to top up your super, and likewise, for the government to help top up your super too. Minor opportunities may be available as well, so we hope you will consider PLANNING your tax time strategies really well this year.
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In this episode: Alex Cook, CEO of ChristianWealth.com joins Ask Alex with host Neil Johnson on Twenty20 Vision.
Episode 203 of the ChristianWealth Podcast.
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