Saving tax and increasing wealth through effective tax planning.
Background
The client is a successful mining executive with a salary of $250,000 pa and owns an investment property. His spouse earns $20,000 pa. The client pays $56,300 a year in tax which he considers to be too much, however as a salaried employee he believes that his options are very limited, and he is already claiming his maximum deductions available.
Solution
Nav Accountants was engaged by the client to deliver tax planning services. Our first action was to carefully analyse his situation, looking at all aspects of his personal and professional life and identifying where tax savings could be made. After our review, our recommendation was that our client implement a tax strategy incorporating prepayments, salary packaging and spousal super contributions.
Outcome
As a result of our analysis and recommended actions, our client was able to reduce his taxable income to $205,000 – saving him $23,000 in income tax.
You may be surprised what you can save with the support of a skilled and proactive tax planner. Contact the team at Nav Accountants today for a consultation.
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