Tax planning for high-income employees: salary packaging & super strategies
Meeting ATO obligations seems quite challenging for you when you have high-income employment. As an employee, you might have limited sources to manage your taxable income. However, right planning and guidance can help you to manage tax obligations well and to grow your wealth. You just need to follow the guidelines of Tax Accountant South Morang to meet your needs. Expert accounting and taxation firms have deeper insights into strategies focused on high-income profiles. It’s about to make your money work smarter, not harder, to grow your wealth. So, below are strategies which can fulfill your intended purpose to comply with ATO regulations.
• Build a Retirement Superannuation Fund
Savings for your retirement can reserve a set target amount for you. Contributing more to this fund makes your retirement life highly comfortable and reduces tax liability. 25000 AUD is the starting contribution cap, which includes contributions from your employer, too. However, maximizing the input to this fund beyond the set limit would result in penalties for you. Thus, seeking the expert advice of a Tax Agent South Morang is beneficial. This provides you with clarity on how to optimize your superannuation fund without splitting the cap.
• Spend for Health Protection
The Australian healthcare system is supported by the Medicare Levy, which is a tax collected from income earners. If you have a high income, you may have to pay a surcharge on this tax. Hence, to prevent high taxes, you should opt for a private healthcare insurance policy and avoid paying surcharges. Also, private healthcare policy benefits you beyond the tax implications by offering quicker medical services. You can have a choice of doctors and private rooms for hospital and emergency care. Though you should match the policy to your exact medical requirements.
- Invest in Self-Education
Your Personal Tax Accountant South Morang advises investing in self-improvement as a tax-saving strategy. You can engage in continuous learning and training for personal and professional growth. By taking courses associated with your current job and profile, you can have proactive career advancement. ATO allows you to claim a deduction on expenses made for education and training. However, these activities must align with your existing employment status to reduce taxable income. Keep seeking regular guidance from your accountant and get claimable ATO deductions.
Seek Expert Tax Advice from Kirpa Tax Today
Intricacies of tax regulations often create a muddle for high-income earners to manage their incomes. Thus, they seek potential tax savings strategies to maximize savings from earnings. That’s where we, being a leading South Morang Tax Accountant guide explicitly to high-profile employees. Salary packages for healthcare professionals range from 300000 to 700000 AUD per year. Likewise, IT experts earn a good income that varies from 200000 to 500000 AUD yearly. Thus, they have to follow the right strategies, which are above-mentioned by us. So, if you are more concerned about managing your taxes and income, visit us now for clear tips.
FAQ’s
Why do I get a personal tax accounting service?
This service offers you ease of tax computation, preparation, and filing to meet ATO compliance. Especially if you earn a huge income, you can get tips to reduce tax liability.
How can I pay less tax despite having a high income?
Get advice from your Tax Accountant South Morang to follow the best tax-saving strategies. You can manage your tax liabilities well while meeting ATO compliance.
How superannuation fund reduce tax liability?
Contributors to a superannuation fund are taxed at a lower rate than of personal tax rate. You can also avail a facility of tax-free withdrawal after the age of 60.
Can I manage tax savings with a private health insurance?
Yes, you can get a rebate on income tax and claim deductions as per the tax policy. Ask your Tax Agent South Morang Kirpa Tax, to choose suitable insurance.
What is the benefit of a tax accountant service for me?
An accountant like Kirpa Tax can help you prepare a tax return based on income. Also, you can get advice on claimable deductions and maximize tax savings.
Can I save tax through job-related courses and training subscriptions?
You can claim the expenses as deductions that are made on education and training for yourself. Ask a Personal Tax Accountant South Morang about claimable expenses.
How can I choose the best personal tax accountant?
Kirpa Tax is the best South Morang Personal Tax Accountant to help you manage taxes due to high-income employment. You can take advantage of our expertise in accounting and taxation.