The stage three tax cuts are set to take effect from the 1st of July 2024. These cuts will bring tax relief, particularly for higher-income earners, creating exciting opportunities to boost retirement savings.

They involve:

• Removing the $120,000 to $180,000 tax bracket.
• Increasing the top tax bracket threshold from $180,000 to $200,000 and
• Reducing the marginal tax rate faced by taxpayers in the $45,000 to $200,000 tax bracket from 32.5% to 30%.

This episode discusses some strategies for high-income earners to consider and take advantage of the opportunities that the tax cuts will create.

What you’ll learn: 

• (0:14) Maximizing Opportunities with Stage 3 Tax Cuts
• (0:54) General Advice Disclaimer: Tax Planning Episode
• (1:40) Stage 3 Tax Cuts: Enhancing Retirement Savings
• (2:59) Leveraging Pre-Payments and Deductions
• (3:36) Strategies for Tax-Deductible Expenses
• (4:23) Timing Considerations for Carry-Forward Contributions
• (4:56) Utilizing Carry-Forward Concessional Contributions
• (5:42) Maximizing Carry-Forward Contributions Benefits
• (6:23) Seizing Opportunities Post Stage 3 Tax Cuts
• (7:02) Importance of Early Implementation in Financial Planning
• Loads More…

Links and Resources:

Australian Taxation Office (ATO

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