Benjamin Franklin stated there were two certainties in life, death and taxes. One can be delayed by living a healthy lifestyle. The other can be reduced by some sensible tax planning.
Many people pay more tax than they need to, yet with some simple planning you may legally reduce the amount of tax you need to pay. A word of warning though – some people are so obsessed with paying less tax that they end up with less money in their pocket. This happens when people negatively gear a poor investment, or leave their money sitting in a low-interest account at the bank.
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Like most things in life, it’s a matter of achieving the right balance, and tax planning should be looked at as just one part of your overall wealth-creation strategy.
The tax strategies available to wage and salary earners may be limited, but there are a few things you can do:
- Keep good records
- Know what deductions you can claim
- Investigate tax-effective investments
- Look at salary packaging
- Save via superannuation
 Read more about tax planning
An IFFP planner can help you explore some of these options and also provide advice on insurance, investments and superannuation. Book a free initial appointment with an IFFP planner
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