In this time of financial meltdown and rising prices, it is very important for every earning person to save hard earned money. A lot of the money you have is being collected in the way of levy by the government. If you are able to cut on your toll bill, then you will be saving more than what you have been doing. If you are able to keep your savings money in the credit counterbalance account, then you will be saving thousands of dollars that you are paying as levy with the money in your savings bank account. You need to be very careful in where you put your money and if you do not want to be charged excess duty on your money, then you need to seek help from professional monetary advisors.
Investing in bonds
The best tax minimisation advice that will help you in saving thousands of dollars is to invest in insurance or investment bonds. The earnings from these bonds do not need to be reflected in your levy return you file. This is one of the best options for youngsters who would like to save some of their levy amount they pay to the government. If you are looking for enjoying money other than for retirement benefits, then investing in bonds is a good option to save money. Earning from your investment bonds does not come under personal income as the company providing the bond will be paying the levy at 30 percent internally.
Seek help from an advisor
The best way to cut down on the levy that you pay is to seek tax minimisation advice from a professional advisor. They will be able to advise you on the ways you can save your hard earned money lawfully so that you do not face any complications for saving money from paying the taxes. They know the different ways you can save your money from being paid as levy and this way you will be able to reduce your levy liability in a legitimate way.
Consider year end strategies
• Paying your margin loan payment in advance will help in saving your money from going as levy. You can pay as much as 12 months interest in advance and this way you can save a lot of money.
• You need to manage your capital gains in such a way that you do not need to pay more levies. You can always think of selling your shares, real estate investment and other managed fund investments to escape the tax net.
• The rebate will help in reducing the levy that you are liable to pay.
There are plenty of options that you can make use of to reduce your levy burden legally and to save more money from going into the government’s pool. A monetary advisor will help you in easily saving more of your money from going into the levy account.