How do business owners reduce taxable income? #taxplanning

If you’re a business owner, there are a few smart ways to reduce your taxable income:

1️⃣ Structure your income wisely.
If your business is owned by a company or family trust, you can distribute income to other beneficiaries (like a spouse) rather than taking it all personally.

2️⃣ Use superannuation.
Every dollar you contribute to super reduces your taxable income by a dollar and it’s only taxed at 15%, compared to most people’s 32% marginal tax rate. That’s a 17% saving on every dollar.

These are just two of the most common strategies. Always speak with your accountant and financial adviser to make sure it’s structured correctly for you.

#financialplanning #businessowners #australianfinance #taxplanning #financialadvice #wealthplanning

----------------------------------------------------------------

More Freebies you should check out

Ebooks, Online Courses, Video Blogs, Podcasts | Free resources covering a range of financial fundamentals to build your knowledge*

https://www.consortiumpw.com.au/elearning/

*Follow us on our social media *

Website: https://www.consortiumpw.com.au/
Instagram: https://www.instagram.com/consortiumprivatewealth/
Facebook Page: https://www.facebook.com/consortiumpw
TikTok: https://www.tiktok.com/@rob_goudie

To contact us directly please email info@consortiumpw.com.au or call 03 5382 3460. We're here to help!

Advice Disclaimer || Any advice given by the presenter/s has been prepared without considering your individual objectives, financial situation or needs. So, before you act on the advice you should think about whether the advice suits your objectives, financial situation or needs. If the advice relates to acquiring a financial product you should obtain a copy of the Product Disclosure Statement for that product and consider it before making a decision. This presentation has been prepared by Consortium Private Wealth Pty Ltd (ABN 74 616 250 965) (AFSL 495401). If you require advice which takes into account your objectives, financial situation and needs you should speak to a financial adviser.

Robert Goudie (ASIC Reg 235974), Ashley Rowan (ASIC Reg 433899), Olivia Glare (ASIC Reg 1262290), Rachael Todman (ASIC Reg 1270413) & Amy Lehmann (ASIC Reg 1292710) are Authorised Representatives of Consortium Private Wealth Pty Ltd ABN 74 616 250 965 AFS Licence 495401.