After
calculating your Gross Income, the
next issue, dear to all our hearts is the amount tax deduction we can establish
to reduce our Gross income with work related expenses for individuals and Sole
traders. The greater we can reduce the Gross Income to get to a minimum Gross taxable Income the better.
Tax deductions:
Come
in many forms, here are just a few:
- superannuation tax
deduction
- Income Protection
- tax deduction in your
salary
- Work related
expenses
- calculating car tax deduction payments
- negative gearing tax
deduction
- capital gains tax
calculation
- Deductible Interest
on Loans
New
Prosperity can manage these items above and many more just like them. Managing
tax deductions through out the financial year is so much more efficient of your
time and helps in maximising your tax deductions when it comes time to prepare
your Tax return. Leading busy lives these days makes it hard to attend to this
very important area of creating wealth.
New
Prosperity empowers you to work with your partner in a cohesive manner by
virtue of the fact it is an online service with access for the two of you from
any where in the world. What better way to spend lunchtime at your work place
going over and updating your home finances having your partner do the same and
then discussing the printed summary pages at your convenience.
This
process of management for all facets of New Prosperity is where the true value
lies in subscribing to our service.
SCENARIOS:
Once
all work related expenses are inputted, this is when New Prosperity becomes
empowering to you. At this time you can model scenarios, look at impacts of
different tax deduction strategies, through out the financial year.
NB:
A
simple one is investigating the tax benefits of Salary sacrifice and
benchmarking this against your Annual surplus each year. Investigating the
impact of personal income tax on your wealth building aspirations is one of the
more important issues you should consider in any financial decision made in
your home.