Tax Offsets
Once New Prosperity establishes your personal taxable Income for both you and your partner it applies the thresholds for the Low Income tax offset (LITO). There are many other tax offsets available. If another tax offset, may apply to your personal situation it is easy to check because once New Prosperity establishes your forecast taxable Income you can then investigate what offsets or rebates will apply to you and your family.

We provide this link to Tax Offsets for you to better understand what maybe available to you and your family.

New Prosperity can then receive the Offset for you, your partner or family and then your Net income to the household will be calculated more accurately.

Tax Offsets:

Come in many forms, here are just a few:

  • Tax Payers with dependents
  •  Pensioners and senior Australians
  • Low Income tax Offset
  • Medical Expenses
  • Private health
  • Living Zone Offset
  • Spouse contribution tax offset

New Prosperity can’t manage all of these items. Managing tax offsets many times depends on your Lifestyle and needs to be assessed after the end of the financial year.

New Prosperity does calculate the Low income tax offset as this depends on your taxable Income which is calculated for you.

Understanding what tax offsets maybe available to you through out the financial year is so much more empowering, knowing that you can reduce your tax payable by one of the many available tax offsets ahead of time. Ensuring your personal Income tax return has all available offsets represented, is very important with respect to building wealth.

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 financial data  is inputted, this is when New Prosperity becomes empowering to you. At this time you can model scenarios, look what tax offsets maybe available to you. After the end of the financial year is the wrong time to be looking at these available tax offsets.

NB:

A simple strategy is investigating the Superannuation Spouse contribution strategy into Superannuation for your partner. This has a maximum benefit of up to $540.00. each year !