Quote:
Originally posted by Living For Today
Ok thanks very much for your help. I have been wanting to find this out for a while but kept putting off going to an accountant. Hopefully next year I will be at the stage where I am putting away 30% ;)
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heheh anymore than that and you should look into setting up a trust so you can income split.. so if you've got a sibling or girlfriend or something you can pool your tax threshholds between you.. like my girlfriend earnt about 10k last financial year because she only started working right at the end of it.. so i got to put the parts of my income that were over 60k into her brackets - so say i put 10k into the trust i can say that it's "her" income and soak up the remaining 10k she's got in her tax bracket before it hits the 20k limit where you pay 30%..
so she earns $10, 000 and has to pay $680 tax on the $4000 she earnt over the $6000 tax free thresh hold.. i then designate a further $10000 to her name through the trust and instead of paying $4700 tax if i put it straight under my name i only pay $1700 by using the rest of her 6k to 20k bracket..
of course i can put up to 50k in her name before it uses up all the lower tax brackets.. thats when you find a sibling thats in a low paying job
