7 Mind-Blowing Ways the RICH Reduce TAXES in Australia 😱

Are you thinking about your 2022 Australian Tax Return and wondering how the wealthy avoid paying taxes? In this video, I am going to share my 7 best tips on how to structure personal financial and tax affairs in Australia to ensure that any wealth that is accumulating is setup as tax efficiently as the current Australian tax laws allow, just as Kerry Packer would have done if the same tax laws applied when he was starting out with his investments in shares, property and businesses or other investments that are now popular like Bitcoin or Crypto. To improve your after tax returns it all starts with where you set up the ownership structure of the underlying asset and the legal tax shelter that you choose to buy it in the name while ensuring you maintain control.

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OTHER INFORMATION

If you sell an asset you shouldn't be considering what the tax implications are when it comes to the time of preparing your income tax return in Australia in the year you sell the asset. No, instead the tax implications should have been planned out well ahead in the year that you first bought the asset to achieve the most tax efficient outcome when selling it which ensures that you are avoiding the worst tax results by not buying the asset in the name of the highest paying taxpayer and their high marginal tax rates that you can foresee in the future. The power to choose which name you buy the asset in is in your control and with some forethought you can avoid tax too - the legal way!

These tips are are permitted by law and are commonly used by ordinary Australians to maximise their after tax returns and preserve their wealth from the heavy burden of taxation in Australia, while potentially allowing an inheritance for future generations. In this video you will learn what the wealthy do to protect their wealth as much as possible and some common tax structures.

LINKS
ATO - https://www.ato.gov.au/

CHAPTERS
0:00 Intro
1:09 Tip #1
3:16 Tip #2
3:54 Tip #3
5:44 Tip #4
6:43 Tip #5
7:43 Tip #6
8:49 Tip #7

DISCLAIMER
This video is intended for general information and entertainment only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances. Money with Dan is not liable for any loss caused, whether due to negligence or otherwise arising from the use of. or reliance on, the information provided directly or indirectly, by use of this video.

#TaxPlanning #Moneywithdan #IncomeTax