Tax Planning | Edgeworth Partners

Common Financial Mistakes to Avoid During Divorce

Divorce is often an emotionally charged and challenging experience that can have far-reaching consequences on your financial well-being. While it's natural to feel overwhelmed during this difficult time, it's crucial to approach financial decisions with clarity and foresight. In this article we discuss some of the most common financial mistakes people make during divorce and how to avoid them.

Maximise Your Tax Return: Strategies for the End of Financial Year

Discover effective strategies to maximise your tax return, including claiming all eligible deductions, understanding home office expense claims, obtaining a depreciation report for investment properties, lodging your return early for refunds and timing your bonus income.

Maximise Your Super Contributions Before Financial Year End

Learn how to enhance your retirement savings and reduce your tax bill with superannuation planning strategies such as understanding contribution caps, making catch-up contributions, taking advantage of government co-contributions and spouse contributions.

Plan Ahead of the Stage 3 Tax Cuts

With the Stage 3 Tax Cuts just around the corner, now's the time to start thinking about what these changes mean for you. Whether you're running your own business or managing your household budget, understanding these tax adjustments could make a big difference to your finances. From paying less tax to finding new ways to save and invest, these changes are designed to make things a bit easier for many of us. Let's dive into how you can prepare and make the most of the opportunities these tax cuts are bringing to the table.

What’s all this about Stage 3 Tax Changes?

Unless you have been hiding somewhere, you will have seen and heard a lot about the changes to the ‘stage 3 tax cuts’ that the Commonwealth recently announced. Two thirds of people support the changes. So, what are they?

Thinking of Buying an Electric Car?

The Federal Government delivered its first Budget this week. We will have more to write about this in coming weeks. But we want to tell you about one announcement that will be important to you if you are thinking of buying an electric car. Read on - and talk to us if you are thinking of buying a new car!

100 Taxpayers Walk into a Bar…

Every year the Australian Tax Office releases it’s own version of it’s ‘Hottest 100.’ Well, not really. What the ATO actually does is ask us to imagine that there are only 100 taxpayers in Australia – and then give us a profile of what that 100 people look like, according to their tax returns. This helps us put our taxpaying efforts in perspective.

Preparing for Your Children’s Financial Future

Most parents worry about providing for their kids’ future. The specific way in which you save for your kids’ future might vary, but the essential principle is the same: the best way to help your kids is simply to maximise your own wealth.

Why More People Do Not Downsize

You will often hear it said that the family home is a tax-free investment. This reflects the fact that there is no capital gains tax paid on your principal residence when you sell it. But capital gains tax is only part of the story. There is more than one way for tax to be incurred, and an often-overlooked tax might be partly the reason for the current boom in house prices.

Let’s Talk About Tax, Baby!

As the financial year draws to an end, there is still time to talk to your tax adviser about minimizing your tax bill for 2020/21. As a way of reminding you, we thought we would spend some time looking at who pays tax in Australia – and how much they earn before doing so!