Increased income in next FY

Hi,
We have a moderate investment portfolio, and would like to maximise extra income expected in the next FY.
The extra money will come from a work benefit and the sale of an IP. The expectation is there will be an extra 200K for the next FY which when added with annual salary will generate a considerable tax bill.
Are there any investment options available providing the most effective way to distribute the income to minimise the tax impact.
eg - upgrade IP or put it in super.

Cheers

 

You can't distribute income unless by 'we' you mean the trustee of a discretionary trust.

On some ways to reduce CGT see
Tax Tip 119: How to Reduce CGT on Investment Property (Part I) Tax Tip 119: How to Reduce CGT on Investment Property (Part I)

 

Increase deductions by prepaying interest on your IP's? Salary sacrifice into super? Speak to a good accountant and they'll be able to give you some good ideas.

 

Thanks Terry,
A little more detail - should not have used the word 'income'.

We are looking for options that might reduce tax payable (have the benefit payed into super) or provide deductible upgrades to IP's within the FY.

 

If it is not income then it is not taxable!

 

Make a large tax-deductible gift to the Ed Barton foundation.

Edit - This is a joke Wayne

 

All extra money will be income! Just looking for the best way in using it. as stated, do we direct it into super at the super tax rate. Or depreciable upgrades to IP's.

 

What is a 'work benefit'? - this question's for you Wayne.

 

Retention benefit (for defence = 1 year salary)

 

Most of my CGT tips will still apply if it is salary.

 

@wayne, would it make sense to consider holding off on the sale of the IP so it occurs the year after the work retention benefit is paid?

 

sounds like you're gonna make over 300k next financial year; use some of that money to go see an expert and get specific, paid for advice

 

there are other ways, but most important factor is to get the right professional advice but you also need to plan ahead very important IMO