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Increased income in next FY

Discussion in 'General Property Chat' started by wayne, 26th Jun, 2016.

  1. wayne

    wayne Well-Known Member

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    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
     
  2. Terry_w

    Terry_w Structuring Broker and a Structuring Lawyer Business Member

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    MTR likes this.
  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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  4. wayne

    wayne Well-Known Member

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    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.
     
  5. Terry_w

    Terry_w Structuring Broker and a Structuring Lawyer Business Member

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    If it is not income then it is not taxable!
     
  6. Ed Barton

    Ed Barton Well-Known Member

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

    Edit - This is a joke Wayne
     
    Last edited: 26th Jun, 2016
  7. wayne

    wayne Well-Known Member

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    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.
     
  8. Ed Barton

    Ed Barton Well-Known Member

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

    wayne Well-Known Member

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    Retention benefit (for defence = 1 year salary)
     
  10. Terry_w

    Terry_w Structuring Broker and a Structuring Lawyer Business Member

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

    Gockie (FB): Peter Thornhill share investing enthusiasts Business Member

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    @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?
     
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  12. sanj

    sanj Well-Known Member

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    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
     
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  13. MTR

    MTR Well-Known Member Premium Member

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    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:)