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

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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 - 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

Опубликовано:

12 июл 2024

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Комментарии : 40

@LinuxGalore Год назад

I have a Jewish associate who finances the wealthy, he told me the wealthy are always intentionally cash poor to keep their taxes down. They basically live on debt that is leaned against their assets. The wealthy also avoid having any direct income where possible. So their homes or car are usually not in their name and leveraged. The other thing I have noticed is when Australians pass a set wealth bracket they pack up and leave as they are often losing up to 70% in taxes. We have a system in Australia that makes being wealthy and staying in Australia a very bad idea.

@MoneywithDan Год назад

Thanks for watching. The mega wealthy definitely have more opportunities to legally avoid taxes and do some of the things that you mention, sometimes. The average person can’t follow all of those those tricks however. The average person can definitely do all the steps shown in this video to avoid tax in Australia to help grow wealth faster through higher after tax returns.

@seansingh8862 9 месяцев назад

I'm planning on doing exactly the same thing. After adding up all of the taxes I pay (GST and income tax are the two huge ones, but there are plenty of others) I waste over half a million dollars per annum on taxes, which is roughly the same as my post tax income. People have no idea how painful it is to sacrifice your health, relationships and happiness by consistently working 80+ hour weeks to keep a business running only to hand over more than half of what you have to show for it to a bunch of ingrates who blow it on a bunch of things that you personally disagree with.

@MrDeano-eu9rg 7 месяцев назад

@@seansingh8862I hear ya mate, started a construction business emd of last year. Only have 3 workers, including myself, and the shit you have to pay is ridiculous. Over 3k a year in work cover alone. What's your business?

@rodbender7946 2 месяца назад

@@seansingh8862 How long have you worked in Australia Sean? I have lived here all my life and the more money I make, the less I seem to have in terms of wealth. Personal tax, Company tax, GST collection, fuel excise, GST on fuel, GST on purchases, levies, rates, fees, surcharges, stamp duty, licence fees, registrations, etc. Now the cost of living crisis which has effectively demoted the entire population in terms of incomes. I don't think the Government are capable, I actually think they are failing in their duty to the citizens of this nation.

@ricksanchez3278 2 месяца назад

That's because Australia is a machine used to bleed the middle class dry of all the wealth they generate.

@ryansamarakoon8268 Год назад

One of the best videos on Australian tax for mid/high income earners, can't get better than this, thanks!

@MoneywithDan Год назад

Thanks so much for watching and for your generous comment!

@ald2072 3 месяца назад

Good video, exactly what I was looking for.

@MoneywithDan 3 месяца назад

Thanks so much!

@dollardog6349 2 года назад

Some handy tax tips here to help those who might be overwhelmed or confused come tax time. Nice work! 💪🐶

@MoneywithDan 2 года назад

thanks so much!

@harikmurthy 22 дня назад

An ETF, or exchange traded fund (not electronic traded funds) , is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund.

@MoneywithDan 22 дня назад

Thanks. One of my first videos and I misspoke.. hopefully the rest of the video is valuable for you.

@TETrading 2 года назад

Subbed to the channel and here to support fellow finance channel.

@MoneywithDan 2 года назад

Thanks for your support. I will check out your channel!

@MoneywithDan 2 года назад

If you’ve sold shares on the ASX this year and want an easy way to calculate capital gains tax then watch this video next ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ScFk8CMLaAg.html

@nammalilleee3207 Год назад

A company wont help you if its sole purpose is investment on behalf of yourself. You pay 30% on company and then rest when you withdraw dividends. And on top of it you spend on an accountant

@MoneywithDan Год назад

It depends on the situation but there can be many advantages for people with great wealth and who are on the highest tax rates. In addition to tax benefits there can asset protection benefits. The accountant fees are definitely worth it for the right situation. That’s why advice is so important.

@boarding112 9 месяцев назад

Yeah, the company is taxed at 27.5% but then when the the profits are released in the form of a dividend you are taxed at your individual rate but with a franking credit of 27.5% on the dividend because the company has paid that amount of tax already so essentially it still works out to be a high amount of tax.

@seansingh8862 9 месяцев назад

@@boarding11225% now for most companies.

@dont_listen_to_Albo Год назад

Super is tax effective, but the 15% tax does not apply in all cases. If the annual contribution exceeds the concessional contribution cap, the excess is taxed at the top marginal rate. If a person’s income exceeds $230,000, then the entire contribution is taxed at 30%.

@MoneywithDan Год назад

Thanks for watching. That is true, but the average Aussie earns well less than that and would still build a significant amount of wealth staying within those limits and would enjoy significant tax benefits over a long period of their life through the magic of compounding higher after tax returns. Also most Aussies would get nowhere near the limits to concessions.

@Unduruz Год назад

I like that guy he's got nuts

@MoneywithDan Год назад

He did. His quotes still live on long after he passed.

@josephgodridge2814 Год назад

Now if you have 3million in your superannuation when the government keep pushing the working age limit up. Superannuation is not a good idea

@MoneywithDan Год назад

Thanks for watching. IMO Super is still the best tax effective location for wealth creation for the average Aussie with the income and contributions taxed at only 15%, while the average Aussie is taxed around 30% for income outside super. The proposed changes to law that you mention are not yet passed and there are many elections to come before the average super balance gets anywhere near 3m. Right now, the average super balance at retirement is only 600k which is a long way off 3m for most Aussies, even if Labor gets its grubby hands on super.

@josephgodridge2814 Год назад

@@MoneywithDan After 3 million Albo just increased the tax rate to 30 percent. Superannuation is legal theft, again.

@geoffmerritt Год назад

To get $3 million in your super, you need to pay the maximum concessional contributions of $27500 for over 100 years. Any plans of increasing the retirement age to 70 were scrapped by Scott Morrison when he was PM.

@MoneywithDan Год назад

@@geoffmerritt hi. thanks for watching. Probably not 100 years 😁 with investment returns compounding. But I agree still very hard overall.

@dont_listen_to_Albo Год назад

@@geoffmerrittMost super accounts with more than $3 million are self-managed super funds. If, for example, a person puts 3,000 CSL shares (costing $6,900) in their SMSF at its float in 1993, then when CSL share price peaked at $330 in 2021, the original 3,000 shares (which have become 9,000 shares after their 3 for 1 share split) would have been worth $3 million.