Episode 03 – The 8 Biggest Tax Deduction Strategies Everyone Should Use In Their Life

TWGP_EP02_YT-Thumbnail_V1

Watch the full video:

Listen to the podcast

Get In Touch

Episode Description:

In this episode of The Wealth Guide Podcast, the Ryker Capital team shares their top eight tips on how you can pay less tax, maximise your savings, and prepare for a financially secure retirement.

They talk about how salary sacrifice can effectively reduce your taxable income while boosting your retirement savings, how the principles that may work against you in a home loan can benefit you in investment scenarios, and how to handle a capital gains tax bill smartly by utilising catch-up contributions.

They also share an innovative strategy to claim a tax deduction on your life and TPD insurance through your super fund, a significant update for the 2023 tax year and how it might affect you if you work from home and the power of managed funds in diversifying your income sources and yielding tax benefits.

If you’re looking to optimise your financial game plan across taxes, investments, insurance and retirement, make sure to listen to this episode!

Timestamps:

00:00 – Intro

01:30 – Tip #1: The Concept of Salary Sacrifice

09:45 – Tip #2: Catch-up Contribution Strategy

12:52 – Tip #3: The Concept of Insurance

20:15 – Tip #4: Depreciation Schedule

24:52 – Tip #5: Working from Home

32:03 – Tip #6: Private Health Insurance

36:13 – Tip #7: Investments

42:33 – Tip #8: Franking Credits

45:24 – Outro