‘Com’on’,
’ Com’on’
We note
that his total prize money from his matches is $20 million+.
Would he
have kept much of that if he resided in Australia?
He &
his advisers would have studied TAXATION RULING IT 2650
Com’on, Com’on.
It must be
the taxx that Lleyton would pay if he was to reside here.
i.e. he
would pay 57,300 from the ATO calculator if a normal individual tax payer.
The
marginal tax rate is 45% over 180,000.
That is a
serious amount to waste, maybe paying the nearly 900,00 on disability benefits
& a similar number of unemployed.
As Lleyton
said at his post match win ‘he doesn’t
train hard all week just to turn up’.
No doubt Lleyton
doesn’t win just to waste it in taxx.
You can’t
waste your taxx either. However off to the Bahamas is not necessary to minimise
yours & we said minimise your taxx.
There are
strategies available to you to do so.
However
they all depend on your cashflow.
Ask us when is the next cashflow game?.
I.e. how
much do you need to live on & meet your lifestyle & other commitments.
The
objective is to escape the ‘rat race’.
That might depend on your age.
If you are
under 55 then super maybe a way to maximise as you pay 15% on contributions
& 15% on earning in the fund. That might be good for you but only if you
are earning more than $37,000.
The only
acceptable law that the Red Queen & her court passed was to refund that 15%
contributions taxx to those on less than 37,000. Joe take note as you will need every vote
next time.
However if
you are over 55 then why pay that 15% taxx on earnings as it can be a big bite,
maybe $2,000, if you look carefully at your annual super statement.
You don’t
need to.
If you are
over 60 then you certainly should review your position & certainly before
government changes in January 2015.
We were
reading yesterday that it is governments
& reserve banks that create ‘systemic
risk’. i.e. when there are ‘asset bubbles & crashes’.
They also
create ‘legislative risk’ which is a
legitimate reason to be circumspect of adding too much to your super.
There
are global examples of government interfering in your super & confiscating your super if
‘lost’ is a very
current 740 million example. Another is the 640 m from bank
accounts.
We are only trying today to use the right form
to do so from the ATO for Pat who is aged 70.
Thomas aged
only 19 recently pointed out that he
would NOT be able to access his super until 67 or maybe 70.
Ann, an accountant on not quite Lleyton’s
earnings recently rightly rejected rental property. She wants to build a
portfolio outside super & its government risk.
As everyone
is different then the first step to the solution to your problem is lunch here.
A recent
visit to the orthodontist reminded us that an x-ray is essential as you never
know what the real position is. Also the earlier it is the cheaper it is.
If we were in your
position what would we do today so that you are better off in three years time.
We have wondered what Stan has tattooed on his arm.
John McAuliffe
