Splitting Taxable Income with Your Partner

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What if you could split your taxable income with your partner? 🤯

Nationals senator Davey has floated an interesting piece of tax reform.

Senator Davey is suggesting partners should able to split their taxable income, thereby reducing their combined tax liability. This will benefit a single income household in which one working parent is forced into a higher tax bracket 💡

Small business owners have traditionally retained profits in their companies to take advantage of the lower tax rate 🙅🏻‍♂️

However, the reduction to tax rates from the 2024-25 financial year means individuals will pay less tax on their income than in previous years 🙌🏼

Now is the time to start planning how to extract more wealth out of your company. Increasing the wages of a husband and wife commensurate to the value of their services provided is now more attractive than ever!

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