Tax Savings Strategy 214 – First Home Saver Scheme
From 1st July 2018 onwards, the individual will be able to withdraw these contributions and associated earnings for a first home deposit. Withdrawals will be taxed at an individual’s marginal tax rate, less a 30% tax offset. If an average wage earner on $80,000 a year uses the scheme over two years, saving $15,000 a year, they will save $5,000 in tax (or $10,000 for a couple).
Similar posts you may like
- Tax Planning Strategy 102 | Delay Sales & Realisation of Assets
Delaying the realisation of assets (and any assessable capital gains) until after the year end results in the income being taxed in the following Read more
- Ireland
Capital city: Dublin Currency: Euro (€) Read more
- Bearer Share Companies
Bearer share companies are companies where the individual shareholders are not known to the company. The bearer share companies do not know anything about Read more
- Small business tax incentives for digital adoption
Small businesses can receive a bonus 20% deduction on eligible expenditure supporting digital adoption. Eligible expenditure includes: digital enabling items, such as hardware, software, systems Read more
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2