Aussie FIRE | Financial Independence Retire Early 45. From super to surcharges: tax strategies you should know about
In this episode, Dave and Hayden continue their discussion on tax, covering practical tips and personal experiences. They explore the First Home Super Saver Scheme, private health insurance to avoid the Medicare levy surcharge, and novated leases for electric vehicles. They also chat about common tax misconceptions, and offer insights into long-term tax planning. Packed with examples and advice, this episode helps listeners think strategically about reducing their tax burden without falling into common traps.
(01:03) Recap of the previous episode on big tax strategies; introduction to smaller strategies.
(02:01) Deep dive into the First Home Super Saver Scheme — eligibility, benefits, and pitfalls.
(05:06) Understanding the tax benefits of voluntary super contributions for first home purchases.
(10:16) Nuances of government interest rates and predictable growth in the scheme.
(16:10) Private health insurance: avoiding the Medicare levy surcharge.
(23:02) Why many high-income earners should consider basic private health cover.
(26:45) Novated leases for electric vehicles — how they work and who benefits most.
(30:41) The impact of interest rates and tax savings on novated leases.
(36:36) Smaller deductions: work from home, subscriptions, and everyday expenses.
(40:03) Investment-related deductions, including internet, phone, and software.
(53:27) Common tax mistakes and misconceptions to avoid.
(01:02:04) Episode recap and closing remarks.
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Disclaimer
Any advice is general and does not consider your financial situation needs, or objectives, so consider whether it’s appropriate for you. You should also consider seeking professional advice before making any financial decision.
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