So far in Step 7 Retirement Planning, we have discussed what a retirement plan is as well as the best way to structure your retirement plan.

In this final instalment, we talk tax points, the different tax rates and were also include a free Retirement Plan Checklist for your use. 

Here are some general points on tax and how they apply to different types of entities:

Individuals

$0 to $6,000 0%
$6,001 to $34,000 15%
$34,001 to $80,000 30%
$80,001 to $180,000 38%
$180,000 + 45%

Trusts

Companies

Superannuation Funds

It is clear from the examples used above that you need to consider structure and taxation when developing your retirement plan.

Retirement Plan Checklist:

That now brings us to the end of Step 7 in becoming Financially Well Organised. Make sure you join us next week, with the start of Step 8, Business Plan.

Would you like to be in a position to choose the date you retire? Call elliotts today on 07 3833 3999 or email brisbane@elliottsgroup.com.au.