Let’s be honest – none of us want to pay more tax than we have to.

You can save yourself a considerable amount each year by thinking about some strategies to minimise your tax burden. These strategies are widely available and can make a significant different to your annual bottom line. 

One of the simple ways to start is a mortgage offset account. A good financial planner will advise the use of offset accounts connected to your mortgage. You not only reduce the amount of interest payable on your home loan, but it will also stop you paying tax on the interest you would have otherwise earned. 

“Making after tax contributions to your superannuation can save you tax. Investing via superannuation is taxed at 15% on earnings and 10% on capital gains. This represents another way to minimise your tax. “

Discretionary family trusts can assist in reducing your tax. The trustee decides who gets the income and capital the trust owns.  If the trustee has family on low incomes, they can be the beneficiaries of the trust. This means those in lower tax brackets can offset the tax for those on higher tax brackets. 

Salary sacrificing is used more and more to make contributions to your superannuation from your pre tax income. The incomes tax reduction comes from receiving less salary and paying less tax, and salary sacrifice contributions to superannuation are subject to a 15% tax which puts more into your super than using your post tax income. 

Knowledge is power. Your priority is to know exactly what tax you are paying and why. Know what your options are and understand your circumstances. The other priority is to keep good records – keep receipts for everything. Take a photo of the receipt on your phone every time you get one.  Make a habit of doing it and at tax time, you will find it easier to tabulate your records and claim more.  

We strongly recommend you seek out financial advice from a trusted and qualified financial professional who will be able to devise a financial strategy tailored to your unique needs so that you can feel confident about making tax savings.

Success Stories

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    Nick Graham

    Former Australian rules footballer Nick Graham discusses his Rising Tide journey. Read Nick's full story

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    Lyn & Geoff

    On reflect 12 months later we are so grateful we had the insurance and the support of Matt... Read Lyn's full story

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    Sam Rowe

    Former Professional Australian Rules Footballer, Carlton Football Club

    I was lucky enough to meet Matt Hale at a club function. I decided to go in to meet the team and it just felt like a perfect fit. Read Sam's full story

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    Kane Baker & Rebekah Elmaloglou

    We knew we wanted to put our money to good use, but we didn’t know too much about how to get started, so we sought help from the team at Rising Tide Financial Services. Read Kane's full story

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    Ben O’Neill

    I’ve learned so much from working with the team at Rising Tide. They helped me to understand and organise my finances, helped me to put a strategy in place to work towards buying my first home. Read Ben's full story

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    Tim & Vesa

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    Sales Manager, Audio Visual Revolution Pty Ltd

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    Alistair Tubb

    We’ve managed to get into a home that would allow us to grow which is great. They tied it all in together and it made sense to have a one-stop-shop. Read Alistair's full story

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    PR and Media Manager, Universal Music

    They helped us work out what are our expenses, and how much money can we save a month, and it’s crazy to think how much you can be saving a month! Read Fenella's full story

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    Self-employed bookkeeper

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    Single parent

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    Since catching up with Matt, Tom & the team at Rising Tide, both Emily & I feel like we’ve had a chance to get our financial lives in order.

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    Great team! Braden was especially helpful in getting my finances sorted for my business.

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    Highly recommend the Rising Tide team - friendly, honest guys who have helped me make my financial dreams come to life. Also, they have a bar in their office, which is, you know, great.

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