The three best tax deductions

The most frequent query I receive from higher income earners relates to how to reduce their income tax. I’m pleased they ask, because the most common tax reduction method of the non-advised is one of the least appropriate. If you have surplus income here are the best three tax deductions I recommend you start with.

To Have and Withhold

Are you living with your partner (or contemplating it) and already have hard-earned assets that you'd prefer not to lose if you break up? Then it's worth exploring a Binding Financial Agreement (BFA), which is the Australian legal term for 'pre-nups'.

Net Wealth

A primary purpose of creating wealth is to achieve financial independence, which is the point when you can afford to choose not to work. Net Wealth is the key measure of your progress toward financial independence and therefore is important to understand and track. It's important not to confuse your net wealth with your net worth, which is a separate measure.