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Junior Member(有D料到)
Reducing tax on redundancy package
I've been with my company exactly 20 years and i'm soon to be made redundant. It's going to come with a hefty redundancy package which I am extremely happy. However, my company aren't accepting my request to defer this for about 3 months to new FY (I was planning to take a year off). I'm usually in the mid 37% bracket, the package will push me up to the 45% bracket.
I only have 1 IP, which is -ve geared. No spouse/kids. My home is paid off. Multiple ETF's. I've almost maxed out my super concessional contributions for the year.
By my current estimate, I need to reduce it by 30k.
What are some ways to reduce my taxes?
My redundancy portion is below the tax free threshold. I haven't touched my long service and have a few weeks annual leave.
Yea I know, I should be asking my tax accountant but feel like asking the internet first haha
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