Australia is on the brink of the nation’s biggest ever intergenerational wealth transfer. Yet estate or inheritance planning is rarely discussed by families. With baby boomers shifting into retirement, it’s important to start the conversation now about your legacy and the people it may impact.
Most people are a bit hazy on the difference between a tax offset and a tax deduction. The key difference is the point at which they are applied to your income when calculating the final amount of tax payable.