Aussie FIRE | Financial Independence Retire Early 45. From super to surcharges: tax strategies you should know about
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Aug 15, 2025 Dive into tax savvy tips like the First Home Super Saver Scheme and how to avoid the Medicare levy surcharge with private health insurance. Learn about novated leases for electric vehicles and how they can save you money. Discover common tax misconceptions and small but impactful deductions, from work-from-home expenses to investment-related costs. The hosts share personal experiences and practical strategies to reduce your tax burden while navigating the complexities of Australian tax law.
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Compare Private Health Vs Medicare Surcharge
- Consider basic private health cover if your income approaches the Medicare levy surcharge thresholds to avoid paying extra tax.
- Compare premium cost to surcharge (1%–1.5%) and factor in peace-of-mind benefits like ambulance and dental extras.
Model Novated Lease Numbers Carefully
- Evaluate novated EV leases only if you already plan to buy the car and you earn enough to benefit from pre-tax payments.
- Run numbers including lease interest (often 6%–10%), employer arrangements and end balloon payment before committing.
Leasing Bundles Costs And Shares Tax Benefits
- Novated leases bundle many running costs (insurance, servicing, rego) and shift payments pre-tax, which often offsets interest costs for mid-to-high earners.
- Leasing firms capture much of the government-provided benefit, so individual gains can be modest.