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Aussie equivalent of "Quit like a millionaire"?

Discussion in 'Investor Resources & Tools' started by DB112, 27th Sep, 2019.

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  1. DB112

    DB112 New Member

    Joined:
    27th Sep, 2019
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    Location:
    Sydney
    Hi...I love the amount of detail given in " Quit like a millionaire" https://www.amazon.com/Quit-Like-Millionaire-Gimmicks-Required/dp/0525538690 however, as if often the case , the examples and structures and explanation of tax minimisation/ efficiency is all for the US/ Canada.

    Anyone know of any similar books that are made for the Australian market or blogs that might have this info?

    Thanks!
     
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  2. twisted strategies

    twisted strategies Well-Known Member

    Joined:
    3rd Nov, 2013
    Posts:
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    Location:
    QLD
    welcome to InvestChat ,

    the Australian Tax Office is very harsh on tax minimization schemes ,

    also before the GFC many shemes attempting tax minimization unravelled with disasterous outcomes ( too busy dodging taxes and not enough effort generating profits )

    one legal way to reduce tax is to reduce unnecessary transactions ( reducing GST )

    BTW depending on your future expenses ( and your age ) one million might not be enough

    i am 64 and think in excess of 2 million in liquid ( non-property ) assets should give my frugal life-style an adequate buffer .( feel encouraged to calculate your own target )

    i would suggest trying for a regular income that attracts less fees and requires fewer transactions ( obviously receiving interest/dividends are not something included in ' transactions ' )

    Australian Tax law is a moving beast keep some options flexible new tactics might arrive later

    read books sure , but PLEASE think for yourself ( carefully )
     
  3. Waimate01

    Waimate01 Well-Known Member

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    26th May, 2008
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    Location:
    Sydney
    It's not a guide to tax avoidance, but I highly recommend "How much is enough" by Arun Abey. Very sensible, solid, reliable advice.

    (not to be confused with another book of the same name written by someone in the US)
     
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