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8. Review your income package

Consider salary sacrificing to reduce your taxable income. Salary sacrificing involves entering into an agreement with your employer to pay for some items or services straight from your pre-tax salary.

Individuals can salary sacrifice many things such as electronic devices, motor vehicles, childcare, private health insurance, super and so on.

Most employers will offer salary sacrifice to super but it is best to talk to you employer to see what other benefits they offer.

Salary sacrificing is available for anyone who earns more than the $18,200 tax-free threshold, however it is most suitable for individuals on mid to high incomes.

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