Jennifer is the holder of 4 winning Cash Pot Tickets of $30,000 each.
She plans to cash them in and place 30 fixed deposits of $4,000 (or less*) each at the bank.
Each month two deposits will be placed. In some months an additional two deposits will be placed.
The bank accepts deposits for periods of 1 month, 3 mths, six months and 1 year.
Taking into account that Jennifer intends to:
Pay Green Fund Levy and Business Levy (local qrtly taxes) on the income generated from the fixed deposits*, and
Pay the above taxes as late as possible while still meeting the statutory deadlines,
Hold some of the deposits so that at a point in time there is flexibility, what terms would you suggest that the deposits be placed for?
A starting plan to the above will be provided in another post.
Feel free to try the above out, as the $4000 amount can be $400 or more, depending on where you are with your savings.
She plans to cash them in and place 30 fixed deposits of $4,000 (or less*) each at the bank.
Each month two deposits will be placed. In some months an additional two deposits will be placed.
The bank accepts deposits for periods of 1 month, 3 mths, six months and 1 year.
Taking into account that Jennifer intends to:
Pay Green Fund Levy and Business Levy (local qrtly taxes) on the income generated from the fixed deposits*, and
Pay the above taxes as late as possible while still meeting the statutory deadlines,
Hold some of the deposits so that at a point in time there is flexibility, what terms would you suggest that the deposits be placed for?
A starting plan to the above will be provided in another post.
Feel free to try the above out, as the $4000 amount can be $400 or more, depending on where you are with your savings.
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