The essential money-saving tax resource, updated for 2018-2019
101 Ways to Save Money on Your Tax - Legally! is the tax guide every Australian should own. Packed with tips, answers and instructions from Mr. Taxman himself, this book shows you how to pay exactly what you owe - and not a single cent more! Individuals, investors, business owners, pensioners and more need clear advice targeted to their unique tax situation, and this guide delivers. From superannuation, medical expenses, levies, shares and property, to education, family and business, Adrian Raftery can show you how to leverage every deduction to keep more of your hard-earned money. This new edition has been updated for the 2018-2019 tax year, giving you the inside scoop on the latest changes to the tax codes and how they affect your specific situation.
Keeping up with constantly-evolving tax laws is a full-time job - but it's not your full-time job. Let Mr. Taxman do the legwork and bring you up to date on what you need to know. You may be overpaying! Many Australians do, year after year. This book shows you how to determine what you actually owe under current laws, and how to set yourself up for better savings next year.
- Learn how your taxes have changed for 2018-2019
- Maximise deductions and pay only what you owe
- Discover expert tips for handling your unique situation
- Avoid traps, errors, overpayment, and other common snags
You work hard for your money, so why not keep more of it in your pocket? The advice in this guide may save you hundreds - or thousands - this year alone. When it's time to file your tax, don't go it alone. Get Mr. Taxman on your side and make this year your best filing yet using 101 Ways to Save Money on Your Tax - Legally!
Author(s): Adrian Raftery
Publisher: Wiley
Year: 2018
Language: English
Pages: 283
2018-19 101 WAYS to SAVE MONEY ON YOUR TAX LEGALLY!......Page 2
CONTENTS......Page 8
ABOUT THE AUTHOR......Page 12
HOW TO USE THIS BOOK......Page 14
INTRODUCTION......Page 16
PART I: YOU AND YOUR FAMILY......Page 18
1 MARRIAGE......Page 19
2 INCOME SPLITTING......Page 21
3 DEPENDANT (INVALID AND CARER) TAX OFFSET......Page 23
4 CHILDREN......Page 25
5 PAID PARENTAL LEAVE......Page 27
6 DAD AND PARTNER PAY......Page 28
7 CHILD CARE......Page 29
Low-income tax offset......Page 31
Low-income superannuation tax offset......Page 32
9 SENIOR AND PENSIONER TAX OFFSET......Page 33
Family Tax Benefit Part A......Page 35
Better start for children with a disability......Page 36
Other benefits......Page 37
Transfer of assets......Page 38
Child support and spouse support payments......Page 39
Date of death return......Page 40
Deceased estate returns......Page 41
13 TRUSTS......Page 42
PART II: YOUR EMPLOYMENT......Page 46
14 CAR USAGE......Page 47
15 METHODS TO CLAIM CAR TRAVEL......Page 50
16 TRAVEL......Page 52
17 UNIFORM......Page 54
18 HOME OFFICE......Page 56
19 OTHER WORK-RELATED DEDUCTIONS......Page 59
20 KEEPING THOSE RECEIPTS......Page 61
21 ATO HIT LISTS......Page 63
Tax-free component of genuine redundancy......Page 66
Unused leave entitlements......Page 67
23 WORKING A SECOND JOB......Page 68
24 SALARY SACRIFICE......Page 70
25 FRINGE BENEF ITS......Page 72
26 LIVING-AWAY-FROM-HOME ALLOWANCE......Page 76
Food......Page 78
PART III: YOUR EDUCATION......Page 80
27 CLAIMING SELF-EDUCATION EXPENSES......Page 81
28 THE $250 THRESHOLD......Page 83
29 SELF-DEVELOPMENT COURSES......Page 85
30 HIGHER EDUCATION LOAN PROGRAM......Page 87
31 STUDENT FINANCIAL SUPPLEMENT SCHEME......Page 89
Austudy......Page 91
ABSTUDY......Page 93
33 TRADE SUPPORT LOANS......Page 94
34 SCHOLARSHIPS......Page 95
35 SCHOOL BUILDING FUNDS......Page 97
36 EDUCATION SAVINGS PLANS......Page 99
HECS-HELP benefit......Page 101
FEE-HELP......Page 102
OS-HELP......Page 103
PART IV: YOUR INVESTMENT PROPERTY......Page 104
38 NEGATIVE GEARING......Page 106
39 INTEREST......Page 108
40 DEPRECIATION......Page 111
41 LOW-VALUE POOLING......Page 113
42 REPAIRS AND MAINTENANCE......Page 115
43 BORROWIN GEXPENSES......Page 117
44 LEGAL EXPENSES......Page 119
45 OTHER RENTAL PROPERTY DEDUCTIONS......Page 120
46 FOREIGN INVESTMENT PROPERTIES......Page 123
47 CAPITAL GAINS TAX......Page 125
48 PAYG WITHHOLDING VARIATION......Page 127
49 PROPERTY GENUINELYAVAILABLE FOR RENT......Page 129
PART V: YOUR SHARES......Page 132
50 DIVIDENDS......Page 133
51 FRANKING CREDITS......Page 136
52 DIVIDEND REINVESTMENT PLANS......Page 138
53 LOWER INCOME EARNERS......Page 139
54 BORROWING TO BUY SHARES......Page 142
Internet access......Page 144
56 SHARES AND CAPITAL GAINS TAX......Page 145
57 REALISING CAPITAL LOSSES......Page 147
58 INHERITING SHARE PORTFOLIOS......Page 149
59 SHARE TRADERS VERSUS SHARE INVESTORS......Page 151
60 RIGHTS AND OPTIONS......Page 153
61 EMPLOYEE SHARE SCHEMES......Page 155
62 SHARE PORTFOLIOS WITHIN SELF MANAGED SUPERANNUATION FUNDS......Page 157
63 CRYPTOCURRENCY......Page 159
PART VI: YOUR SUPERANNUATION......Page 164
64 CONTRIBUTION LIMITS......Page 167
65 COMPULSORY EMPLOYER CONTRIBUTIONS......Page 170
66 SALARY SACRIFICE......Page 173
67 SUPER CO-CONTRIBUTION......Page 176
The income threshold test......Page 177
The 10 per cent eligible income test......Page 178
68 TRANSFERRING FOREIGN SUPER......Page 179
69 SELF MANAGED SUPERANNUATION FUNDS......Page 181
70 BUYING PROPERTY WITHIN SMSFS......Page 184
71 GEARING THROUGH A SUPER FUND......Page 187
72 ACCESSING YOUR SUPER......Page 190
73 TRANSITION TO RETIREMENT......Page 192
74 ACCOUNT-BASED PENSIONS......Page 194
75 DEATH BENEFITS......Page 196
76 LOST OR UNCLAIMED SUPER......Page 198
PART VII: YOUR BUSINESS......Page 202
77 CHOOSING THE RIGHT BUSINESS STRUCTURE......Page 204
Companies......Page 205
Trusts......Page 206
GST......Page 208
Activity statements......Page 209
79 RECORD KEEPING......Page 210
Deferring income......Page 213
Maximise deductions......Page 214
81 TRADING STOCK......Page 215
82 BAD DEBTS......Page 217
83 HOME-BASED BUSINESSES......Page 218
Taxation obligations......Page 221
Superannuation obligations......Page 222
Holiday and leave entitlements......Page 223
Simplified depreciation rules......Page 224
Income averaging......Page 225
Research and development tax incentive......Page 226
86 SELLING OR CLOSING DOWN......Page 227
87 PERSONAL SERVICES INCOME......Page 229
88 NON-COMMERCIAL LOSSES......Page 230
89 FRANCHISING......Page 232
90 OVERSEAS INCOME......Page 234
91 GETTING A GREAT ACCOUNTANT......Page 237
92 LODGING YOUR TAX RETURN......Page 239
Amendments......Page 242
Objections......Page 243
94 ATO DATA MATCHING......Page 244
95 PROBLEMS PAYING YOUR TAX......Page 247
96 MEDICAL EXPENSES TAX OFFSET......Page 248
Medicare levy surcharge......Page 251
98 ZONE AND OVERSEAS FORCES TAX OFFSETS......Page 253
Overseas forces tax offset......Page 254
99 TAX-EFFECTIVE INVESTMENTS......Page 255
100 TAX PLANNING AS A 365-DAY PROCESS......Page 257
101 JUST DO IT!......Page 258
GLOSSARY......Page 262
BIBLIOGRAPHY......Page 278
INDEX......Page 280
EULA......Page 0
