An essential guide that will help you minimise your tax bill and maximise your after-tax earnings
In 101 Ways to Save Money On Your Tax – Legally! 2024–2025, bestselling author Adrian Raftery — aka Mr. Taxman — shows you how to lower your tax bill and keep more of your hard-earned money. You’ll learn what’s different this year in the tax codes and how the May 2024 budget and Stage 3 tax cuts affect your bottom line. Get the most out of your taxable assets and (legally!) reduce your taxes.
101 Ways to Save Money On Your Tax – Legally! makes it easy to find and implement every deduction that applies to you. This handy guide, trusted by tens of thousands of Australians, takes the stress and confusion out of the tax season. Find out what you actually owe and lodge on time, with no mistakes.
Whether you're an individual, married couple, investor, business owner or pensioner, this guide will help you:
Understand how your taxes have changed for this year Reduce your tax bill, potentially by $100s or $1000s Easily navigate work-related expenses, levies, shares, property, education, business expenses, family expenses, superannuation, and more Protect yourself against errors, audits, overpayments, and common tax traps Get the answers to frequently asked questions
Updated with all the latest tax legislation and thresholds, this 14th edition of 101 Ways to Save Money On Your Tax – Legally! is the comprehensive, authoritative and easy-to-follow guide that every Australian needs. Don’t pay more than you have to. Mr. Taxman is here to help.
By:
Adrian Raftery Imprint: Wiley Country of Publication: Australia Edition: 14th edition ISBN:9781394261901 ISBN 10: 139426190X Publication Date:17 June 2024 Audience:
General/trade
,
ELT Advanced
Format:Paperback Publisher's Status: Active
About the Author xi How to Use This Book xiii Introduction xv Part I You and Your Family 1 1 Marriage 2 2 Income splitting 4 3 Dependant (invalid and carer) tax offset 6 4 Children 8 5 Payments for new parents 10 6 Child care 12 7 Low-income earners 15 8 Senior and pensioner tax offset 16 9 Other government benefits 18 10 Family breakdown 22 11 Death 24 12 Family trusts 26 Part II Your Employment 29 13 Car usage 31 14 Methods to claim car travel 33 15 Travel 35 16 Uniform 37 17 Home office 39 18 Other work-related deductions 42 19 Keeping those receipts 45 20 ATO hit lists 48 21 Redundancy 51 22 Working a second job 53 23 Salary sacrifice 54 24 Fringe benefits 56 25 Living-away-from-home allowance 61 Part III Your Education 65 26 Claiming self-education expenses 66 27 Student loans 70 28 Austudy and ABSTUDY 77 29 Scholarships 79 30 School building funds 81 31 Education savings plans 83 Part IV Your Investment Property 87 32 Negative gearing 89 33 Interest 91 34 Depreciation and low-value pooling 94 35 Repairs and maintenance 98 36 Borrowing and legal expenses 100 37 Other rental property deductions 104 38 Foreign investment properties 106 39 Capital gains tax 108 40 PAYG withholding variation 111 41 Co-ownership of your investment property 113 42 Build-to-rent properties 115 Part V Your Shares 119 43 Dividends 120 44 Shares owned by low income earners 126 45 Borrowing to buy shares 129 46 Other share deductions 131 47 Capital gains tax on shares 132 48 Realising capital losses 134 49 Inheriting share portfolios 136 50 Share traders versus share investors 138 51 Rights and options 140 52 Employee share schemes 142 53 Share portfolios within self managed superannuation funds 144 54 Cryptocurrency 146 55 Non-fungible tokens 151 Part VI Your Superannuation 153 56 Contribution limits 156 57 Transfer Balance Cap 159 58 Downsizer Contribution 162 59 Compulsory employer contributions 165 60 Salary sacrifice 167 61 Division 293 tax 170 62 Super co-contribution 172 63 Transferring foreign super 175 64 Self managed superannuation funds 176 65 Buying property within SMSFs 179 66 Gearing through a super fund 182 67 Accessing your super 184 68 Transition to retirement 187 69 Account-based pensions 189 70 Death benefits 190 71 Lost or unclaimed super 192 Part VII Your Business 197 72 Choosing the right business structure 198 73 Tax obligations 203 74 Record keeping 206 75 Deferring tax 208 76 Trading stock 210 77 Bad debts 212 78 Home-based businesses 213 79 Sharing Economy 215 80 Employing people 218 81 Single Touch Payroll 221 82 Tax concessions and offsets 223 83 Selling or closing down 229 84 Personal services income 231 85 Non-commercial losses 232 86 Division 7A loans by private companies 234 87 Franchising 236 88 Crowdfunding 237 Part VIII Miscellaneous 241 89 Overseas income 241 90 Getting a great tax accountant 244 91 Lodging your tax return 247 92 Amending returns and objecting to assessments 249 93 ATO data matching 252 94 Problems paying your tax 256 95 Estate planning 257 96 Private ancillary funds 262 97 Levies 266 98 Zone and overseas forces tax offsets 269 99 Tax-effective investments 270 100 Tax planning as a 365-day process 272 101 Just do it! 273 Glossary 275 Bibliography 293 Index 295
