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More About This Title 101 WAYS TO SAVE MONEY ON YOUR TAX - LEGALLY! 2015-2016
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101 Ways to Save Money on Your Tax–Legally! 2015–2016 sheds light on how you can increase your tax return by maximising your deductions. This practical guide explores how individual, family, property, education, employment, small business, investment property, shares, superannuation, medical expenses, levies, and other deductions can be leveraged to ensure that you receive the tax return you deserve—and that you do not overpay the government. You'll also get advice regarding tax-effective investments, tax planning, and the best way to go about finding a great accountant.
Every year, you give a portion of your income to the government. While this money funds essentials like infrastructure, you certainly do not want to give more than you need to. This insightful guide provides you with the information necessary to ensure that you receive as much money back as possible on your tax return.
Discover how you can maximise your deductions to increase your tax return—and get what you are entitled to back from the government each yearUnderstand the tax law changes from the May 2015 budgetAccess tips that assist you in planning and filing your taxes with your best interests in mindIdentify tax traps, and get answers to frequently asked questions101 Ways to Save Money on Your Tax–Legally! 2015–2016 is an essential resource for every Australian who pays taxes.
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DR ADRIAN RAFTERY has over 20 years' experience as an awardwinning accountant and tax expert. One of Australia's leading tax and finance commentators, Adrian regularly appears on TV and contributes to magazines and newspapers. Visit him at www.mrtaxman.com.au
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How to use this book xiii
Introduction xvii
Part I You and your family 1
1 Marriage 2
2 Income splitting 5
3 Dependant (invalid and carer) tax offset 7
4 Children 10
5 Paid parental leave 13
6 Dad and partner pay 14
7 Child care 15
8 Low-income earners 17
9 Senior and pensioner tax offset 19
10 Other government benefits 21
11 Family breakdown 25
12 Death 27
13 Trusts 30
Part II Your employment 33
14 Car usage 35
15 Methods to claim car travel 38
16 Travel 40
17 Uniform 43
18 Home office 45
19 Other work-related deductions 48
20 Keeping those receipts 51
21 ATO hit lists 53
22 Redundancy 56
23 Working a second job 58
24 Salary sacrif ice 61
25 Fringe benef its 63
26 Living-away-from-home allowance 67
Part III Your education 73
27 Claiming self-education expenses 74
28 The $250 threshold 77
29 Self-development courses 79
30 Higher Education Loan Program 82
31 Student Financial Supplement Scheme 86
32 Austudy and ABSTUDY 88
33 Trade Support Loans 91
34 Scholarships 93
35 School building funds 96
36 Education savings plans 98
37 Other government assistance 101
Part IV Your investment property 105
38 Negative gearing 107
39 Interest 110
40 Depreciation 114
41 Low-value pooling 117
42 Repairs and maintenance 119
43 Travel to see your investment property 122
44 Borrowing expenses 124
45 Legal expenses 127
46 Other rental property deductions 128
47 Foreign investment properties 132
48 Capital gains tax 134
49 PAYG withholding variation 137
50 Property genuinely available for rent 140
Part V Your shares 143
51 Dividends 145
52 Franking credits 148
53 Dividend reinvestment plans 151
54 Lower income earners 152
55 Borrowing to buy shares 155
56 Other allowable deductions 158
57 Shares and capital gains tax 160
58 Realising capital losses 162
59 Inheriting share portfolios 164
60 Share traders versus share investors 166
61 Rights and options 169
62 Employee share schemes 171
63 Share portfolios within self managed superannuation funds 174
Part VI Your superannuation 177
64 Contribution limits 180
65 Compulsory employer contributions 183
66 Salary sacrifice 186
67 Super co-contribution 189
68 Transferring foreign super 191
69 Self managed superannuation funds 194
70 Buying property within SMSFs 197
71 Gearing through a super fund 200
72 Accessing your super 203
73 Transition to retirement 205
74 Account-based pensions 207
75 Death benefits 209
76 Lost or unclaimed super 211
Part VII Your business 215
77 Choosing the right business structure 217
78 Tax obligations 221
79 Record keeping 225
80 Deferring tax 228
81 Trading stock 230
82 Bad debts 232
83 Home-based businesses 234
84 Employing people 237
85 Tax concessions and offsets 240
86 Selling or closing down 243
87 Personal services income 245
88 Non-commercial losses 247
89 Franchising 248
Part VIII Miscellaneous 251
90 Overseas income 252
91 Getting a great accountant 255
92 Lodging your tax return 258
93 Amending returns and objecting to assessments 261
94 ATO data matching 264
95 Problems paying your tax 267
96 Medical expenses tax offset 269
97 Levies 272
98 Zone and overseas forces tax offsets 277
99 Tax-effective investments 279
100 Tax planning as a 365-day process 281
101 Just do it! 283
Glossary 285
Bibliography 303
Index 305
