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More About This Title 101 Ways To Save Money on Your Tax - Legally! 2018-2019
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The essential money-saving tax resource, updated for 2019-2020
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 2019-2020 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 2019-2020
- 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!
English
DR ADRIAN RAFTERY has over 20 years of experience as an award-winning accountant and tax expert. As one of Australia's leading tax and finance commentators, Adrian regularly appears on TV and contributes to magazines and newspapers. Find out more at www.mrtaxman.com.au.
English
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 Paid parental leave 10
6 Dad and partner pay 11
7 Child care 12
8 Low-income earners 14
9 Senior and pensioner tax offset 16
10 Other government benefits 18
11 Family breakdown 21
12 Death 23
13 Trusts 25
PART II YOUR EMPLOYMENT 29
14 Car usage 30
15 Methods to claim car travel 33
16 Travel 35
17 Uniform 37
18 Home office 39
19 Other work-related deductions 42
20 Keeping those receipts 44
21 ATO hit lists 46
22 Redundancy 49
23 Working a second job 51
24 Salary sacrifice 53
25 Fringe benefits 55
26 Living-away-from-home allowance 59
PART III YOUR EDUCATION 63
27 Claiming self-education expenses 64
28 The $250 threshold 66
29 Self-development courses 68
30 Higher Education Loan Program 70
31 Student Financial Supplement Scheme 72
32 Austudy and ABSTUDY 74
33 Trade Support Loans 77
34 Scholarships 78
35 School building funds 80
36 Education savings plans 82
37 Other government assistance 84
PART IV YOUR INVESTMENT PROPERTY 87
38 Negative gearing 89
39 Interest 91
40 Depreciation 94
41 Low-value pooling 96
42 Repairs and maintenance 98
43 Borrowing expenses 100
44 Legal expenses 102
45 Other rental property deductions 103
46 Foreign investment properties 106
47 Capital gains tax 108
48 PAYG withholding variation 110
49 Property genuinely available for rent 112
PART V YOUR SHARES 115
50 Dividends 116
51 Franking credits 119
52 Dividend reinvestment plans 121
53 Lower income earners 122
54 Borrowing to buy shares 125
55 Other allowable deductions 127
56 Shares and capital gains tax 128
57 Realising capital losses 130
58 Inheriting share portfolios 132
59 Share traders versus share investors 134
60 Rights and options 136
61 Employee share schemes 138
62 Share portfolios within self managed superannuation funds 140
63 Cryptocurrency 142
PART VI YOUR SUPERANNUATION 147
64 Contribution limits 150
65 Compulsory employer contributions 153
66 Salary sacrifice 156
67 Super co-contribution 159
68 Transferring foreign super 162
69 Self managed superannuation funds 164
70 Buying property within SMSFs 167
71 Gearing through a super fund 170
72 Accessing your super 173
73 Transition to retirement 175
74 Account-based pensions 177
75 Death benefits 179
76 Lost or unclaimed super 181
PART VII YOUR BUSINESS 185
77 Choosing the right business structure 187
78 Tax obligations 191
79 Record keeping 193
80 Deferring tax 196
81 Trading stock 198
82 Bad debts 200
83 Home-based businesses 201
84 Employing people 204
85 Tax concessions and offsets 207
86 Selling or closing down 210
87 Personal services income 212
88 Non-commercial losses 213
89 Franchising 215
PART VIII MISCELLANEOUS 217
90 Overseas income 217
91 Getting a great accountant 220
92 Lodging your tax return 222
93 Amending returns and objecting to assessments 225
94 ATO data matching 227
95 Problems paying your tax 230
96 Medical expenses tax offset 231
97 Levies 234
98 Zone and overseas forces tax offsets 236
99 Tax-effective investments 238
100 Tax planning as a 365-day process 240
101 Just do it! 241
Glossary 245
Bibliography 261
Index 263
