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9780730384625

101 Ways to Save Money on Your Tax - Legally! 2020 - 2021

by
  • ISBN13:

    9780730384625

  • ISBN10:

    0730384624

  • Edition: 10th
  • Format: Paperback
  • Copyright: 2020-06-15
  • Publisher: Wiley
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Supplemental Materials

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Summary

An essential money-saving resource for every Australian who pays tax – updated for the 2020-2021 tax year and including the latest COVID-19 pandemic government relief measures.

101 Ways to Save Money on Your Tax – Legally! is the tax guide every Australian should own. Step-by-step instructions from Adrian Raftery, aka Mr. Taxman, will show you how to leverage every available deduction to lower your tax bill and keep more of your hard-earned money. Thoroughly updated for the 2020-2021 tax year, this new edition gives you the latest information on changes to the tax codes as well as the latest COVID-19 pandemic government relief measures, including the JobKeeper payment, the Cash Flow Boost, the Coronavirus Supplement, the Coronavirus SME Guarantee Scheme and the early access to superannuation.

Tax laws are constantly changing, but you don’t have to pore over piles of legislation to file your tax accurately and completely – that’s what Mr. Taxman is here for. Don’t let yourself become one of the people who overpay. Find out what you actually owe, and prepare for even better savings next year. This guide removes the stress and confusion from tax season and helps you file 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 2020-2021
  • reduce your tax bill, potentially by $100s or $1000s
  • learn plenty of expert tips, avoid tax traps and find the answers to frequently-asked questions
  • explore topics such as medical expenses, levies, shares, property, education, business and family expenses, superannuation and much more
  • protect yourself from errors, audits, overpayments and other common problems.

When it's time to file your tax, turn to 101 Ways to Save Money on Your Tax – Legally! Maximise your deductions and get the best possible tax return. Don’t pay more than you have to. Mr. Taxman is here to help.

Author Biography

DR ADRIAN RAFTERY has over 25 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.

Table of Contents

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 17

9 Other government benefits 19

10 Family breakdown 23

11 Death 25

12 Family trusts 27

Part II Your employment 31

13 Car usage 32

14 Methods to claim car travel 35

15 Travel 37

16 Uniform 39

17 Home office 41

18 Other work-related deductions 46

19 Keeping those receipts 48

20 ATO hit lists 50

21 Redundancy 53

22 Working a second job 55

23 Salary sacrifice 57

24 Fringe benefits 59

25 Living-away-from-home allowance 63

Part III Your education 67

26 Claiming self-education expenses 68

27 The $250 threshold 70

28 Self-development courses 72

29 Student loans 74

30 Austudy and ABSTUDY 81

31 Scholarships 83

32 School building funds 85

33 Education savings plans 87

Part IV Your investment property 91

34 Negative gearing 93

35 Interest 95

36 Depreciation 98

37 Low-value pooling 100

38 Repairs and maintenance 102

39 Borrowing expenses 104

40 Legal expenses 106

41 Other rental property deductions 108

42 Foreign investment properties 111

43 Capital gains tax 112

44 PAYG withholding variation 115

45 Co-ownership of your investment property 117

Part V Your shares 121

46 Dividends 122

47 Shares owned by low income earners 128

48 Borrowing to buy shares 131

49 Other share deductions 133

50 Capital gains tax on shares 134

51 Realising capital losses 136

52 Inheriting share portfolios 138

53 Share traders versus share investors 140

54 Rights and options 142

55 Employee share schemes 144

56 Share portfolios within self managed superannuation funds 146

57 Cryptocurrency 148

Part VI Your superannuation 153

58 Contribution limits 156

59 Transfer Balance Cap 159

60 Downsizer Contribution 162

61 Compulsory employer contributions 165

62 Salary sacrifice 167

63 Division 293 tax 170

64 Super co-contribution 172

65 Transferring foreign super 175

66 Self managed superannuation funds 177

67 Buying property within SMSFs 180

68 Gearing through a super fund 182

69 Accessing your super 184

70 Transition to retirement 187

71 Account-based pensions 189

72 Death benefits 191

73 Lost or unclaimed super 193

Part VII Your business 197

74 Choosing the right business structure 199

75 Tax obligations 202

76 Record keeping 206

77 Deferring tax 208

78 Trading stock 210

79 Bad debts 212

80 Home-based businesses 214

81 Sharing Economy 216

82 Employing people 218

83 Single Touch Payroll 223

84 Tax concessions and offsets 226

85 Selling or closing down 230

86 Personal services income 232

87 Non-commercial losses 233

88 Division 7A loans by private companies 235

89 Franchising 237

Part VIII Miscellaneous 239

90 Overseas income 239

91 Getting a great accountant 242

92 Lodging your tax return 244

93 Amending returns and objecting to assessments 247

94 ATO data matching 249

95 Problems paying your tax 252

96 Estate planning 254

97 Levies 259

98 Zone and overseas forces tax offsets 262

99 Tax-effective investments 264

100 Tax planning as a 365-day process 265

101 Just do it! 267

Glossary 269

Bibliography 287

Index 289

Supplemental Materials

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

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