101 Ways To Save Money on Your Tax - Legally! 2018-2019

by Raftery, Adrian

• ISBN13: 9780730359265
• ISBN10: 0730359263
• Edition: 8th
• Format: Paperback
• Copyright: 2018-07-16
• Publisher: Wiley

Summary

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!

Author Biography

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.

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 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