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101 Ways To Save Money On Your Tax - Legally 2016-2017

ISBN: 978-0-7303-3011-0
340 pages
August 2016
101 Ways To Save Money On Your Tax - Legally 2016-2017 (0730330117) cover image

Description

Mr. Taxman is back with essential money-saving tax tips for 2016-2017

101 Ways to Save Money on Your TaxLegally! is the Australian taxpayer's essential guide to maximising returns. Comprehensively updated for 2016-2017, this indispensable resource explains all of the changes to the May 2016 budget to help you pay what you owe and not a penny more. You'll find answers to common questions, tax traps to avoid and plenty of tips from Mr. Taxman himself that can save you hundreds or even thousands of dollars! Leverage your business, education, family, property, medical expenses, levies, shares and superannuation to get the tax return you deserve – and are fully entitled to under Australian law. You'll also find expert advice for tax-effective investments, tax planning and how to find a great accountant, so you can position yourself for an even bigger return next year!

Taxes are important, and they pay for things that are fundamental to a functioning society – but the government is only entitled to so much of your money. This book helps you determine exactly how much that is, so you can stop overpaying and start maximising your return.

  • Maximise deductions for your family, business, investments and more
  • Understand the latest changes to tax law
  • Identify traps and errors before it's too late
  • Access planning and filing tips for your specific situation

Every year, so many Australians overpay their tax due to confusion surrounding tax law. Don't allow obscure language and complicated deductions to take money out of your pocket this year. It's your money, and you worked hard for it. Why pay more than you have to? 101 Ways to Save Money on Your TaxLegally! shows you how to maximise deductions to maximise returns, and make sense out of your tax.

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Table of Contents

About the author xi

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 9

5 Paid parental leave 12

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 benef its 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 42

18 Home off ice 44

19 Other work-related deductions 47

20 Keeping those receipts 50

21 ATO hit lists 52

22 Redundancy 55

23 Working a second job 57

24 Salary sacrif ice 60

25 Fringe benef its 62

26 Living-away-from-home allowance 66

Part III Your education 71

27 Claiming self-education expenses 72

28 The $250 threshold 75

29 Self-development courses 77

30 Higher Education Loan Program 80

31 Student Financial Supplement Scheme 84

32 Austudy and ABSTUDY 86

33 Trade Support Loans 89

34 Scholarships 91

35 School building funds 93

36 Education savings plans 96

37 Other government assistance 98

Part IV Your investment property 103

38 Negative gearing 105

39 Interest 108

40 Depreciation 112

41 Low-value pooling 115

42 Repairs and maintenance 117

43 Travel to see your investment property 120

44 Borrowing expenses 122

45 Legal expenses 125

46 Other rental property deductions 126

47 Foreign investment properties 130

48 Capital gains tax 132

49 PAYG withholding variation 135

50 Property genuinely available for rent 138

Part V Your shares 141

51 Dividends 143

52 Franking credits 146

53 Dividend reinvestment plans 149

54 Lower income earners 150

55 Borrowing to buy shares 153

56 Other allowable deductions 156

57 Shares and capital gains tax 158

58 Realising capital losses 160

59 Inheriting share portfolios 162

60 Share traders versus share investors 164

61 Rights and options 167

62 Employee share schemes 169

63 Share portfolios within self managed superannuation funds 172

Part VI Your superannuation 175

64 Contribution limits 178

65 Compulsory employer contributions 181

66 Salary sacrifice 184

67 Super co-contribution 187

68 Transferring foreign super 189

69 Self managed superannuation funds 192

70 Buying property within SMSFs 195

71 Gearing through a super fund 198

72 Accessing your super 201

73 Transition to retirement 203

74 Account-based pensions 205

75 Death benefits 207

76 Lost or unclaimed super 209

Part VII Your business 213

77 Choosing the right business structure 215

78 Tax obligations 219

79 Record keeping 223

80 Deferring tax 226

81 Trading stock 228

82 Bad debts 230

83 Home-based businesses 232

84 Employing people 235

85 Tax concessions and offsets 238

86 Selling or closing down 241

87 Personal services income 243

88 Non-commercial losses 245

89 Franchising 246

Part VIII Miscellaneous 249

90 Overseas income 250

91 Getting a great accountant 253

92 Lodging your tax return 256

93 Amending returns and objecting to assessments 259

94 ATO data matching 262

95 Problems paying your tax 265

96 Medical expenses tax offset 267

97 Levies 270

98 Zone and overseas forces tax offsets 275

99 Tax-effective investments 277

100 Tax planning as a 365-day process 279

101 Just do it! 281

Glossary 283

Bibliography 301

Index 303

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Author Information

DR ADRIAN RAFTERY has over 20 years' experience as an award-winning accountant and tax expert. 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.

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