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101 Ways to Save Money on Your Tax - Legally! 2017-2018

ISBN: 978-0-7303-4494-0
288 pages
August 2017
101 Ways to Save Money on Your Tax - Legally! 2017-2018 (0730344940) cover image

Description

Mr. Taxman is back to save you even more on your 2017-2018 tax

101 Ways to Save Money on Your Tax — Legally! is the quintessential guide for every Australian taxpayer. Updated annually to keep pace with changing tax laws, this book shows you how to maximise your return and keep more of your hard-earned money. Why pay more than your fair share? This year's edition explains all of the changes to the May 2017 budget, and provides indispensable advice from Mr. Taxman himself! Find answers to your questions and identify every deduction that applies to you; leverage your business, education, family, property, medical expenses, levies, shares and superannuation to receive your maximum return.

This invaluable guide goes beyond tax prep to help you position yourself for an even better return next year! Learn where and how to invest, the traps you should avoid and how you can start planning now so you can owe less the next time around. It's not about "cheating the system" — by clarifying obscure language and complicated rules, this book simply helps you reclaim the money that belongs to you.

  • Understand how changes to the tax laws affect you for 2017-2018
  • Maximise your deductions and avoid overpayment
  • Get organised with tips and advice for your specific situation
  • Avoid tax traps, correct errors and get the return you deserve

Taxes are important for a functional society, but the government is only entitled to so much of your money. So many Australians overpay their tax every year — it's time to separate yourself from the crowd. Pay what you owe, but not a cent more, with the clear, expert guidance in 101 Ways to Save Money on Your Tax — Legally!

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Table of Contents

About the author xi

How to use this book xiii

Introduction xv

Part I You and your family1

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 benef its 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 off ice 39

19 Other work-related deductions 42

20 Keeping those receipts 44

21 ATO hit lists 47

22 Redundancy 50

23 Working a second job 52

24 Salary sacrif ice 54

25 Fringe benef its 56

26 Living-away-from-home allowance 60

Part III Your education 65

27 Claiming self-education expenses 66

28 The $250 threshold 68

29 Self-development courses 70

30 Higher Education Loan Program 72

31 Student Financial Supplement Scheme 74

32 Austudy and ABSTUDY 76

33 Trade Support Loans 79

34 Scholarships 80

35 School building funds 82

36 Education savings plans 84

37 Other government assistance 86

Part IV Your investment property89

38 Negative gearing 91

39 Interest 93

40 Depreciation 96

41 Low-value pooling 98

42 Repairs and maintenance 100

43 Travel to see your investment property 102

44 Borrowing expenses 104

45 Legal expenses 106

46 Other rental property deductions 108

47 Foreign investment properties 111

48 Capital gains tax 113

49 PAYG withholding variation 115

50 Property genuinely available for rent 117

Part V Your shares 119

51 Dividends 120

52 Franking credits 123

53 Dividend reinvestment plans 125

54 Lower income earners 126

55 Borrowing to buy shares 129

56 Other allowable deductions 131

57 Shares and capital gains tax 132

58 Realising capital losses 134

59 Inheriting share portfolios 136

60 Share traders versus share investors 138

61 Rights and options 140

62 Employee share schemes 142

63 Share portfolios within self managed superannuation funds 144

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 180

76 Lost or unclaimed super 182

101 ways to save money on your tax — legally!

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 237

99 Tax-effective investments 239

100 Tax planning as a 365-day process 240

101 Just do it! 242

Glossary 245

Bibliography 261

Index 263

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Author Information

DR ADRIAN RAFTERY has over 20 years of 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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