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101 Ways to Save Money on Your Tax - Legally! 2013 - 2014

ISBN: 978-1-118-62176-9
340 pages
September 2013, Wrightbooks
101 Ways to Save Money on Your Tax - Legally! 2013 - 2014 (111862176X) cover image
How to minimise your tax debt and maximise your return from one of Australia's leading tax experts

Everyone has to pay tax, but why should you ever pay more than you owe? Don't let the government take more hard-earned dollars than it's entitled to. Without even knowing it, you could be giving away hundreds, even thousands! In this year's edition of 101 Ways to Save on Your Tax—Legally!, Adrian Raftery, also known as Mr. Taxman, gives you proven tips to help you minimise your tax debt while maximising your return. No matter how old you are or how much you earn, you can keep more of your money with vital tax deductions related to family, employment and education, investments, superannuation, small business, and much more.

  • Written by one of Australia's leading tax and finance experts
  • Comprehensively updated for the 2013 - 2014 tax year
  • Packed with moneysaving tax tips and answers to frequently asked questions

With Mr. Taxman's expert tips and bonus resources, you'll be able to better manage your tax issues 365 days a year and save a bundle at tax time!

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About the author xi

How to use this book xiii

Introduction xv

Part I You and your family 1

Tip 1 Marriage 2

Tip 2 Income splitting 5

Tip 3 Dependant spouse tax offset 7

Tip 4 Dependant (invalid and carer) tax offset 9

Tip 5 Children 10

Tip 6 Paid parental leave and the baby bonus 13

Tip 7 Dad and partner pay 15

Tip 8 Child care 17

Tip 9 Low-income earners 19

Tip 10 Senior Australians 21

Tip 11 Other government benefits 24

Tip 12 Family breakdown 27

Tip 13 Death 29

Tip 14 Trusts 32

Part II Your employment 35

Tip 15 Car usage 37

Tip 16 Methods to claim car travel 39

Tip 17 Travel 42

Tip 18 Uniform 44

Tip 19 Home office 46

Tip 20 Other work-related deductions 49

Tip 21 Keep those receipts 51

Tip 22 ATO hit lists 54

Tip 23 Redundancy 57

Tip 24 Working a second job 59

Tip 25 Salary sacrifice 62

Tip 26 Fringe benefits 64

Tip 27 Living-away-from-home allowance 68

Part III Your education 73

Tip 28 Claiming self-education expenses 74

Tip 29 The $250 threshold 77

Tip 30 Self-development courses 79

Tip 31 Higher Education Loan Program 82

Tip 32 Student Financial Supplement Scheme 85

Tip 33 Austudy and ABSTUDY 87

Tip 34 Other government assistance 90

Tip 35 Scholarships 93

Tip 36 School building funds 96

Tip 37 Education savings plans 98

Part IV Your investment property 101

Tip 38 Negative gearing 103

Tip 39 Interest 106

Tip 40 Depreciation 109

Tip 41 Low-value pooling 112

Tip 42 Repairs and maintenance 115

Tip 43 Travel to see your investment property 118

Tip 44 Borrowing expenses 120

Tip 45 Legal expenses 123

Tip 46 Other rental property deductions 124

Tip 47 Foreign investment properties 127

Tip 48 Capital gains tax 129

Tip 49 PAYG withholding variation 132

Tip 50 Genuinely available for rent 134

Part V Your shares 137

Tip 51 Dividends 139

Tip 52 Franking credits 142

Tip 53 Dividend reinvestment plans 145

Tip 54 Lower income earners 146

Tip 55 Borrowing to buy shares 149

Tip 56 Other allowable deductions 151

Tip 57 Shares and capital gains tax 153

Tip 58 Realise capital losses 155

Tip 59 Inheriting share portfolios 158

Tip 60 Share trader versus share investor 160

Tip 61 Rights and options 163

Tip 62 Employee share schemes 164

Tip 63 Share portfolios within self managed superannuation funds 167

Part VI Your superannuation 171

Tip 64 Contribution limits 173

Tip 65 Compulsory employer contributions 176

Tip 66 Salary sacrifice 179

Tip 67 Super co-contribution 182

Tip 68 Transferring foreign super 185

Tip 69 Self managed superannuation funds 187

Tip 70 Buying property within SMSFs 191

Tip 71 Gearing through a super fund 193

Tip 72 Accessing your super 196

Tip 73 Transition to retirement 198

Tip 74 Allocated pensions 199

Tip 75 Death benefits 201

Tip 76 Lost or unclaimed super 203

Part VII Your business 207

Tip 77 Choosing the right business structure 209

Tip 78 Tax obligations 214

Tip 79 Record keeping 217

Tip 80 Deferring tax 220

Tip 81 Trading stock 223

Tip 82 Bad debts 225

Tip 83 Home-based businesses 227

Tip 84 Employing people 230

Tip 85 Tax concessions and offsets 233

Tip 86 Selling or closing down 235

Tip 87 Personal services income 238

Tip 88 Non-commercial losses 239

Tip 89 Franchising 241

Part VIII Miscellaneous 243

Tip 90 Overseas income 244

Tip 91 Get a great accountant 247

Tip 92 Lodging your tax return 249

Tip 93 Amending returns and objecting to assessments 252

Tip 94 ATO data matching 255

Tip 95 Problems paying your tax 258

Tip 96 Medical expenses tax offset 260

Tip 97 Levies 263

Tip 98 Zone and overseas forces tax offsets 266

Tip 99 Tax-effective investments 269

Tip 100 Tax planning is a 365-day process 270

Tip 101 Just do it! 272

Glossary 275

Bibliography 293

Index 295

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ADRIAN RAFTERY has over 20 years' experience in providing accounting services and financial advice to businesses and individuals. As a recognised tax expert, Adrian appears frequently on TV and contributes to magazines and newspapers. Visit www.mrtaxman.com.au.

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