Hi guys,
Can people suggest what are some ways to reduce my taxable income?
Paying into super is 1, what other ways are there?
My accountant gave some advice but I'm looking for more outside the box ideas.
Any suggestions?
Tax Time: Ways to Reduce Taxable Income
LPT1987 on 28/04/2017 - 20:08
Comments
Beware that company loses might not be able to offset personal income as these are two separate entities. Needs to be more creative :)
Go to a country with shit public services eg. no health care etc.
Quit you job?
Charity donations are good.
Negative gearing if you are a crazy speculator.
Pay investment loan interest in advance.Donate to charity
edit: beaten by 22 seconds above
how does it work?
Easy you just donate to a registered DGR (deductible gift recipient) and claim as a deduction on your tax return. You won't get any benefit to your hip pocket but it will reduce your taxable income.
To seriously answer OP if you're an office worker go and salary sacrifice a tool of trade like a briefcase, laptop or phone, or even sacrifice towards a new novated lease
If you have a partner get them to give you financial advice and bill you massively for the consultations that way you minimise your tax.
http://www.smh.com.au/federal-politics/political-news/tax-of…
Go receipt hunting at officeworks, coles, woolies and say it's all for work and you weren't reimbursed but that's cheating. But in all seriousness, it comes down to how organised you are.
Claim the 3185 kms you did travelling to conferences
Start a company that loses money