Hi there
It is that time of the year when you look at the amount of tax paid and wonder how can we reduce tax legally.
I was wondering if there exists any easy business (where setting and running is easier than normal business) so you can claim additional component for tax legally??
I remember when I was younger I used to think that you paid tax money to the government, and then at tax time you get all that money back for some reason. Like every cent you paid sort of like a savings account. Sigh, I guess maybe if you're a billionaire.
I'm pretty sure most people don't understand finances in general like you say with tax but also super and just general budgeting. It would be useful to have a short course during high school to at least give people an idea about these things.
Pretty sure that was part of a non-elective subjects in years 7-10.
It's been replaced with 'gender studies'.
@EightImmortals: Sponsored by the banks obviously. Financially literacy makes it harder to take money from people.
I went to a private school and none of this was covered. I kind of worked things out by asking work mates when I entered the work force and some info from my parents. This was in early 2000s where dial up was common and not everything was online.
@BBear53: I went to public school.
When dial up was common.
This definitely was covered.
Most students didn't care as it was largely related to maths.
It is that time of the year when you look at the amount of tax paid and wonder how can we reduce tax legally.
364 days too late.. minimize it before you pay it..
365 - leap year :)
Hobby farm. Olives, timber logging. Lot’s of examples over the years, but consistently terrible investments if they didn’t take your money.
How does that work? https://www.farmstyle.com.au/news/hobby-farm-tax-deductions-…
Having a read and it looks like you need to make sub 40k for deductions?
Not giving tax advice, just pointing out there is a long history of “investments” that had the main attraction being their immediate tax write off. Pretty much all of them are disasters.
Ah I misread the tone lol
I run a company in fiji where i charge myself taxation services to get my income to the point where i pay net zero tax and claim the decuction here.
Nice. :)
Out of curiosity, why Fiji?
Some of these island nations have low tax to try to attract investment. Unfortunately the above adds very little value.
My brother is a lawyer with the ATO where they prosecute tax fraud, I'll ask him about Fiji taxation services.
Watch out for the influx of billionaires
https://www.theguardian.com/world/2020/jun/28/escape-the-pan…
Has the ATO budget really been cut so far that they need to source from Ozbargain new ideas to target for audit?
I hear buying an aeroplane company is a good business model for tax minimization. Virgin was for sale but you're a little late to the table considering Bain has bought it.
It helps to compete with mates for the biggest percentage of tax deductions made against your original tax liability. It keeps the mind sharp and reinforces the idea that the financial year is one extended soccer game against the ATO.
Instead of looking at losing money through a side business, to claim the deductions etc., you could donate to causes that you relate to and claim those donations as deductions.
Win win.
For this year it's far too late. It's about the time when you start planning for next year and the year after.
Donate to charity! Easy way to reduce tax, although you're not actually going to make money. Still, it satisfies the question you asked.
OP needs to declare himself a sovereign state, immune to these pesky and unnecessary taxes
but not from Jail Time when convicted of tax evasion
OP would have his own army, come and take it they would say
open another company. and raise a bill to this company. make sure you have a lot of losses in the one raising invoice.
I feel like half the population doesn't understand how tax refunds work, and think it is free money…