|
|
| *Ostroff, Fair and Company>>>Australia Taxes |
What are some of the best tax minimization schemes in Australia for an average salary earner? |
What are some of the best tax minimization schemes in Australia for an average salary earner? Tax minimisation is just a polite way to say tax avoidance. The best ways to avoid paying tax (legally) are: Common Tax Expenses That Could Be Deducted: Car expenses Travel Self-education Work clothing purchase Laundry/dry cleaning of uniforms Publications that are purchased for work Tools and equipment (including software and computers) Sickness and accident insurance Depreciation on assets used at work Sun protection items - sunscreen, sunhat or sunglasses Home office expenses Other Expenses That May Be Deducted From Your Tax: Charitable donations Balancing adjustments for depreciating assets lost in bushfires Management of your tax affairs for accountants or lawyers Election expenses Tax losses from earlier years Non-employer sponsored super contributions Investment Expenses That May be Deducted: Debt expenses obtained through a getting or maintaining a property loan Property project pool Deductions from property trust income Rental property expenses Australian Film industry investment Prepaid expenses Interest and dividend deductions Source(s): http://au.pfinance.yahoo.com/tax/tips.ht... Try and earn cash :) One of the best ways of minimizing your tax is to voluntarily contribute superannuation out of your pay - contributions are only taxed 15% and you lower your personal taxable income for the year as well. You will get your extra super contribution (plus interest earned) back when you retire. Put your savings in a trust fund. That way, u can avoid tax on your trust fund. But bear in mind that the funds (that gets transferred to your beneficiaries) will be taxed accordingly. Another way to minimise tax schemes, is to abolish the GST system!! and tax on earning caps. |
| Tags |
| Mexico Taxes Ireland Taxes India Taxes Germany Taxes Canada Taxes Australia Taxes Small Business Renting & Real Estate |
Finance Categories--Copyright/IP Policy--Contact Webmaster |