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| *Ostroff, Fair and Company>>>Australia Taxes |
How can I minimize Personal Tax? |
How can I minimize Personal Tax? If you are an employee, salary sacrifice your pay. Take some of your salary as a laptop, extra superannuation etc. If you run a business, incorporate it, and make sure you have a Personal Services Business, in accordance with the Alienation of Personal Services Income legislation. Companies only pay a tax rate of 30%, but if you provide personal services, you'll end up having that company income attributed to your personal tax. You can also minimise personal tax by hiring a really expensive accountant. They come up with the most creative ideas. I'm in the UK so don't know Australian tax law - but it's based on ours. You pay income tax, after you've used up your allowances. How about capital gains tax are you using up all your allowances? Any other allowances you can use. Phone your tax office. People hate the tax man - phone them! be nice - ask if they wouldn't mind advising you? They are usually very helpful and informative - and a hell of a lot cheaper than an accountant. Start a home business, you can move some of your personal expenses into the business. I doubled my refund this year by the addition of expenses I incurred in my business. If you want to look at a home business opportunity, write me back (wasdadd) at yahoo. u can get married and get babies, the more busbies the less tax u have to pay. |
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