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More About This Title 101 WAYS TO SAVE MONEY ON YOUR TAX - LEGALLY! 2014-2015
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As featured on The Project (Channel Ten), A Current Affair (Channel 9), ABC Radio and in Money Magazine.
Stop giving your money away!
You work hard for your money, and you work even harder to set and keep a budget that makes the most of it. But when tax time arrives, do you feel shorted on your return? Nearly everyone has to pay taxes, but the government is only entitled to so much of your money. You might be letting them keep hundreds or even thousands of dollars that rightfully belong to you. No matter what your accounting habits have been so far, you can still claim what's yours.
101 Ways to Save Money on Your Tax—Legally! 2014 – 2015 is your ultimate guide to maximising your return. Author Adrian Raftery, a.k.a. Mr. Taxman, is Australia's leading personal taxation expert. In the book, Raftery provides the information you need to get back every single dollar you're entitled to, plus tips and tricks that help you get the most out of deductions related to:
- You, your family, and your property
- Education, employment, and small business
- Investment property, shares, and superannuation
- Special circumstances, including medical expenses and levies
The book also contains advice on related matters, including tax-effective investments, tax planning, and how to find a great accountant. All information has been updated to reflect tax law changes wrought by the May 2014 budget. If you're tired of paying too much tax and seeing too little return, 101 Ways to Save Money on Your Tax—Legally! 2014 – 2015 is your comprehensive guide to putting things right, starting now.
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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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About the author xi
How to use this book xiii
Introduction xvii
Part I You and your family 1
1 Marriage 2
2 Income splitting 5
3 Dependent spouse tax offset 7
4 Dependant (invalid and carer) tax offset 9
5 Children 10
6 Paid parental leave 13
7 Dad and partner pay 15
8 Child care 16
9 Low-income earners 18
10 Senior Australians 20
11 Other government benef its 23
12 Family breakdown 27
13 Death 29
14 Trusts 32
Part II Your employment 35
15 Car usage 37
16 Methods to claim car travel 40
17 Travel 42
18 Uniform 45
19 Home off ice 47
20 Other work-related deductions 50
21 Keeping those receipts 53
22 ATO hit lists 55
23 Redundancy 58
24 Working a second job 60
25 Salary sacrifice 63
26 Fringe benefits 65
27 Living-away-from-home allowance 69
Part III Your education 75
28 Claiming self-education expenses 76
29 The $250 threshold 79
30 Self-development courses 81
31 Higher Education Loan Program 84
32 Student Financial Supplement Scheme 88
33 Austudy and ABSTUDY 90
34 Other government assistance 93
35 Scholarships 96
36 School building funds 99
37 Education savings plans 102
Part IV Your investment property 105
38 Negative gearing 107
39 Interest 110
40 Depreciation 114
41 Low-value pooling 117
42 Repairs and maintenance 119
43 Travel to see your investment property 122
44 Borrowing expenses 124
45 Legal expenses 127
46 Other rental property deductions 128
47 Foreign investment properties 131
48 Capital gains tax 133
49 PAYG withholding variation 136
50 Property genuinely available for rent 139
Part V Your shares 141
51 Dividends 143
52 Franking credits 146
53 Dividend reinvestment plans 149
54 Lower income earners 150
55 Borrowing to buy shares 153
56 Other allowable deductions 156
57 Shares and capital gains tax 158
58 Realising capital losses 160
59 Inheriting share portfolios 162
60 Share traders versus share investors 164
61 Rights and options 167
62 Employee share schemes 169
63 Share portfolios within self managed superannuation funds 171
Part VI Your superannuation 175
64 Contribution limits 178
65 Compulsory employer contributions 182
66 Salary sacrifice 185
67 Super co-contribution 188
68 Transferring foreign super 190
69 Self managed superannuation funds 192
70 Buying property within SMSFs 196
71 Gearing through a super fund 198
72 Accessing your super 201
73 Transition to retirement 203
74 Allocated pensions 205
75 Death benefits 207
76 Lost or unclaimed super 209
Part VII Your business 213
77 Choosing the right business structure 215
78 Tax obligations 220
79 Record keeping 223
80 Deferring tax 226
81 Trading stock 229
82 Bad debts 231
83 Home-based businesses 233
84 Employing people 236
85 Tax concessions and offsets 239
86 Selling or closing down 242
87 Personal services income 244
88 Non-commercial losses 245
89 Franchising 247
Part VIII Miscellaneous 249
90 Overseas income 250
91 Getting a great accountant 253
92 Lodging your tax return 256
93 Amending returns and objecting to assessments 258
94 ATO data matching 261
95 Problems paying your tax 264
96 Medical expenses tax offset 266
97 Levies 269
98 Zone and overseas forces tax offsets 273
99 Tax-effective investments 276
100 Tax planning as a 365-day process 277
101 Just do it! 279
Glossary 281
Bibliography 299
Index 301
