101 Ways to Save Money on Your Tax – Legally! 2023 –2024

DR ADRIAN RAFTERY has over 33 years of experience as an award-winning accountant and tax expert. As one of Australia's leading tax and finance commentators, Adrian regularly appears on TV and contributes to magazines and newspapers. Find out more at www.mrtaxman.com.au.

About the author xi How to use this book xiii Introduction xv PART I YOU AND YOUR FAMILY 1 1 Marriage 2 2 Income splitting 4 3 Dependant (invalid and carer) tax offset 6 4 Children 8 5 Payments for new parents 10 6 Child care 12 7 Low-income earners 15 8 Senior and pensioner tax offset 17 9 Other government benefits 19 10 Family breakdown 23 11 Death 25 12 Family trusts 27 PART II YOUR EMPLOYMENT 31 13 Car usage 33 14 Methods to claim car travel 35 15 Travel 37 1 6 Uniform 39 17 Home office 41 18 Other work-related deductions 44 19 Keeping those receipts 46 20 ATO hit lists 49 21 Redundancy 52 22 Working a second job 54 23 Salary sacrifice 55 24 Fringe benefits 57 25 Living-away-from-home allowance 62 PART III YOUR EDUCATION 67 26 Claiming self-education expenses 68 27 Student loans 72 28 Austudy and ABSTUDY 78 29 Scholarships 81 30 School building funds 83 31 Education savings plans 85 PART IV YOUR INVESTMENT PROPERTY 89 32 Negative gearing 91 33 Interest 93 34 Depreciation and low-value pooling 96 35 Repairs and maintenance 100 36 Borrowing and legal expenses 102 37 Other rental property deductions 106 38 Foreign investment properties 108 39 Capital gains tax 110 40 PAYG withholding variation 113 41 Co-ownership of your investment property 115 PART V YOUR SHARES 119 42 Dividends 120 43 Shares owned by low income earners 126 44 Borrowing to buy shares 129 45 Other share deductions 131 46 Capital gains tax on shares 132 47 Realising capital losses 134 48 Inheriting share portfolios 136 49 Share traders versus share investors 138 50 Rights and options 140 51 Employee share schemes 142 52 Share portfolios within self managed superannuation funds 144 53 Cryptocurrency 146 54 Non-fungible tokens 150 PART VI YOUR SUPERANNUATION 153 55 Contribution limits 156 56 Transfer Balance Cap 159 57 Downsizer Contribution 162 58 Compulsory employer contributions 165 59 Salary sacrifice 167 60 Division 293 tax 170 61 Super co-contribution 172 62 Transferring foreign super 175 63 Self managed superannuation funds 177 64 Buying property within SMSFs 180 65 Gearing through a super fund 182 66 Accessing your super 184 67 Transition to retirement 187 68 Account-based pensions 189 69 Death benefits 191 70 Lost or unclaimed super 192 PART VII YOUR BUSINESS 197 71 Choosing the right business structure 198 72 Tax obligations 203 73 Record keeping 206 74 Deferring tax 208 75 Trading stock 210 76 Bad debts 211 77 Home-based businesses 213 78 Sharing Economy 215 79 Employing people 217 80 Single touch payroll 220 81 Tax concessions and offsets 223 82 Selling or closing down 228 83 Personal services income 230 84 Non-commercial losses 231 85 Division 7A loans by private companies 233 86 Franchising 235 87 Crowdfunding 236 88 Loss carry back tax offset 238 PART VIII MISCELLANEOUS 243 89 Overseas income 243 90 Getting a great tax accountant 246 91 Lodging your tax return 248 92 Amending returns and objecting to assessments 251 93 ATO data matching 253 94 Problems paying your tax 257 95 Estate planning 258 96 Private ancillary funds 263 97 Levies 266 98 Zone and overseas forces tax offsets 269 99 Tax-effective investments 271 100 Tax planning as a 365-day process 273 101 Just do it! 274 Glossary 277 Bibliography 295 Index 297