101 Ways to Save Money on Your Tax - Legally! 2022-2023

DR ADRIAN RAFTERY has over 30 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 22

11 Death 24

12 Family trusts 26

Part II Your Employment 29

13 Car usage 31

14 Methods to claim car travel 33

15 Travel 35

16 Uniform 37

17 Home office 39

18 Other work-related deductions 43

19 Keeping those receipts 46

20 ATO hit lists 49

21 Redundancy 51

22 Working a second job 53

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 The $250 threshold 72

28 Student loans 74

29 Austudy and ABSTUDY 81

30 Scholarships 83

31 School building funds 85

32 Education savings plans 87

Part IV Your Investment Property 91

33 Negative gearing 93

34 Interest 95

35 Depreciation and low-value pooling 98

36 Repairs and maintenance 102

37 Borrowing and legal expenses 104

38 Other rental property deductions 108

39 Foreign investment properties 111

40 Capital gains tax 112

41 PAYG withholding variation 115

42 Co-ownership of your investment property 117

Part V Your Shares 121

43 Dividends 122

44 Shares owned by low income earners 128

45 Borrowing to buy shares 131

46 Other share deductions 133

47 Capital gains tax on shares 134

48 Realising capital losses 136

49 Inheriting share portfolios 138

50 Share traders versus share investors 140

51 Rights and options 142

52 Employee share schemes 144

53 Share portfolios within self managed superannuation funds 146

54 Cryptocurrency 148

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 193

Part VII Your Business 197

71 Choosing the right business structure 199

72 Tax obligations 203

73 Record keeping 207

74 Deferring tax 209

75 Trading stock 211

76 Bad debts 212

77 Home-based businesses 214

78 Sharing economy 216

79 Employing people 218

80 Single touch payroll 222

81 Tax concessions and offsets 225

82 Selling or closing down 233

83 Personal services income 235

84 Non-commercial losses 237

85 Division 7A loans by private companies 238

86 Franchising 241

87 Crowdfunding 242

88 Loss carry back tax offset 244

Part VIII Miscellaneous 247

89 Overseas income 247

90 Getting a great tax accountant 250

91 Lodging your tax return 252

92 Amending returns and objecting to assessments 255

93 ATO data matching 257

94 Problems paying your tax 261

95 Estate planning 262

96 Private ancillary funds 267

97 Levies 270

98 Zone and overseas forces tax offsets 273

99 Tax-effective investments 275

100 Tax planning as a 365-day process 277

101 Just do it! 278

Glossary 281

Bibliography 299

Index 301