101 Ways to Save Money on Your Tax - Legally! 2024 - 2025

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 16

9 Other government benefits 18

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 42

19 Keeping those receipts 45

20 ATO hit lists 48

21 Redundancy 51

22 Working a second job 53

23 Salary sacrifice 54

24 Fringe benefits 56

25 Living-away-from-home allowance 61

Part III Your Education 65

26 Claiming self-education expenses 66

27 Student loans 70

28 Austudy and ABSTUDY 77

29 Scholarships 79

30 School building funds 81

31 Education savings plans 83

Part IV Your Investment Property 87

32 Negative gearing 89

33 Interest 91

34 Depreciation and low-value pooling 94

35 Repairs and maintenance 98

36 Borrowing and legal expenses 100

37 Other rental property deductions 104

38 Foreign investment properties 106

39 Capital gains tax 108

40 PAYG withholding variation 111

41 Co-ownership of your investment property 113

42 Build-to-rent properties 115

Part V Your Shares 119

43 Dividends 120

44 Shares owned by low income earners 126

45 Borrowing to buy shares 129

46 Other share deductions 131

47 Capital gains tax on shares 132

48 Realising capital losses 134

49 Inheriting share portfolios 136

50 Share traders versus share investors 138

51 Rights and options 140

52 Employee share schemes 142

53 Share portfolios within self managed superannuation funds 144

54 Cryptocurrency 146

55 Non-fungible tokens 151

Part VI Your Superannuation 153

56 Contribution limits 156

57 Transfer Balance Cap 159

58 Downsizer Contribution 162

59 Compulsory employer contributions 165

60 Salary sacrifice 167

61 Division 293 tax 170

62 Super co-contribution 172

63 Transferring foreign super 175

64 Self managed superannuation funds 176

65 Buying property within SMSFs 179

66 Gearing through a super fund 182

67 Accessing your super 184

68 Transition to retirement 187

69 Account-based pensions 189

70 Death benefits 190

71 Lost or unclaimed super 192

Part VII Your Business 197

72 Choosing the right business structure 198

73 Tax obligations 203

74 Record keeping 206

75 Deferring tax 208

76 Trading stock 210

77 Bad debts 212

78 Home-based businesses 213

79 Sharing Economy 215

80 Employing people 218

81 Single Touch Payroll 221

82 Tax concessions and offsets 223

83 Selling or closing down 229

84 Personal services income 231

85 Non-commercial losses 232

86 Division 7A loans by private companies 234

87 Franchising 236

88 Crowdfunding 237

Part VIII Miscellaneous 241

89 Overseas income 241

90 Getting a great tax accountant 244

91 Lodging your tax return 247

92 Amending returns and objecting to assessments 249

93 ATO data matching 252

94 Problems paying your tax 256

95 Estate planning 257

96 Private ancillary funds 262

97 Levies 266

98 Zone and overseas forces tax offsets 269

99 Tax-effective investments 270

100 Tax planning as a 365-day process 272

101 Just do it! 273

Glossary 275

Bibliography 293

Index 295