Introduction

With the range of technology and software available today, it's become easier than ever to work from home. Employees can efficiently complete calls using teleconferencing software, many collaboration tools are now cloud-based, and work devices, including laptops and tablets, are light and portable.
If you've been working from home, you've likely also set up a dedicated work area, and you're using your own electricity and resources to power your workday. But which of these items can you claim in your next tax return to ensure you maximise your return?

Introduction

When it comes to getting the most (money) from your annual tax return, there is usually a lot to think about, so we’ve identified a few options that could open the door to some opportunities to save on tax.  The key here is to plan ahead.

Introduction

Australia has a progressive income tax system. This simply means that higher income earners pay a greater proportion of their income in tax than low-income earners. It is achieved by applying a different rate of tax to each income band or “bracket”. 

For example, if you earn $25,000 per annum you’ll pay $1,330 in tax, or 5.3% of your total taxable income. Earn $80,000, however, and your tax bill jumps to $17,547, or 21.9% of your taxable income.

Where it becomes creepy...

Introduction

As June 30 fast approaches, there is still time to consider the strategies available to you this financial year to build your wealth, some of which are discussed below.

Introduction

Introduction

Most investors and business owners are aware that the interest paid on an investment loan is generally tax deductible. These deductions can be maximised by prepaying the interest on the loan.

The advantages could be considerable as the following example shows:

Introduction

Anyone who has completed their own tax return will know that the tax office treats different types of income differently. Bank interest is recorded in one section, dividends from shares in another and managed fund distributions somewhere else. And unless you are taking a pension or lump sum from your super, you don’t need to include your earnings on those funds at all.

The most common tax benefits are:

Introduction

Consider these options:

Introduction

The end of the tax year is edging closer. If you haven’t planned how you will maximise your income and save some tax, take note!