How to reduce tax bill

Discussion in 'Wealth Creation & Management' started by billybob888, Mar 28, 2015.

  1. billybob888

    billybob888 Well-Known Member Silver Stacker

    Joined:
    Jan 8, 2014
    Messages:
    1,662
    Likes Received:
    108
    Trophy Points:
    63
    Location:
    Australia
    As stated above, please contribute.

    Need as much accouting knowledge as possible
     
  2. silverreef

    silverreef Well-Known Member Silver Stacker

    Joined:
    Nov 17, 2014
    Messages:
    1,243
    Likes Received:
    159
    Trophy Points:
    63
    Location:
    sydney
    Hire a damn good accountant, not some dodgy ones. Speaking from experience
     
  3. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    7,777
    Likes Received:
    7,199
    Trophy Points:
    113
    Earn less.
     
  4. whinfell

    whinfell Well-Known Member Silver Stacker

    Joined:
    Mar 22, 2012
    Messages:
    3,327
    Likes Received:
    174
    Trophy Points:
    63
    Location:
    Australia
  5. whinfell

    whinfell Well-Known Member Silver Stacker

    Joined:
    Mar 22, 2012
    Messages:
    3,327
    Likes Received:
    174
    Trophy Points:
    63
    Location:
    Australia
    Donate all your income to charity.
     
  6. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

    Joined:
    Nov 12, 2014
    Messages:
    4,226
    Likes Received:
    1,994
    Trophy Points:
    113
    Start a church or a not for profit organisation
     
  7. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

    Joined:
    Feb 26, 2010
    Messages:
    8,809
    Likes Received:
    72
    Trophy Points:
    48
    Location:
    Gone Fishin'
    +1
    Work less, earn less.
     
  8. sammysilver

    sammysilver Well-Known Member Silver Stacker

    Joined:
    Apr 7, 2011
    Messages:
    7,925
    Likes Received:
    6,515
    Trophy Points:
    113
    Location:
    Sydney
  9. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

    Joined:
    Jun 18, 2012
    Messages:
    4,656
    Likes Received:
    72
    Trophy Points:
    48
    Location:
    NSW
    I count my dog as a dependent and my budgie as a clergyman
     
  10. billybob888

    billybob888 Well-Known Member Silver Stacker

    Joined:
    Jan 8, 2014
    Messages:
    1,662
    Likes Received:
    108
    Trophy Points:
    63
    Location:
    Australia
    Really? How does that work
     
  11. LovingtheSilver

    LovingtheSilver Active Member Silver Stacker

    Joined:
    Jan 4, 2010
    Messages:
    1,372
    Likes Received:
    6
    Trophy Points:
    38
    Location:
    Perth
    Trust account?
     
  12. adze67

    adze67 Well-Known Member Silver Stacker

    Joined:
    Mar 26, 2011
    Messages:
    4,920
    Likes Received:
    3,220
    Trophy Points:
    113
    Location:
    A Galaxy far, far away...
    Private Foundation (Not for Profit Non-GovernmentOrganisation NGO)
    Operate in the Private ;)
     
  13. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    7,777
    Likes Received:
    7,199
    Trophy Points:
    113
    Start a hobby
     
  14. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

    Joined:
    Feb 26, 2010
    Messages:
    8,809
    Likes Received:
    72
    Trophy Points:
    48
    Location:
    Gone Fishin'
    Does drinking count?
     
  15. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

    Joined:
    Feb 26, 2010
    Messages:
    8,809
    Likes Received:
    72
    Trophy Points:
    48
    Location:
    Gone Fishin'
    Does drinking count?
     
  16. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    7,777
    Likes Received:
    7,199
    Trophy Points:
    113
    Maybe, if you brew it yourself?
     
  17. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,605
    Likes Received:
    4,392
    Trophy Points:
    113
    Claim a capital loss.

    Sell some silver?

    Edit to add: may be a good way to reduce exposure to silver at the same time.
     
  18. AngloSaxon

    AngloSaxon Active Member

    Joined:
    Oct 26, 2012
    Messages:
    1,779
    Likes Received:
    6
    Trophy Points:
    38
    Location:
    Sydney
    Many ways. Negative gearing. Trusts on positively geared property - I recommend Trust Magic to learn about hybrid trusts. That's a growth area.

    Hobbies are 'good' when you get to the stage of selling things that don't cover the cost of production.

    Have a business? Many things a business may own that the owners of the company use 'for work' but in reality the Porsche is just driven on the commute to work by the business owner.

    Do a lot of work from home? Write reports and read emails, research work projects long into the night, don't you? There are a few costs allowed to be deducted.

    1st comment is the one that will do the best for you. Knowing where, when and how to make the most of the deductions is where you will make one of your best investments.
     
  19. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,605
    Likes Received:
    4,392
    Trophy Points:
    113
    Thanks Anglo, just going to order it now.

    And FFS will you finish "Atlas Shrugged" or at least update your signature. :lol:
     
  20. wrcmad

    wrcmad Well-Known Member Silver Stacker

    Joined:
    Jan 2, 2012
    Messages:
    6,644
    Likes Received:
    1,502
    Trophy Points:
    113
    Location:
    Northern NSW
    Here is a good one, and this is from experience of a couple who are close family friends, and are doing this now:

    Run an online retail business from the home garage.
    About $108,000 of profits diverted to a family trust, and distributed to each of 4 kids + both mum & dad. All around $18,000 per year (x6) to stay under tax free threshold. Kids income then withdrawn from all 4 accounts. (total $108,000 tax free).
    As much as possible paid with cash from "till", including groceries, bills, dining out etc.. (tax free).
    Remainder of profit spent on running costs of business - eg. 2 x family cars, dinners out "with clients", electricity, phone, internet, computers, etc. Even the two family overseas holidays last year (one to USA and one to Europe) coincided with related trade fairs, and since all family members are "employees", all expenses are business expenses.
    Now, wifey runs the business, so husband works 2-days per week as an accountant for some extra pocket money + super, and geared investments take care of any potential tax bill.
    And here's the kicker - because they are classed as low income earners, they collect full Family tax benefits A & B + 4 x school kids bonus, low income rebate, etc etc. for a grand total of .... a bloody good wicket. :)
     

Share This Page