How to reduce tax bill

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

  1. billybob888

    billybob888 Well-Known Member Silver Stacker

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    As stated above, please contribute.

    Need as much accouting knowledge as possible
     
  2. silverreef

    silverreef Well-Known Member Silver Stacker

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    Hire a damn good accountant, not some dodgy ones. Speaking from experience
     
  3. willrocks

    willrocks Well-Known Member Silver Stacker

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    Earn less.
     
  4. whinfell

    whinfell Well-Known Member Silver Stacker

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  5. whinfell

    whinfell Well-Known Member Silver Stacker

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    Donate all your income to charity.
     
  6. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    Start a church or a not for profit organisation
     
  7. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    +1
    Work less, earn less.
     
  8. sammysilver

    sammysilver Well-Known Member Silver Stacker

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  9. Caput Lupinum

    Caput Lupinum Active Member Silver Stacker

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    I count my dog as a dependent and my budgie as a clergyman
     
  10. billybob888

    billybob888 Well-Known Member Silver Stacker

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    Really? How does that work
     
  11. LovingtheSilver

    LovingtheSilver Active Member Silver Stacker

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    Trust account?
     
  12. adze67

    adze67 Well-Known Member Silver Stacker

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    Private Foundation (Not for Profit Non-GovernmentOrganisation NGO)
    Operate in the Private ;)
     
  13. willrocks

    willrocks Well-Known Member Silver Stacker

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    Start a hobby
     
  14. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    Does drinking count?
     
  15. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    Does drinking count?
     
  16. willrocks

    willrocks Well-Known Member Silver Stacker

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    Maybe, if you brew it yourself?
     
  17. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    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

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    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! Well-Known Member Silver Stacker

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    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

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    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. :)
     

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