Discussion in 'Wealth Creation & Management' started by billybob888, Mar 28, 2015.
As stated above, please contribute.
Need as much accouting knowledge as possible
Hire a damn good accountant, not some dodgy ones. Speaking from experience
Read this thread: http://forums.silverstackers.com/to...oyee-what-are-your-options-to-reduce-tax.html
And this thread: http://forums.silverstackers.com/topic-54543-salary-tax-minimisation-strategies.html
Donate all your income to charity.
Start a church or a not for profit organisation
Work less, earn less.
I count my dog as a dependent and my budgie as a clergyman
Really? How does that work
Private Foundation (Not for Profit Non-GovernmentOrganisation NGO)
Operate in the Private
Start a hobby
Does drinking count?
Maybe, if you brew it yourself?
Claim a capital loss.
Sell some silver?
Edit to add: may be a good way to reduce exposure to silver at the same time.
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.
Thanks Anglo, just going to order it now.
And FFS will you finish "Atlas Shrugged" or at least update your signature. :lol:
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 Kids income then withdrawn from all 4 accounts.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.
Separate names with a comma.