If you are an Australian taxpayer, you may be relieved to know that there are several ways to save on your tax, including through the use of an Australian tax advisor.
Tax preparation is an extremely complicated process. With the help of these services, individuals can save time from having to do this by hand themselves. This means they will have more time available for other tasks, such as investing or making sure they are saving enough.
As of 1 July 2019, Australian citizens who earn more than $130,000 per year will have their tax rate increased. This has been done to make sure that the wealthy are not able to avoid paying their fair share.
The government has also implemented a generous offset scheme that allows anyone who earns less than $150,000 per year to save up to 27% of their annual income.
Australians moving abroad can now use this scheme if they have saved enough money in Australia and will be able to get up to $7500 back as an offset on any foreign income tax bill which they might have had in the past.
Keep Good Tax Records
Tax records are a key to success and should be kept in good condition. With that in mind, here are some ways to save tax on your Australian income by keeping specific records.
Some of the ways to save tax on your Australian income include keeping receipts for all of your purchases, keeping records for business expenses, and taking advantage of the life insurance deductions.
Tax records can also be protected under the Privacy Act 1988. This can be done by using an official document – such as a deed or will – with your signature and date on it.
This will protect any information that is related to those documents from being disclosed without consent from you or without coming into the public domain without consent from you.
Charitable Donations Are Tax-Deductible
Charitable donations are tax-deductible in Australia. This means that you can donate money and only pay taxes on the amount you have donated.
There are many ways to save tax with charitable donations, one of which is donating your old clothes as they don’t need to be listed as an asset on your financial statement.
Using a charitable donation as a way to save tax is very common among Australians who have not made a lot of income in their life.
Get Affordable Advice from a Tax Agent
There are a lot of ways to save tax in Australia. One such way is to engage a tax agent. A tax agent can help you understand your personal situation better and give you budgeting advice that will reduce your taxes.
You can also use the services of Taxopia tax online as they offer unbiased, expert advice on how to save more taxes.
Invest in an Investment Bond
Investing in an Australian Investment Bond is a way to save tax. They are a type of investment option that receives tax deductions, which means you can save money on your taxes by investing in one.
Investing in an Australian Investment Bond (AIB) is a way to save tax and is made up of different features that make it easier for investors to make the most of their capital gains.
In Australia, there are two types of bonds: individual and corporate bonds. The difference between the two is that each bond has its own set of rules that can make it more or less attractive for investors based on their individual situation.
Hold Investments in a Discretionary Family Trust
In this age of digital, we now have a new way to save tax – invest in a discretionary family trust. These trusts are used by high-wealth individuals and families who want legal protection for their money.
We can use a discretionary family trust to hold investments, but the investment must be appropriate for the trust. There are specific types of investments that are suitable for trusts such as cash or fixed-income securities like bonds and shares.
The most important thing is to keep a track of your investments in the trust so that you know what it is worth and how much you have saved by investing with it. For example, if you invested $100 000 on January 10th, 2018, your account would show $101 893 on December 31st, 2018.
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