1. Record Keeping
The key to claiming is to capture all your work-related transactions so you can include all your eligible tax-deductible expenses at tax-time. This means you need to keep on top of your record keeping. Spend less time gathering your tax affairs for processing when end of financial year arrives by staying on track throughout the year by making regular adjustments and updates to your records.
2. It pays to be charitable
Every dollar over $2 donated to a registered Deductible Gift Recipient (DGR) charity is tax deductible. So not only does donating help those less-fortunate but it also helps your tax bill come tax time! Make sure you keep your receipts and emails in one place so you can add up all your good work come tax season.
3. Specialist advice
4. Is it time to take out private health cover?
5. Negative Gearing
This method of negatively gearing properties is a strategy used by many with the hope of when the time comes to sell up, the capital gain from sale and the tax savings generated will outweigh the losses accrued during the time of ownership.