In this PDF we help to outline some of the methods of reducing your taxable income. DOWNLOAD PDF HERE
To minimize your taxation liability for the current year, some options are:
- Delay deriving assessable income (i.e. payment after 30 June can mean income is treated as next year’s)
NOTE: THIS MUST NOT BE CONTRIVED FOR JOBKEEPER ENROLMENT or HARDSHIP GRANTS!
- Bring forward paying deductible expenses or losses
- Pre-pay next year’s expenses (beware of the 12 Month Rule)
- Move income to a taxpayer with a lower marginal tax rate (e.g. your Super Fund)
- Negative Gearing strategies (extreme caution is required)
- Depreciation Schedules for Rental Property investments
- A reduced taxable income can also have the effect of allowing receipt of Government benefits which are “income” tested e.g. family allowance, child care benefit etc.
Legislative conditions may limit the application of the above principles e.g. not all pre-payments will be allowable tax deductions; and some types of income can’t be shifted