Fast Money: Save Money on Your Tax
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About this ebook
Do your finances control you? Frustrate you? Limit you? Well take control of your money today and get more of what you want from life.
Bestselling author, Adrian Raftery knows the tax legislation inside out and gives you the tips and know-how to ensure you pay as little tax as possible each year. Fast Money: Save Money on Your Tax is a jargon-free, practical guide that will get you started on your journey to financial freedom with more from your tax return, fast!
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Fast Money - Adrian Raftery
Part I: You and your family
The hardest thing in the world to understand is the income tax.
Albert Einstein (1879–1955)
From marriage and children right through to divorce, retirement and ultimately death, all families encounter many life-changing events. And in nearly all of these events, there are tax consequences along the way.
The Australian tax system offers a range of tax benefits including credits, refunds, offsets and bonuses to support families. Some people feel ambivalent about putting their hand out for government entitlements. But don’t be shy in claiming your fair share. After all, the government doesn’t get shy when it comes to taxing you!
Tax fact
Tax evasion and tax avoidance are illegal ways of reducing your tax payable. Tax planning and tax minimisation are legal ways of reducing your tax payable.
Part I looks at the tax concessions available to families, the special considerations you need to look out for, as well as some simple strategies to save tax within your family.
Tip
You need a tax file number (TFN) to be eligible for any of these tax concessions, as do your spouse and your children who have income, superannuation or investments.
Tip
If you place money in a term deposit, consider having it mature after 30 June so that any income is not assessable until the following financial year.
1 Marriage
Accountants are frequently asked two questions by couples just about to get married: ‘Are there are any tax implications once we tie the knot?’ and ‘Do we need to start doing joint tax returns?’
Your wedding day is a special day. So I’m perplexed as to why on earth the bride and groom are thinking about the ATO during such an exciting time in their lives!
You don’t need to worry about tax in the lead-up to your impending nuptials. Unless you are involved in a business together, you don’t have to lodge a combined tax return. Any share of joint investments, such as interest, dividends and rental properties, is still recorded separately in your respective tax returns.
Tip
You don’t have to lodge a combined tax return if you’re married. Any joint income is recorded separately in your respective tax returns.
You do need to show on your return that you now have a spouse, and disclose his or her taxable income each year. Your combined income is taken into account if you don’t have private health insurance (an extra 1 per cent Medicare levy is charged if you earn over $168 000 combined increasing to 1.5 per cent for couples earning more than $260 000) as well as when calculating Family Assistance Office benefits such as the baby bonus, child care rebates and family tax benefits.
If you elect to change your name, you can notify the tax office simply by noting it on the front cover of your next return. You don’t need to provide any certified documents.
According to the ATO, the definition of spouse has been extended so that both de facto relationships and registered relationships are now recognised. Your ‘spouse’ is another person (whether of the same sex or opposite sex) who:
• is in a relationship with you and is registered under a prescribed state or territory law
• although not legally married to you, lives with you on a genuine domestic basis in a relationship as a couple.
Tax fact
Since 1 July 2009, people living in same-sex relationships have been treated in the same way as heterosexual couples for tax purposes. The ATO has outlined some