101 Ways to Save Money on Your Tax - Legally! 2021 - 2022. Adrian Raftery
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‘tax’ appeal as a financial media commentator is due to his personable and approachable style. Just as importantly, Adrian's 31 years' experience as an award-winning accountant working with small and medium businesses, and as a personal tax expert, means he has the relevant knowledge and experience to give qualified advice.
Adrian is considered so good at what he does that he was one of the youngest Australian accountants to have advanced to Fellowship with the Institute of Chartered Accountants at the age of 33 and had an award-winning Sydney accountancy firm at just 25! Adrian is also one of the country's leading experts on the rapidly growing Australian superannuation industry with work from his PhD on self-managed superannuation funds published in top-ranked international academic journals. These factors and Adrian's ability to translate complicated tax, superannuation and finance jargon into understandable and workable solutions are probably why ‘Mr Taxman’ is frequently called upon for his viewpoints by the Australian media.
HOW TO USE THIS BOOK
This book is designed to be of benefit to 99.9 per cent of taxpayers. If you have an investment property, own a share portfolio, have money in superannuation, have a family, work as an employee or run your own business, there will be something in here for you.
While it is extremely unlikely that all 101 tips will be applicable to you, your family or your business, just feel comfortable knowing that one tip alone will be more than enough to pay for the investment you make in buying this book. This book has been written to take into account all phases of life, so if you find that only a few tips apply to you right now, don't worry because more tips will become relevant as you grow older. Make sure that you consult your own adviser to assess your own particular needs before implementing any of these tips.
If there is one constant with tax, it is change. That is why I update this book every year to take into account the latest federal budget changes and other Government measures each year. If you intend to use this book as a reference guide over a number of years, you should always check the latest tax legislation for the current figures and thresholds.
Remember that tax planning should be a year-round exercise, not merely one that's done in the last few weeks before 30 June. A lot of these strategies are just as useful on 1 July as they are on 30 June.
When you see this box throughout the book, it will provide you with a handy suggestion in relation to the particular money-saving strategy.
When you see this box throughout the book, it will provide you with an interesting fact.
When you see this box throughout the book, it will outline a potential pitfall in relation to this money-saving strategy that you need to look out for.
When you see this box throughout the book, it will provide you with a tool or a calculator available on my website www.mrtaxman.com.au to help explain or work out a strategy.
When you see this box throughout the book, it will provide you with an answer to a frequently asked question that I have received from readers of previous editions of this book.
When you see this box throughout the book, it will outline a tax change which has been proposed by the government but has not been put through as legislation as at date of publication. Before making any decisions, ensure that you check the status of these proposed changes as there may be variations to the original proposal as it passes through both houses of parliament.
When you see this box throughout the book, it will outline a relief measure that the government introduced to combat the economic fallout from the coronavirus pandemic which swept the globe in 2020 and 2021. All of these relief measures have been legislated as at date of publication. However before you make any decisions in relation to them, ensure that you check the dates and current status as they were only designed as temporary measures and may have lapsed by the time you take action.
INTRODUCTION
Like for many people, writing a book — just one — was on my bucket list for years. So come 2010 I was really fortunate to get the opportunity to write the first ever edition of 101 Ways to Save Money on Your Tax – Legally!
Back then I had three main objectives for the book. None of them were to make money (although my mates think that was the only reason!). First, I wanted to help maximise everyone's refunds by making you more aware of the different ways that are available to help you save money. I wanted to reduce the confusion around all the different types of government benefits and tax concessions that were available to you so that you started claiming more of what you were legally entitled to.
Second, through the setting of boundaries, I wanted to reduce the amount of fraudulent claims made so that we all pay a fairer share of tax. I am not sure what small part I played with achieving this objective but looking back at table 1.1 from the first edition it's hard to believe that the tax-free threshold was only $6000 whilst family companies paid an extra 4% tax than what they will in 2021-22! Third, although this was never published, I didn't want my mates hassling me for tax tips at 2.45am when we were out having a few beers. Needless to say as time rolls on, with age and families, this objective has also been achieved!
Whilst these objectives haven't changed over the past decade — and the structure of the book is still pretty much the same — I never thought in my wildest dreams I would be writing tax tips about cryptocurrency, non-fungible tokens, the sharing economy, downsizer contributions and a crazy coronavirus that would cause a pandemic around the globe. Likewise, I never thought that tax incentives such as the education tax refund and medical expense rebates would be scrapped along with travel to visit your investment property. I guess tax changes is one of the few constants in life, along with death and taxes!
This book is split into various parts in line with some key areas surrounding your finances:
you and your family
your employment
your education
your investment property
your shares
your superannuation
your business.
In each part I will share with you a number of tips and strategies that you can implement to save money on your taxes — legally!
You should leave no stone unturned in your quest to legally minimise your tax. While everyone should pay their fair share of tax, the late Kerry Packer summed it up best when he famously said ‘don't tip them!’