Legal Ways to Minimise Tax - Discussion
A few days ago I posted a thread to discuss whether fines should be income tested and have seen some very valid points around rich people using strategies to minimises their tax so they barely pay any tax to ATO.
So I am starting this thread to see tax saving/minimising tips from fellow ozbargainers.
I think it's fair I start this thread with my own tax minimising tricks
- I don't have a work supplied phone so I claim 50% of usage as work based. (I landed at 50% based on usage pattern over 6 months)
- I claim work related expenses (from memory I don't need receipts for combined expenses below $150 e.g. laundry)
- I also work from home in the evening most weekdays and some weekends as well as some full weekdays. So I claim 25% of home broadband as work related expense. (Again based on the usage patterns over a period of 6 months)
- If I buy a technology devices such as a laptop or a tablet (my work allows us to bring our own device to work) e.g. this FY I bought a surface pro 4 so I plan to claim tax deduction on it.
- I do my own tax so I don't pay an accountant. If I did tax through an accountant then I claim their fee the following year.
- Work related study. I didn't do this in the recent past but when I did I claimed deduction (once I even got private ruling from ATO to ensure eligibility)
- Interest (after expenses) and depreciation and other related costs for investment property (I currently rent to live)
- I don't have any other work related expenses that I can claim.
- Save money in mrs name as she is on lower tax bracket so tax on interest is lower
- I claim child care rebate of $7500 a year, last year total cost was around $33k for one child. (not eligible for CCB)
So what other ways do you save on tax?