Tax Time: Ways to Reduce Taxable Income

• 

  Findo on 28/04/2017 - 20:23

  +5

  Start a company that loses money

  • 

    scotty on 28/04/2017 - 22:25

    +3

    Beware that company loses might not be able to offset personal income as these are two separate entities. Needs to be more creative :)

• 

  fruit on 28/04/2017 - 20:53

  +1

  Go to a country with shit public services eg. no health care etc.

• 

  tomsco on 28/04/2017 - 20:55

  +1

  Quit you job?

• 

  mskeggs on 28/04/2017 - 21:01

  +2

  Charity donations are good.
  Negative gearing if you are a crazy speculator.
  Pay investment loan interest in advance.

• 

  [Deactivated] on 28/04/2017 - 21:01

  Donate to charity

  edit: beaten by 22 seconds above

  • 

    baldur on 28/04/2017 - 21:08

    how does it work?

    • 

      mit on 28/04/2017 - 21:31

      +1

      This might help.
      https://www.ato.gov.au/individuals/income-and-deductions/ded…

    • 

      [Deactivated] on 28/04/2017 - 21:39

      Easy you just donate to a registered DGR (deductible gift recipient) and claim as a deduction on your tax return. You won't get any benefit to your hip pocket but it will reduce your taxable income.

      To seriously answer OP if you're an office worker go and salary sacrifice a tool of trade like a briefcase, laptop or phone, or even sacrifice towards a new novated lease

• 

  chumlee on 28/04/2017 - 21:08

  +1

  If you have a partner get them to give you financial advice and bill you massively for the consultations that way you minimise your tax.

  http://www.smh.com.au/federal-politics/political-news/tax-of…

• 

  gezza90 on 28/04/2017 - 21:44

  Go receipt hunting at officeworks, coles, woolies and say it's all for work and you weren't reimbursed but that's cheating. But in all seriousness, it comes down to how organised you are.

• 

  Donaldhump on 28/04/2017 - 23:19

  +1

  Claim the 3185 kms you did travelling to conferences