Higher-income earners can minimise the impact of the federal government's budget tax hikes and welfare cutbacks by deferring income, prepaying expenses and possibly splitting superannuation contributions with their spouse, according to tax experts.
AS soon as Wayne Swan finished delivering his budget speech on Tuesday, the nation's accountants and financial advisers had began thinking of ways to mitigate tax hikes and welfare cutbacks suffered by their clients. The government constantly tweaks the rules, but tax planners always adapt.
WHILE the May budget has cut back some of the tax benefits of using trusts, legislation introduced into federal parliament this week will provide much needed certainty for the 1.5 million Australians who are beneficiaries of these investment vehicles.
Around a million Australians were working a second job before the pandemic hit. While that number reportedly has fallen by almost 20% since March as jobs dried up, many workers are still relying on multiple jobs in order to make ends meet. If you have more than one job, here's what you need to know.
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An essential money-saving resource for every Australian who pays tax – updated for the 2020-2021 tax year and including the latest COVID-19 pandemic government relief measures.

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  • "My partner and I are wanting to get married. Unfortunately he has alit of tax debt from when he was a teenager. How or will this affect our tax returns once married? "

    By: BM at Jun 05, 2021 2:14AM

    Post: Marriage

  • "Old thread, but have a related question... If I have a "Foreign LLC" registered in the US and am trading Futures on US exchanges using a US FCM/broker (but am an Australian resident for tax..."

    By: CJ at Apr 06, 2021 6:46AM

    Post: Trading US futures in Australia

  • "Hi. I bought shares back in 2018.. And a few more since. I borrowed the money out of my home loan to do this. I still own the shares, but do not receive any dividends from them, although the value..."

    By: Harry at Mar 31, 2021 3:38AM

    Post: Borrowing to buy shares

  • "Hi Mr Taxman, this is a great forum, thanks. I am trading forex and commodities on an Asian platform. Whn I went to withdraw funds I was informed that the Australian Tax department requires me to pay..."

    By: Peter Andrew Sutherland at Mar 26, 2021 10:41PM

    Post: Foreign currency trading

  • "Im planning on hiring a Nanny to drive my child to my ex husband and back twice a fortnight adding up to approximately 6,000km a year. What will they be eligible to claim and what kinds of records..."

    By: Peta Granger at Feb 25, 2021 3:52AM

    Post: Claiming car expenses