The only constant about tax is change. Dr Adrian Raftery, a senior lecturer at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2014-2015 edition (Wrightbooks, June 2014, AU$24.95), provides us with some of the new tax rules that came into effect in 2013/14.
Although higher earners are in the spotlight with the debt levy, not many people will escape paying higher tax thanks to a raft of changes from July 1. There are also more opportunities to build tax-effective superannuation in the new financial year, as well as other tweaks that may affect your household’s bottom line.

Top tips for tax time

Jun 26, 2014

Tax time; those two simple words strike horror in the hearts of millions of taxpayers.
Over 1.88 million people claimed more than $41.8 billion in rental deductions in their tax return last year. With June 30 rapidly approaching, it is time to do some urgent tax planning. Here are some excellent tips from Dr Adrian Raftery, a senior lecturer at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2014-2015 edition (Wrightbooks, June 2014, AU$24.95), for you to action and maximise your tax refund from your rental property this year.
Small business entities (SBE’s) – businesses with annual turnover of under $2 million - have access to a range of concessions which not only help reduce their taxable income but are also designed to make tax administration easier. Dr Adrian Raftery, a senior lecturer at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2014-2015 edition (Wrightbooks, June 2014, AU$24.95), gives some excellent tips for small business owners to action and minimise your business’ tax bill this year.
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comments-rhsLatest Comments

  • "In the Business Income schedule. Note the losses can only be offset against normal income if you satisfy one of the non-commercial loss tests."

    By: Mr Taxman at Aug 12, 2020 4:39AM

    Post: Foreign currency trading

  • "By trade size"

    By: Mr Taxman at Aug 12, 2020 4:37AM

    Post: Foreign currency trading

  • "Mr Taxman, In regards to the Non Commercial Losses, when determinin gthe 20k rule is that based on your Profit/Loss for the year combined or is it actually turnover from the size of your trades eg..."

    By: Greg Croot at Aug 10, 2020 12:52PM

    Post: Foreign currency trading

  • "Hello Taxman! I invested in BTCUSD trading using MT4 trading platform using a broker in HongKong. I am a Australian resident for tax purposes. I used to trade only 2-3 times a month. I made profilts..."

    By: Santosh at Aug 09, 2020 4:05AM

    Post: Foreign currency trading

  • "Hi Mrtax I’m a sole trader with an ABN, I work for myself as a Nanny. Would my home be considered my place of Business/work, where I then travel to my clients home to care for the..."

    By: Jessica at Aug 07, 2020 11:41PM

    Post: Claiming car expenses