10 expert tax rules & tips you should know
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What are the essential tax rules for individuals in Australia?
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How can I effectively keep my tax records up to date?
Hey there, here's a quick note. This podcast contains general financial advice only. That means it's not specific to you, your needs, goals, or objectives. So don't act on the information until you've spoken with your financial advisor. You'll find our full disclosure, disclaimer, and link to our financial services guide in the show notes. Jacob Fetig, welcome back to the Australian Finance Podcast, mate. It's great to have you with me.
No, cheers, Owen. The last one was fun. And yeah, pumped to be a part of this one as well.
Yeah, great. Today we're talking about 10 ways you can make a tax saving or you can understand the rules better here in Australia for when you're doing your tax return. Just some, I guess, tips and tricks from a professional accountant. For those who don't know, Jake's from AirTax.com. a specialist in all things tax.
What are the benefits of home office deductions for employees?
You can learn more about your own tax situation. You can do your own tax returns, your BAS statements, all that sort of stuff with AirTax. You'll find all the links in the show notes. We've got some fantastic resources that we'll also include there for things like logbooks and anything that Jake mentions throughout this episode. So, mate, I'm basically going to be your student for this episode. I've asked you to prepare 10 things, some things for small business, many things for individuals as well. And we have some investors who listen to this show quite regularly. So, mate, I'm going to hand it over to you and just ask follow-up questions. Maybe I'll be the, I guess, the eyes and ears of the person that needs to ask those silly little questions and just confirm things along the way.
So, mate, over to you. Enough of me talking. Let's go through these 10 things that our listeners should be aware of.
Cool. Thanks, Owen.
How do concessional super contributions work?
So I wanted to start with some easy ones. So it's a little bit of a rinse and repeat of potentially what you may already know, but I think it's important just to cover them off And then we can go as complex as you want. If you're my student, you can fire away questions. But a couple of quick ones that we spoke about earlier is definitely keeping your records up to date is just so important. So when we're talking about what is deductible and what isn't, if you don't even know what you've paid, you're going to really battle to actually come to terms with that. So having your records, waiting for your statements to be ready, like we said in the previous podcast, is so, so important because it really does confuse things
when you are kind of coming to your end, looking to actually complete your tax return, it's the easiest way to kind of get lost is to not have kind of track of your records and you're kind of just siphoning through what you think your capital gains might be, whether that's on an Excel spreadsheet that you've
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Chapters
8 chapters
1
What are the essential tax rules for individuals in Australia?
0:00–1:24
2
How can I effectively keep my tax records up to date?
1:24–2:14
3
What are the benefits of home office deductions for employees?
2:14–3:05
4
How do concessional super contributions work?
3:05–4:17
5
What are the implications of negative gearing on investment properties?
4:17–5:31
6
How do capital gains and losses affect my tax return?
5:31–6:39
7
What is the Medicare levy surcharge and who needs to pay it?
6:39–7:30
8
How can income protection insurance be claimed on my tax return?
7:30–51:31
Speakers
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Sounds like good money advice... But is it?