5 tax time tips to save you money in 2020 & beyond
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Please remember that all of the information in this podcast episode is limited to general information only. That means the information is not specific to you, your needs, goals, or objectives. So you should seek the advice of a licensed and trusted financial professional before acting on the information. And before you acquire or apply for a financial product, please read the PDS or product disclosure statement, which should be available on the issuer's website. Lastly, please keep in mind that past performance is not indicative of future performance.
In this episode of the Australian Finance Podcast, Kate and I are talking taxes, including five tips and tricks you can use to try and minimize your taxes and just make everything as easy as possible in 2020 and beyond. We hope you enjoy this episode of the Australian Finance Podcast. Kate, welcome to this episode of the Australian Finance Podcast.
Good to be back, Owen, to talk about a very exciting topic today.
As always, yes. I think we did something similar to this last year, which was around tax time. We sat down and we thought, well, we may as well give out some tips and tricks and ways to keep the tax bill as low as possible. And so we've got five tips to save people money at tax time. One of them is a little bit cheeky on the end, but yeah, we hope you get something from this. So Kate, what are we talking about exactly? What type of tax are we talking about?
The tax that you have to pay every year and you have to do a tax return at the end of each financial year, which ends at the 30th of June. So it's any tax on your full-time job. Maybe you've got to pay some tax on some of the Uber rides you've given this year. So it's just essentially a time when you work out all the income you've earned during the year. any deductions you have and work out, have you paid the government enough tax? Have you paid the government too much tax? And you might get a tax refund or you might actually have a tax bill depending on what's happened during the years. So for some people, it's a great time. And some people really dread this time, especially if they have a tax bill.
And it's definitely a lot of paperwork, though that's becoming easier. But so we're talking about personal income tax during 2020.
Yeah, cool. So we're talking income tax and we're talking the year that ends on June 30th, 2020. So as we record this, it hasn't actually ended yet, but this is the tax year that ends on the 30th of June. That's when every tax year for income tax ends. And we're going to differentiate income tax for people or individuals versus businesses.
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