Australian tax explained & maximise your tax refund | starter pack
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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. Kate Campbell, welcome to this episode of the Australian Finance Podcast where we're talking tax.
Yes, something that I just finished sorting out for myself, thankfully.
Yes, there are only two things that are certain, that is death and taxes. And taxes make up a huge part of personal finance. Yes. As investors, we often don't think about tax until further down the track. And as people that are just starting out, we think, oh, what's tax? You know, it doesn't really matter. But Robert Kiyosaki in his book, Rich Dad, Poor Dad, said if you're paying tax at 30% of your income, which a lot of people that listen to this would be, You're effectively working January, February, March every year just to pay your tax bill. So if you think about that, three months of your life every year is just to pay for tax. So it makes sense to focus on it, see how we can minimize it. We don't want to say avoid because avoiding tax is actually a rule, you know, to do that.
But you can minimize it.
yes and you can maximize your tax return or refund and there's also some things that we really want to bring to light because if you're a new investor and you're just getting started if you go head first in and make all the mistakes like we did and not think about tax at the start it can become quite a onerous task come tax time because suddenly you actually realize oh i need to account for all of these things i bought and sold during the year oh i had a dividend what have i got to do with that so if you keep good records from the start and you have a good filing system for all the paperwork that you're going to get sent as an investor, it'll make it so much easier at tax time and you or your accountant are going to love you for it.
Yeah. And the thing is that it doesn't actually take that much effort to do it properly. You just need to know what's what, who's who in the zoo. And we're going to break that down. So we're going to talk about the income tax system, like how it works generally and And then we're going to talk about how maybe you can do some things as an investor or even if you're just a person that's earning PAYG. There are certain rules that you should be aware of that differ between individuals, companies.
And depending if you're an Australian resident or not for tax or otherwise.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–9:29
2
What are the key taxes you need to know about in Australia?
9:29–14:19
3
How can you maximize your tax return each year?
14:19–16:57
4
What records should you keep for tax purposes?
16:57–22:54
5
How does the income tax system work in Australia?
22:54–49:00
Speakers
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