EOFY Tax Q&A: deductions, offsets & how to avoid huge tax bills
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Property investors often talk about using debt to build wealth. In the share market, that's called gearing. With the BetaShares WealthBuilder range, investors can access moderate gearing into shares, and with the newly launched GG-BL, That means exposure to a diversified portfolio of around 1,300 global companies excluding Australia, all with no loan applications, credit checks, or margin calls. Gearing magnifies both gains and losses, so it's only suitable for investors with a very high tolerance for risk. You can learn more about the WealthBuilder range of ETFs at the BetaShares website. And don't forget to read the PDS and TMD to decide if it's right for you. BetaShares Capital Limited is the issuer.
This podcast is proudly brought to you by Perla, the official brokerage platform of Rask. With Perla, you can effortlessly automate your money, whether you're investing in ETFs or shares from Australia or the US stock market. Whether you're a grandparent or setting up a kid's account or your own account, you can do all of that with full automation on Perla.com. If you want to learn more, head to Perla.com slash Rask. And of course, before you invest in anything, be sure to read the legal documents like the PDS and FSG. Thanks for watching this Rask podcast.
When you're self-employed, how do you know how much tax you need to pay and when do you need to pay it by? If you're not at the level where you're paying for expert advice, jump on a pay calculator and go, I think I'm going to earn $50,000. What's the tax on that?
How does a spouse contribution to super help me save tax? I'm going to put some of my money into my partner's super fund. How does that work?
Yes. So this is called a spouse contribution. Where it really works is somebody's working and somebody's not, or they're on a lower wage. So the spouse that receives the money into their superannuation needs to be earning under $37,000. But the spouse that is making the contribution, they get a tax offset, but they can be earning whatever.
Welcome to the Australian Finance Podcast by Rask. Together, we will improve your relationship with money, discover the world of investing, save more money and design the life you want. Please don't forget to subscribe to the show on Apple, Spotify, YouTube or wherever you get your podcasts because we share at least two wonderful episodes every week. You should know that our favorite episodes drop on a Monday and a Friday with bonuses on Wednesdays. Finally, to hear more from us and get show notes and all those other wonderful things like free courses, head to rask.com.au to find us online. It's tax time. It's a time of year when Officeworks is probably running a sale. Amazon's doing the same. Maybe there's some used car lot that's trying to get you to buy something.
It just happens. This time of year, everyone gets a little bit crazy. We're going to talk about tax in this session. We're going to talk about the difference between a tax deduction and tax offset. We've got some tips for business owners who are struggling with tax bills, upcoming changes to the rules. There's so much to go on. Gemma's also going to give me a pop quiz on an ETF. So if you can guess what ETF it is before me, well, basically you're an expert and you're way better than me. You probably are anyway. But let's see what ETF she's talking about as we do this quiz together. And if you have any questions this tax time, be sure to send them in via the link in your podcast player or YouTube description.
Just drop them in there and we can get to them in an upcoming episode on the Australian Finance Podcast. Gemma, how you doing?
I'm great. Excited to be here.
It's always good to be here. Talking tax, it's this time of year. People get a little bit crazy. They start thinking about deductions, even though they could have happened throughout the whole year. June 30 is the end of the tax year in Australia. If we're in the United States, we might call it like a fiscal year, but in Australia, we call it the tax year or financial year.
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