Part 3 – Businesses– how they paid less tax in the past www.nomoney.com.au How they paid less tax in the past Australia has a lot of taxes & ways of closing loopholes to make sure people pay tax. This set of articles is to highlight some of the different types of taxes that different types [...]

Part 2 Employees– how they paid less tax in the past www.nomoney.com.au    Australia has a lot of taxes & ways of closing loopholes to make sure people pay tax. This set of articles is to highlight some of the different types of taxes that different types of income earners (Investors, Employees, Businesses, Sole Traders/Entrepreneurs) might [...]

Intro – how they paid less tax in the past www.nomoney.com.au One of the questions I get from people is – how can I pay less tax?  Looking at all the taxes there are these days – it seems that whenever somebody found a loophole to pay less tax– the government introduced a new set [...]

I registered a company in about 45 minutes. I am registered with a website that sets up companies –so I logged onto their website, input all the details required.  Then I triple-checked my answers (always important!), clicked lodge and paid with my credit card. Then 20 minutes later I get an email that the company has [...]

How do you track what you are spending? There are a few spreadsheets online to budget or track your spending. But… that means you have to do the work… to enter what you have spent, etc. (and who can be bothered!!) What if you could find a service where you could log in and look [...]

Individual Tax Deductions  I have provided a bit of info about each of the main types of tax deductions. Australian tax rules are not simple – which is why a lot of Australians pay a tax agent to do their tax return (and you can claim the tax agent costs under D10 in next years [...]

So with the end of the financial year coming up – people start to think about tax. What expenses can I claim? July 2011 update -Also – check out my latest tips for those working in retail, hospitality, office workers and tradies at: http://www.nomoney.com.au/taxtips Claim what you might be entitled to The basics You must incur the expense [...]

If you earn A income you get B refund of your tax. False. Your tax refund (or tax payment owing) is the net figure between Tax Payable (incl Medicare) + HELP repayment (if applicable) less any offsets and tax paid on your behalf. For example if you had $10,000 interest income verses $10,000 employment income [...]

I really don’t think young people know enough about how tax works (actually not just young people – nobody knows enough aboiut how it works). I suppose for a lot of people it might not matter too much. A bit like how I think about my car. I just take my car to the mechanic when [...]

Super contributions to go up to 12% – by 2020 The Government has announced that based on the Henry Review that your employer will be required to put 12% away for your super in 2020. Read the fine print  http://www.futuretax.gov.au/pages/FairerSuperannuation.aspx What This Means for You 1. Your super just became more important Although it is a long time until you turn [...]