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**jadabaad** · 07-08-2011, 07:30 AM

Hiya,

Congrats on the new job

Generally speaking, the best way to save tax is to spend more money.

Something like negative gearing would achieve that for you, in a way that gives you a shot at making more money through an appreciating asset, too. Lodging a 15-15V with the tax office will then get you the extra tax back as part of your weekly wage, instead of having to wait until next year.

Salary sacrificing into super is another way to save a little tax. On the downside, though, you would have less accessable income for investing. And if you're still reasonably young, then locking the cash away in super is not good if you plan on retiring well before your sixties.

Sacrificing with car expenses and the like can also be useful, but watch out for fringe benefit implications.

When all is said and done, the key thing is to best use your income to better the lifestyle that you and your family enjoy. Be that through higher wages, clever investing or successful businesses, is up to you. It is too easy to lose sight of your goals (and I presume you know exactly what those are...?) and get distracted with concepts like paying too much tax, when taking steps to avoid such things may actually set you backwards.

Cheers

James.

07-08-2011, 07:30 AM	#2
jadabaad Join Date Oct 2005 Posts 432 Senior Member	Hiya, Congrats on the new job Generally speaking, the best way to save tax is to spend more money. Something like negative gearing would achieve that for you, in a way that gives you a shot at making more money through an appreciating asset, too. Lodging a 15-15V with the tax office will then get you the extra tax back as part of your weekly wage, instead of having to wait until next year. Salary sacrificing into super is another way to save a little tax. On the downside, though, you would have less accessable income for investing. And if you're still reasonably young, then locking the cash away in super is not good if you plan on retiring well before your sixties. Sacrificing with car expenses and the like can also be useful, but watch out for fringe benefit implications. When all is said and done, the key thing is to best use your income to better the lifestyle that you and your family enjoy. Be that through higher wages, clever investing or successful businesses, is up to you. It is too easy to lose sight of your goals (and I presume you know exactly what those are...?) and get distracted with concepts like paying too much tax, when taking steps to avoid such things may actually set you backwards. Cheers James.
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