Tax - how to minimise

Go Back   Living and Working in Australia Forum With Immigration and Travel Information > Living in Australia > Cost Of Living

Cost Of Living Please use this section of the site to discuss anything to do with the cost of living in Australia. Feel free to post cost of living queries. If you have any current information on actual figures to do with the cost of rent, food, water, electricity, gas etc then it would be really helpful to our members if you could share the information here.

Like Tree1Likes
  • 1 Post By louiseb

Tax - how to minimise


Closed Thread
 
LinkBack Thread Tools
  #1 (permalink)  
Old 07-29-2013, 04:33 AM
Active Member
 
Join Date: Jul 2013
Posts: 15
Users Flag! From uk

1 likes received
Tax - how to minimise

Hi - I will shortly be moving to Aus. under a 457 visa to work and was wondering how I can minimise my tax bill - what deductions are/are not allowed for example?


  #2 (permalink)  
Old 07-29-2013, 07:24 AM
louiseb's Avatar
Moderator
 
Join Date: Dec 2012
Location: Australia now, but lived in Malta born in the UK
Posts: 1,036
Users Flag! From australia

270 likes received
287 likes given
Send a message via Skype™ to louiseb
The best thing to do ( all Australians usually do this) is get a financial tax advisor to do your tax returns, you will save allot of money on one hand but obviously you pay it in another on the fees they charge. The first time i would do it and you learn what you can save, the next year if you feel confident you can do it yourself.

Good luck
Louiseb

tejas0607 likes this.
__________________
i wish to see the smiles of loved ones reunited after months of waiting, god bless you all


  #3 (permalink)  
Old 07-29-2013, 10:13 AM
Senior Member
 
Join Date: Jun 2012
Location: Sydney Australia
Posts: 277
Users Flag! From cambodia

45 likes received
6 likes given
Quote:
Originally Posted by Vlasta View Post
Hi - I will shortly be moving to Aus. under a 457 visa to work and was wondering how I can minimise my tax bill - what deductions are/are not allowed for example?
A good accountant will help you do this legally....and the fee is tax deductible!
It is also a good idea to income split with your partner if that works, or pay more into superannuation at a low tax rate.

Do not do any tax avoidance.....data matching will eventually find you and the fines are large...!!

See the links:
Notice of a Data Matching Program - Department of Immigration and Citizenship Temporary Working Visas Data Matching Program
ATO documents reveal "elevated" fraud and tax avoidance risk among 457 visa holders
Understanding the Tax for Work Permit holders in Australia | Contractor Taxation

Research what is best for your work situation and income.

Good luck

__________________


From the Kingdom of Cambodia to Australia.......

Sponsored Links
Advertisement
 
  #4 (permalink)  
Old 07-29-2013, 03:17 PM
louiseb's Avatar
Moderator
 
Join Date: Dec 2012
Location: Australia now, but lived in Malta born in the UK
Posts: 1,036
Users Flag! From australia

270 likes received
287 likes given
Send a message via Skype™ to louiseb
Quote:
Originally Posted by robboat View Post
A good accountant will help you do this legally....and the fee is tax deductible!
It is also a good idea to income split with your partner if that works, or pay more into superannuation at a low tax rate.

Do not do any tax avoidance.....data matching will eventually find you and the fines are large...!!

See the links:
Notice of a Data Matching Program - Department of Immigration and Citizenship Temporary Working Visas Data Matching Program
ATO documents reveal "elevated" fraud and tax avoidance risk among 457 visa holders
Understanding the Tax for Work Permit holders in Australia | Contractor Taxation

Research what is best for your work situation and income.

Good luck
If you do your tax returns its not illegal so please explain what is the quote " A good accountant will help you do this legally"

__________________
i wish to see the smiles of loved ones reunited after months of waiting, god bless you all


  #5 (permalink)  
Old 07-30-2013, 12:25 AM
Active Member
 
Join Date: Jul 2013
Posts: 15
Users Flag! From uk

1 likes received
Thanks all - I have the services of Price Waterhouse Coopers so they should know the score!!!


  #6 (permalink)  
Old 07-30-2013, 09:25 AM
Senior Member
 
Join Date: Jun 2012
Location: Sydney Australia
Posts: 277
Users Flag! From cambodia

45 likes received
6 likes given
Quote:
Originally Posted by louiseb View Post
If you do your tax returns its not illegal so please explain what is the quote " A good accountant will help you do this legally"
The OP question was about tax minimisation..

Tax minimisation is legal....
Tax avoidance is illegal....and carries heavy fines.
It is often a fine line sometimes between tax minimisation and tax avoidance.

There are many ATO-ID's that can be read to determine the situation....or seek a private ruling....most people seeking tax minimisation use an accountant to stay within the tax minimisation limits.

If you have simple tax affairs and are not interested in tax minimisation then by all means use E-Tax and get your tax money returned to you.

__________________


From the Kingdom of Cambodia to Australia.......

  #7 (permalink)  
Old 07-31-2013, 07:48 AM
bmacavanza's Avatar
Senior Member
 
Join Date: Jul 2013
Location: Perth WA
Posts: 73
Users Flag! From australia

8 likes received
10 likes given
do super sacrifice

__________________
Perth WA since 2009

  #8 (permalink)  
Old 07-31-2013, 08:05 AM
Active Member
 
Join Date: Jul 2013
Posts: 15
Users Flag! From uk

1 likes received
Quote:
Originally Posted by bmacavanza View Post
do super sacrifice
What is that?


  #9 (permalink)  
Old 11-14-2013, 01:17 AM
onederland's Avatar
Active Member
 
Join Date: Nov 2013
Location: Belmont, Western Australia
Posts: 22
Users Flag! From australia

3 likes received
Just take a visit to an accountant and he or she will give you some professional advice. You may have to pay a small fee but if the accountant can help you to do your tax in the best way, perhaps it'll be worth it. There are a lot of small practices around the suburbs or there are big practices in the city.

__________________
Indah Melindasari
Australian Registered Migration Agent (MARN: 0961448)
B. Com (Curtin), Grad. Cert. Mig Law (Murdoch), WA


Closed Thread

Tags
minimise, tax

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On


LEGAL NOTICE
By using this Website, you agree to abide by our Terms and Conditions (the "Terms"). This notice does not replace our Terms, which you must read in full as they contain important information. You must not post any defamatory, unlawful or undesirable content, or any content copied from a third party, on the Website. You must not copy material from the Website except in accordance with the Terms. This Website gives users an opportunity to share information only and is not intended to contain any advice which you should rely upon. It does not replace the need to take professional or other advice. We have no liability to you or any other person in respect of any content on this Website.


All times are GMT. The time now is 01:34 PM.




Powered by vBulletin®
Copyright ©2000 - 2021, vBulletin Solutions, Inc.
SEO by vBSEO
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2021 DragonByte Technologies Ltd.
AustraliaForum.com