Hi all,
I feel really stupid posting this message, but I’m quite desperate.
My personal tax bill comes to about $60,000 this year, but I have no property whatsoever to claim deductions on. (I don’t own any property)
I’m now very motivated to get into property investment. Unfortunately for this financial year I think I’m too late (to rip any tax benefits). The sad thing is, for next financial year I won’t be earning as much as I’ve been for the past 2 years (probably only half).
arrrgggggggghhhhhhhhhhhhhhh!!!
Does anyone have any magic for me to claim some of my tax back (legally of course)? Can I *buy* some mortgage repayments?
Many thanks in advance,
JWalker
You can do some margin lending to buy shares and pay interest in advance, but I’m sure a quick call to an accountant will give you many more. Are you PAYE or self employed? Are there any costs involved in your work that you could claim?
If you have a family- doesn’t have to be wife and child- you can start a family trust and ‘distribute’ the income to whoever you choose – see an accountant quickly.
[]Very simple solution. Just put a big chunk into your own super fund. There’ll be no questions asked.
Trueblue is right by advising to contribute to your super. If self employed then see your accountant to get this into action or if PAYE then see employer soonest for salary sacrafice.
The clock is ticking…..Good luck
I think salary sacrifice isn’t a very productive way of saving tax for people who still have many years left to withdraw from Super fund. But then I suppose people can argue any share fund you choose should be a long term investment anyway.
JWalker
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