These 10 Tax Strategies apply to the majority of employees & produce the biggest tax savings (on average).
- Tax Strategy 1 – Salary Packaging Private Motor Vehicles
Makes private motor vehicles tax deductible (average $3,000 tax savings pa).
- Tax Strategy 4 – Transporting Heavy or Bulky Equipment
Makes home to work travel deductible (average $3,000 tax deduction).
- Tax Strategy 5 - Jointly Owned Motor Vehicle
Doubles your motor vehicle deduction.
- Tax Strategy 9 – Relocation Expenses
Makes private relocation costs deductible (Average $4,000 tax savings).
- Tax Strategy 12 – Concessional Super Contributions
$25,000 concessional contributions cap (per taxpayer)
- Tax Strategy 14 – Living Away from Home Allowance
Makes private accommodation and meal expenses tax deductible.
- Tax Strategy 77 – Change from Employee to Contractor
Average $10,000 deductions pa.
- Tax Strategy 113 – PSI Entity
Average tax savings $3,000 pa.
- Tax Strategy 155 – Salary Packaging Associates Leases
Makes private motor vehicle tax deductible & income splits with spouse.
- Tax Strategy 196 – FBT Exempt Work-Related Items