Lyndall Ward
May 3, 2021
Updated: Jul 9, 2021
You either have the benefit in your pay weekly or receive a refund of overpaid tax at tax time, like a savings account with no interest. The money will be available at tax time. You don’t miss what you don’t see.
Speak to payroll about withholding a % or $ amount.
There are a number of apps which can assist you with tracking business expenditure, by keeping copies of your receipts electronically via your phone and tracking your business mileage.
Making personal contributions to your super fund.
Using negatively geared rental property.
Using franking credits from share investments to offset your tax liability/improve your refund.
Seek advice on what is best for your circumstances eg. salary packaging/rentals etc, with a financial planner.
Remember: if your employer pays for something, that is 100% reimbursed, rather than at your marginal tax rate (claiming via tax system).
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