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Tax for Australians for Dummies, 2014 - 15 Edition by Jimmy B. Prince

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Chapter 21

Ten Ways to Minimise Your Tax while Keeping the Tax Office Happy

In This Chapter

arrow Taking advantage of the tax system

arrow Claiming tax deductions

arrow Making full use of superannuation

I n a federal government inquiry into the media in 1991, Kerry Packer, who was at that time the richest man in Australia, made the following attention-grabbing statement: ‘If anyone in this country doesn’t minimise their tax, they want their head read’ (enough said!). To help you avoid getting your head read, in this chapter I discuss ten ways to minimise your tax bill while keeping the Tax Office happy.

Keep Good Records

Keeping proper records is the first step to minimising your tax bill. Set up a good record-keeping system to keep track of all your assets, income and expenses. If the Tax Office audits your tax return, the onus of proof that your tax affairs are in order rests with you (refer to Chapter 4). Ordinarily, you need to keep your records for five years. A tax agent can help you set up a good system to meet your statutory obligations. The key records you need to keep include

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