Episode transcript: click here
About this episode:
June 30 is when the taxman/ATO starts to come knocking! Don’t leave your taxes to chance this year — claim your maximum amount and get a juicy refund.
In this episode of The Australian Finance Podcast, Owen Rask talks to expert tax agent Jacob Fenech, part of the Airtax team, about his top 10 ways to save at tax time.
While we say it’s ’10 ways’ to save, Jacob shares more than 15 ways you might be able to save. Here are the types of tax deductions and perks we covered:
- Investors in shares/ETFs
- Property investors
- PAYG employees
- Retirees – or those nearing retirement – and those with ‘hobbies’
- Sole Traders (ABN holders)
- WFH (home office expenses!)
- Shortcut method: in FY21, the ‘shortcut’/easy way to claim home office expenses increased to 80c per hour. Jacob says this might be good for people who didn’t keep track of all expenses when working from home.
- Fixed-rate method: this is 52c per hour for certain things, but then it’s flexible for other costs (which means you might be able to claim more!)
- Sharing economy / Uber examples / Airtasker / whatever!
- Offsets & Franking credits
- Plus a few extras for luck!
Owen, Kate, and The Rask Group Pty Ltd do NOT receive anything for mentioning Super funds, products, shares, bank accounts, etc.
- Owen’s tax 101 explainer: How Does Tax Work in Australia?
- Income tax calculator (see how much you earn after-tax): Free Income Tax Calculator
- Home office expenses explained: What working from home (WFH) expenses are tax-deductible?
- Visit Airtax: Airtax – Simple Tax For Everyone
Rask Education money & finance courses
Please forgive me, I couldn’t help but plug our 5-star (and free) financial education courses in here. I’ve linked a few of my favourites below if you’re keen on taking control of your time and money.