There are various potential ways you can reduce the tax you pay. You may be entitled to tax deductions, offsets or you may choose to opt for salary packaging.

Tax deductions will reduce your taxable income amount. For example, potential tax deductions are work-related expenses, self-education expenses, charitable donations, the cost of managing your taxes. These deductions will reduce the amount of income on which tax is calculated.

Tax offsets apply after tax has been calculated, alternatively known as rebates. These will reduce the amount of tax payable. For example, some offsets you could claim are low/middle-income earners, taxpayers with an invalid relative, pensioners and senior Australians, the taxable portion of a superannuation income stream.

Salary packaging allows you to ‘package’ your income into salary and benefits. There are many potential ways you can package your salary. For example, you could arrange to earn less salary in exchange for higher superannuation payments. By reducing your salary this way, you are reducing your taxable income.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Keep in touch with us!

You can contact us by click the button below :
Categories
Archives
Key Dates
Keep in touch with us!
  • Office Location
    Suite 105, 4 Columbia Court
    Norwest Business Park
    Baulkham Hills
    NSW 2153
  • Mailing Address
    PO BOX 6440
    Baulkham Hills BC
    NSW 2153
  • Drop us a line
    Phone : 02 8850 3888
    Fax : 02 8850 3999
    Email : info@atpaccounting.com.au
Our Location