8 Ways To Maximise Your Australian Tax Return in 2024
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- Опубликовано: 11 июн 2024
- In this video, I’m going to show you 8 ways to legally pay less tax so you can save thousands of dollars per year and maximise your tax return. With tax time coming up, these tips could help you save a lot of money for this financial year and help you plan better for next year.
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Deductions you can claim: www.ato.gov.au/Individuals/In...
Salary Sacrifice Excel Calculator:
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#australiatax #tax #stockmarket
⏰ TIMESTAMPS
0:00 - Intro
0:10 - Salary Sacrifice
2:15 - Claim Work-Related Deductions
4:38 - Capital Gains Tax Strategy
6:01- Investment Property Deductions
7:55 - Small Business Concessions
8:51 - Government Incentives
9:42 - Get Private Health Insurance
10:48 - See a Tax Accountant
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I like that you speak fast and clearly. I don't have to speed the video up! Now that's good sauce!
Haha, thanks mate. Nice to someone else who prefers fast paced videos. I, too, speed up most videos on RUclips 🏃🏻♂💨
And I don't like
Sauce - your videos are so informative! I came across your RUclips channel few days ago and already feel like I’m learning a lot. Thank you!
Thank you mate. Glad to have you with us. 👍
Been looking a video like this on RUclips for a while. Great work mate. And yea, I stayed till the end . Sauce.
Hey, I appreciate that my man. All the best with your tax return 👊
Just came across your channel and I’m so grateful! I am new to the country and understanding the system has been a bit challenging. You make it so easy! Thanks for your secret sauce!
Welcome to Australia mate! 🇦🇺
Glad to have you here and appreciate the support.
Great video as always Bryan. I'm currently making use of the FHSS scheme, it's providing me with some super safe and saucy tax savings. A great alternative to investing the money outside of super or using a term deposit. Keep up the great content!
Good stuff mate. It’s actually a clever scheme that incentivises saving for a good reason. I hope it brings you a big saucy house in future 👍
Thanks for the great sauce, Bryan! Appreciate that your videos are info-packed in a clear and succinct way. Subscribed.
Thanks for the nice comment! I’m glad you enjoyed it 😊
Watching your video first time.. genuinely impressed with detail and ease of understanding...
Already shared your Saucy techniques to Facebook and insta...
Keep up the great work mate...🎉
Excellent video. Well researched, presented, and easy for the everyday Aussie to understand. I've watched a lot of your videos and they have inspired me to start my investing journey, so thank you!
I was wondering if you would be able to do a video comparing the best ETFs vs the best LICs on a long term (20-30 years) DCA DRP strategy?
Again, thank you.
Hey Sam, thanks for wonderful comment. I’m definitely planning to make a video about LICs soon! Keep a look out.
nice vids bro, your gonna blow up any time soon.
keep up the hard work 👍
Thanks mate. I appreciate that 👊
Thank you Bryan for all your videos. It’s really helpful. Keep up the good work :)
Thank you! I appreciate the support ☺️
SAUCE. Found you a week ago. Love the videos and good vibes mate! Subscribed.
Thanks Jeff. Hope my videos can help you 👊
Sauce - you just earned a subscriber. Great information, and I must mention, perfect speed for me, I dint have to adjust your speed :😄
Hahaha thank you for the comment! I’m glad there are a few people out there that don’t think I speak too fast 💨
Sauce. Great video and tips as always
Appreciate you, as always 👊
Your teaching skills are great. I understood everything. Learnt alot cheers.
Thanks for the positive feedback 😊
Salary sacrificing and salary packaging as a nurse is awesome , sauce. Great video
Absolutely Kimberly. I love that our nurses are looked after well. They deserve it! ❤
Saucy stuff as always Bryan! Glad you touched on the FHSSS - as someone currently trying to save for my first property, I'd be really interested in a more in-depth video about the best strategies for achieving that!
Thanks mate! That’s a great video idea. I’ll definitely put it on the list. Have you checked out if you qualify for first home owner grant?
I second this^! I'm a Kiwi and I've been over here saving my deposit, but I wish I knew about FHSS sooner! Luckily I think the new pathways to citizenship for us Kiwis will mean I'm now eligible for the First Home Owner Grant, so that's what I will look into 👍
@@gearspider Welcome mate. Hope you have an enjoyable and prosperous time in Australia!
I had no idea the FHSS existed. Thank you!
Thanks for the video! Excellent advice!
Thanks for watching 😉
Sauce, like always, tasty. I appreciate your presenting these simply and clearly.
Thank you for the nice comment ☺️
Very informative, thank you
Thanks mate 🙏
Please don't stop posting content it is so informative and entertaining
I'm here for the long term. Heaps more videos to come!
Great Video and much more information !
Thanks!
Sauce - great video! 👍🏼
Thanks mate 👍
Great vedio 👍
Sauce. useful info as always 👍🏻👍🏻
Thank you Ashley 🙏
Thanks for the sauce 😃
Hope you enjoyed 😎
Sauce, I am continuing to learn more and more about investing, finance, etc. Thank you Bryan🌸
Thank you, Tracey. That's lovely to hear. I wish you all the best on your journey 💙
Nice and quick easy learning ... thumbs up from Karachi, Pakistan
Thanks! Appreciate the support 🇵🇰
Great video man
Thank you sir ✊
Thanks Bryan you have a new subscriber here... This video was better than a bunnings sausage with sauce!
Welcome to the family, Brett. Man, I looooove Bunning sausages with extra ketchup & mustard 🌭
I just found you!!!! Great videos mate!
Thanks for watching! Hope you enjoy your stay mate 😃
Great video Bryan. Would love to see a video explaining how to avoid or reduce the chances of being taxed from Div 293 for high income earners
Great video mate, well done :-)
Thanks mate 🙏
SAUCE. Great video mate, keep up the great work!
Appreciate it Carl 👊
Sauce. Love your vids. I suggest a video specifically on tax tips for small business owners.
Thank you, I appreciate it! That's a good idea. I'll put it on my video idea list.
Sauce - thanks for this video, i am relatively new to Australia and it's tax scheme. Very educational.
Thanks for the comment! Welcome to Australia 🇦🇺 💙
nice video mate. Well done
Thanks mate.
Great Video, Keep posting good content. You will grow.
Thanks mate!
Great stuff.
Thanks Praveen! 💙
Thanks!
No worries 👍
I had a rewind a few times to pay attention to the good sauce
Are you sure it’s not because I talk super fast? 😂 I appreciate it mate!
Sauce brother thanks for the Info
Cheers bro 😎
OMG!! This transformations is absolutely amazing!! I newly trade in Bitcoin and I've been making losses but recently I see a lot of people earning from it. Please can someone tell me what I'm doing wrongly .?
Investing in stocks is a good idea, a good trading system would put you through many days of success
The best way to invest is trading with a professional who understands the market quite well, that way maximum profit is guaranteed
I would advise you to seek professional assistance because creating a strong financial portfolio is more difficult. This will enable you to receive methods catered to your own long-term objectives and financial aspirations
As a beginner who don't understand how Bitcoin trade really works and you really want to make profit from it, I will advise you to work with expert trader
@@charleszaro993How can someone know good professional acct manager that is trustworthy and legit, I have been searching they are hardly to find this period
Well done ! Quick one, Overseas mortgage payment(non rented property), can it be claimed as deduction?
Regarding your Salary Sacrifice example.
For those who are not planning on adding extra contribution to their super with post tax income, you would be reducing your take home pay if you were to salary sacrifice to your super from your pre tax income.
A lot of these comparisons that companies give you are like this
You’re right mate. I should have made it more clear.
Your take home pay is only higher when you salary sacrifice assuming you’re planning to invest the same amount outside of super.
Any chance you can explain this in more detail? @@BryanInvest
Great video - sauce
Cheers!
Nice one sauce 👍🏼
🥫
i really liked the investment propety
Thanks
You’re welcome! 👍
Mustard is my favourite sauce. Work expense deductions are my favourite tax saver.
I too am a mustard lover. Good stuff 👍
This video is brilliant
Thank Warren 👊
First time watching your video
Since you explained all things clearly
I hope to maximise then minimise on my future tax returns 🤑
Awesome Kylie! I hope you can get a huge tax refund next year 🤩
Hi Bryan,
Thank you for your informative video. You have just won another subscriber.
would you be able to explain in more details of how the depreciation is calculated? I just wanted to better understand this specific topic.
Let just say I purchased a brand new two-bedroom apartment for an investment.
Does the depreciation is calculated based on the purchased price?
Or on the individual items that you have mentioned in your video.?
Hi Paul, thank you for the kind words! I can definitely do a video where I go more into depth about depreciation with some case examples. I’ll put it on the list for next year. Hope you have a happy new year.
My best tax plan was paying mortgage off ASAP then as I received more equity I purchased shares outside super and receive a tax deduction and franking credits. Now 30 years latter I have retired I can sell $60,000 worth of capital gains (which is more than my old employment wage) put $10,000.00 into super claim a deduction. So with the 50% discount my taxable income is $20,000.00 so I pay no tax. And with the dividends I receive I get a tax refund
Good stuff mate. Killing it 👍
haha Sauce- great video subscribed :D
I appreciate it mate. Welcome to the family! 😊
Is it possible to max out both salary sacrifice & concessional contribution at $27,500/year and the first home super saver at $15,000/year? Are we allowed to contribute up to $42,500 / year because of the 2 schemes with the salary of 78,000 / year down to the $35,500 / year tax bracket?
It would be great if you could do a seperate video on deductions for remote workers, eg rent deductions for home office, phone, power, etc.
Thankyou for this video! Learnt a lot. So you cant use capital losses too offset taxable income, only to offset capital gains?
Yes, that is correct! If you don’t have any capital gains in the current year then you can carry over the capital loss to future years.
SAUCE! THANKS FOR THESE VIDEOS.
Thanks for your support! 🥫
Can you do the tax included salary sacrifice in mortgage
Hi Bryan! Could you make a video on how to do one's taxes with respect to US Options Trading but as an Australian resident if you have any knowledge on the topic?
Interesting video topic. I'll put it on my list. Thanks
i want to learn more about the taxation on investment and financial planning
SAUCE!! thank you for this video! i do have a question though, is the salary sacrifice applicable to international students studying in Australia while working part-time?
Thank you Ariana! I believe you can. You can also apply to have super paid out if you leave the country (and not an Australian resident).
Super sacrifice: AMP have a good Salary Sacrifice calculator you can use to work this out.. it stops you from inputting anything higher than the cap of $27.5K and shows the sweet spot.
Nice. Thanks for sharing mate.
www.amp.com.au/calculators/sal_sac_calculator/salary_sacrifice.htm
It doesn't work if your yearly imcome is including overtime. it uses 11% of your total income and you can't change it.
Why going to AMP site, if you should have an effective salary sacrifice agreement with the employer. They should be able to manage it for you…
Hi, what will be the additional taxes on expats with basic salary more than 100k per annum working in MNC? can we reroute our saving by starting our own business not related to current working MNC to save tax?
I didn't know about the first home super saver! is this the same the first home owner's grant? Thanks for the sauce, Bryan.
Two different things that serves a similar purpose. To help you afford your first home. FHOG doesn’t have anything to do with tax, rather a government initiative to encourage you to buy a house.
Thank you for the info about First Home Buyer Super Saver Scheme! I’ll look into it for my kids 🥰
Just wondering, would the money be best invested in shares though?
@@winniejo2206 The FHSSS allows you to invest in shares through your Super. The difference is, you'll only pay 15% tax versus your marginal tax rate which is usually higher. Just keep in mind Shares are volatile so you'll need to think in decades rather than years. If you think you'll end up withdrawing the money from Super for a house deposit within a couple of years then it's probably better to just keep it outside Super to avoid market risks.
I think the downside is that employers don't have to salary sacrifice your wage. Or at least my last employer wouldn't which was frustrating and couldn't find any leg way to make them
Edit: you got there I just commented too soon haha...With salary sacrificing you can also take out a max of $50k towards your first home for the FHSS with the ATO first home super saver, only counts your personal contributions not employer guarantee contributions and caps at $15k per year upto the max cap of $50k so you kind of can get your super back before 60yo I've got until Christmas next year to have the $50k to take out, hoping we get a crash by then lol
Nice one mate 😉
Sauce, thabkyou
🥫
Legend!
Side super share investment. How do that mate?
Hey Brian, can you do a video of real estate crowd funding please. If you can.
I'll put it on the list :)
Good day bryan can you made a video preparing your tax return with a asx stock investment. Thank you.
Good idea. I'll put it on the list!
Thanks for the Video!! It's excellent. I am a delivery driver, and I work cleaning as a contractor. Can I claim the small business income tax offset??
You should be able to if you have an ABN. Check this eligibility test: www.ato.gov.au/Business/Income-and-deductions-for-business/In-detail/Small-business-income-tax-offset/
i do one job in salary sacrifice, and other is not which job should i keep as my first job to get tax benefit
Can international students use these to save tax?
Saucey video!
🥫
Sauce - love the detail information! Are you taking any new clients? Looking for a good accountant to help with my tax returns and tax planning
Hey Alex, unfortunately I don’t offer my services to clients. There’s many good tax accountants out there that can help you :)
thanks for the not so secret sauce on this
Thanks for watching! 😄
The average wage is now 100k in Australia from what I read.
Yeah, I read that recently and found it a bit hard to believe. There must be something skewing the data.
Sauce 👌
Can I buy 1 seperate month of Private Health Cover in June
Definitely had to lock in some capital losses last year. This year made some gains! (SAUCE)
Good stuff! 👏
Gotta love this tax sauce, are you taxes on your gross or net income?
Sauce!
Sauce, thanks for the vid. I've got a question. Is it still worth considering salary sacrifice if I've got an offset account on my home loan? noting the offset returns value based on the sum that sits there everyday whereas salary sacrificing reduces my total income. Cheers.
Great question. It’s a tough one. History says salary sacrifice will give you a higher return in the long run. However, it depends if you want to pay off your mortgage asap (before the 30 year loan). Putting money into offset is also a guaranteed tax free return. Ask yourself if you could pay off your mortgage faster vs invest excess cash in shares outside of super, what would you pick? The answer becomes more obvious based on your choice.
@@BryanInvest thanks for your reply. That’s a good question. I’m generally a risk averse person so I’ll probably go for finishing my home loan earlier rather than investing the money somewhere else.
Hey i am having a problem while doing this can u help me out please
Thanks mate. SAUCE 🎉
💛
The best strategy is when you get a Div293 in the post and you go so berserk you join the UFC and clean up in the octagon due to your incendiary rage at the ATO. Plenty of good sauce to cover any tax bill when you're making mad stacks like McGregor
😂 who the fook sent me this tax bill?!
Hi Bryan, Does the tax treaties for a dual citizenships mean you don't have to pay any tax? Also how does it work?
Yes, we have tax treaties with a number of countries to ensure you are not taxed twice. Basically which country you pay to depends on where the source of the income came from. Check out this article for more info: www.ato.gov.au/General/International-tax-agreements/In-detail/What-are-tax-treaties-/
@@BryanInvest Thanks Bryan.
Not sure if I'm completely misunderstanding the salary sacrifice idea.
If you put extra money into your super, yes it's taxed at 15% but the government also taxes your super gains whereas if you were to invest the money separately and use DRP on your shares you won't be taxed anything until you cash out.
In the long term which is actually better? Being taxed yearly for gains you don't realise until you retire or going tax free until you sell.
It's taxed at 15% vs the marginal tax you would have had to pay if you didn't salary sacrifice.
So they contribute the money BEFORE you are taxed your normal tax rate. That's where the savings come in.
Where did you hear that the govt taxes your super gains yearly?
@@BryanInvest Oh, I see. That makes sense. Doesn't the government tax your super earnings at 15% also?
Maybe I'm wrong about the timeline but my yearly super statements always show thousands in tax. This is where my confusion comes in. If you're taxed 15% on earnings you haven't realised, is it not better to invest it yourself and avoid the 15%?
@@dc4539 the 15% is probably for dividends in your super. You won't be taxed 15% just for holding shares inside or outside super.
How do I know I have the appropriate level of health insurance, so I don’t need to pay the levy?
They will normally mention it on the package when you apply online. But usually the most basic hospital cover should be enough. You can also tell them directly that you want health insurance that will be enough to avoid the levy surcharge.
Goodness gracious, you shoot like a rocket! Thanks very much though.
Haha yeah sorry, I’m a natural fast talker. I’ve been working hard to slow down for the camera. Hopefully future videos are better! 🗣️
'Sauce'... My question is let's say I invested in VGA or another EFT and let's say I want to sell my ETF after 3 years as I believe that firm is doing badly and might be applying for Chapter 11/bankruptcy.
Can I liquidate my ETFs and buy/invest for the same amount (dollar to dollar) in some other EFT?
Will I have to pay capital Gains, even though I will invest all the amount in another eFT
Yes, there is no escaping capital gains tax once you sell a stock/ETF. Same as receiving a dividend. Even if you intend to reinvest the profit, you still need to pay tax on it first.
Pls make a video for self employed people
@bryaninvest so if I am on 300k income, I cant salary sacrifice as it execeeds 27k? please confirm
No, you can salary sacrifice (concessional contributions) up to 27.5K to get the full benefits (15% tax). You can also make up to $110,000 non concessional contribution. Check out this article:
www.industrysuper.com/understand-super/tax-and-super/contributions-cap/
You sound more professional than most accountants i know.
Which state you're from if you don't mind me asking.
Thanks Kevin. I'm from Perth, WA!
Tell me 1 thing I'm from India. Suppose I earn 5000 monthly but i save only 1 k per month. At the same time I earn 60k per year but my savings is 12 k how much tax will b charged
Good Sauce 🍅
You know, I’m something of a ketchup enthusiast myself 🍅
Hey sir
I Connected my pocket with CDIA account and now I can’t buy share. Can I create different CDIA account and connect with commsec?😅
No you should only need one CDIA for both Commsec and Pocket. No need to create a second one. Contact them if you’re having trouble connecting them.
Lets goooooo to get the get rich Sauce. :D
I can already see the ketchup on aisle 8 👀