12 Easy Ways To MAXIMISE Your Australian Tax Return in 2024
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- čas přidán 16. 07. 2024
- In this video, I’m going to show you 12 ways to legally pay less tax to help you save thousands of dollars every year. With tax time coming soon, these tips will help you maximise your tax return for this year and plan better for next year.
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Useful Links:
Current Tax Rates: bit.ly/3VMIjpJ
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All deductions you can claim: bit.ly/4cI4HY5
Work From Home Deductions: bit.ly/3W5Cdlu
Motor Vehicle Deductions: bit.ly/45M4pNu
Occupation & Industry Specific Deductions: bit.ly/4ciEyzc
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#australiatax #tax #stockmarket
⏰ TIMESTAMPS
0:00 - Intro
0:11 - Taking Advantage of Tax Rates
1:39 - Work From Home Deductions
3:06 - Motor Vehicle Deductions
4:40 - Other Work Related Deductions
6:30 - Capital Gains Tax Strategy
9:23 - Make Extra Super Contributions
10:42 - Spouse Super Contributions
11:09 - Debt Recycling
12:17 - Negative Gearing
13:34 - Get Private Health Insurance
14:09 - Instant Asset Write Off
14:48 - See a Tax Accountant
15:52 - BONUS Tip
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@@Ledo5256 I understand what you're saying but if I give 'complete info' the video will be 10 hours long. I only have 10-20 minutes of time in each video so I need to pick the parts that I think would apply to most of my viewers. Then I can try to answer more specific questions in the comments.
Gotta get those sponsorship codes out there somehow... @@BryanInvest
Sorry mate that was rude of me.
@@galacticpepsi If I was a multi millionaire, I would make all these videos for free without ads because I truly believe all Aussies deserve to be educated on these things. However, I'm not at that level yet but still need to support my family somehow. It takes a lot of time & effort to make these videos so I hope you understand if I include a few brief monetisation segments in some (not all) of my videos 🙏💛
Tax cuts for some, interest rates all over the place... how's a regular person supposed to invest?
Preach! It's enough to make anyone want to crawl under the covers. These news cycles can be brutal.
You ain't wrong. That's why I finally took the plunge and found a financial advisor. Best Decision Ever.
Really? Tell me more. I feel like I'm always playing whack-a-mole with my portfolio.
People underestimate the role of planners until they suffer from their own mistakes.
@@ZhannaDavidova
I’ve been working with Aaron Morgan Bell and started my first stock on February 21, 2022. Despite the market declining throughout the year, I've made significant gains. Unless we revisit the October lows, I plan to keep investing more in stocks. I'm super excited for 2024, as the payoff looks promising.
*YT Quick Investors Survey #13:* For your shared investing ideas, what do you think will be the next Apple/Microsoft in terms of growth?
Tesla has beaten both Apple and Microsoft in 3 months, 6 months, 1 year, 3 years charts.
None for now. It's getting harder to predict market trends post covid, the market can dwindle anytime and eat your whole deposit.
I mean no disrespect, but you are wrong... Believe it or not, the market isn't as bad as some people have made it look... From my observation, only small and mid-caps seem to be stagnant. Others are making record profits... In all honesty, as a beginner investor who knows next to nothing, I have made over $30k profit in a few months of following Kelly Matwick's investing techniques and guidance... I was retrenched recently, and I am using these resources to keep body and soul together.
Hi ANTHONY, your profit margin is quite impressive for a beginner, good for you!!!! can you share Kelly Matwick's info?? Thanks if you reply.
Crypto !! XRP, XLM, XDC, HBAR, QNT, CSPR.
Very extensive and resourceful video. Awesome job mate. Keep up the good work 👍👍
Thanks for this video!
This video randomly landed on my feed. I’m glad it did. Subscribed!
Awesome! Welcome to the crazy family 😊
You're legit my favourite Aussie Finance Channel man. Thank you for putting in the effort to make these videos for us. They are easy to understand and entertaining. I do a bit of video editing on the side so I know how long it takes and the extra effort you put in for high quality production value. Please keep making Aussie finance content! 🙏🏽
PS. BIG TAX RETURN 🥳🥳🥳
Wow! Thanks for much for the love. Yes, the filming itself isn't too bad but the editing takes agessss. I'm still a one man show at the point who does everything so thank you for the acknowledgement. I do spend way too long editing but I want you guys to have the best viewing experience possible! LOVE YOU ALL 💛
Thanks Bryan great video as always 🎉 would you consider doing another video dedicated to the super saver scheme including the steps we need to do?
Thanks
Great video!! Question, if i borrow money from an investment loan or my Ppor for the purposes of investing - when am i supposed to harvest the losses/offsets incurred from interest fee’s paid on the money? Is it once i cash out completely or per financial year? Thanks!!
This was a great video. Love the effort in this one. Subbed !
Cheers Mike!
I only got 5 minutes into the video, read some comments and knew I was in for a Big tax return. Been watching far too many of these. Cheers brother 👌
Cheers for the support brother! 👊
🎉🎉
Thanks for the video
Big Tax Return FTW! Thanks Bryan. definitely appreciate your video - it is a good reminder/refresher for the most burdensome time for us working class.
Thanks mate! Glad it was helpful 😃
Start early with diversified investments in stocks, bonds, and real estate. Maximize contributions to tax-advantaged accounts like 401(k)s and IRAs. Regularly review and adjust your strategy to ensure security....
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
Thanks bro
legend bro, best tips
Hey Bryan,
Thank you always for the amazing videos, so educative and helpful.
I need little insight from you about Self Managed Superannuation Fund.
Have checked your previous videos but didn’t come across where u talk about it.
Kindly please if you have any thoughts or ideas that could help; would truly appreciate it.
Regards
Also on which provider that charges lesser yearly rates.
Great video. Hey Brian, quick question, do you have a video on getting tax documents for Webull? If yes could you point me to it or make one. Thanks
Excellent content!!
Thank you!
Great Tips Bryan thanks for sharing- so valuable especially for tax time
Glad it helped!
I’ve been waiting for this video for a month! Your video last year was a banger so thank you for the updated version. I hope I receive a BIG TAX RETURN this year 😎
Haha, I hope it was worth the wait Ethan 😎
Can you upload video step by step how to lodge tax when owning investment property ?
Very punctual video, Bryan! Just in time for me to get a big tax return ☺️☺️
Good luck Mia!
Any advice for retires above 65. Is there a special account for them in superannuation, where there is no tax on the investments.
Can I use negative gearing if I am working full time making 67k pa and have been buying courses, funding challenges, books for my day trading however have made a negative -$1000 this year from it. Could I include all the additional stuff I had to buy as an expense/deduction to reduce my 67k to let’s say 64k ?
BIG TAX RETURN
This is a really solid resource with a consistent tone.
I’d even love to see a deep dive on more specific tax laws and possible exemptions, especially for individuals and small businesses.
Enjoy ya video thanks
Thanks!
What is your opinion on Part IVA and debt recycling? What would the commercial reason to pay the loan to then redraw to invest compared to investing directly in the first place?
In a word: Tax savings. With debt recycling, assuming you were going to invest into something anyway, if you follow the steps correctly, it will allow you to claim the interest on the loan.
Hi bro, need ur help pls, I was on work holiday visa part year then bridging to student visa. Am i considered resident for tax purpose since ive been in Aust for 1.5yrs? Is the entire amt earned while on work holiday n student visa combined to base my tax tier? Thank u in advance
Can I add finance of car in deduction??
Great video! 🔥🔥
Thanks!
Can u make video a for an international student who is clamming his tax first time
Big Tax Return.
Thank you Bryan !
Not much changes to last year? Good to see IAWO being extended another year. Thanks bro! (BIG TAX RETURN)
The tax rates are changing but other than that, you're right!
Big tax return, thank you mate and congrats for the baby may I say God bless your family
Thanks Liro! 💛
Damn, this video is actually pretty useful haha (time to get my motor vehicle expenses paid for :D)
My favourite video
Hi bryan: i have a question, i am a 4 days working from home and 1 day @ office. My home is my base station , can i still claim?
Yes, you can still claim. When you calculate, they will ask for number of hours which you can use to work out your deduction.
That Debt Recycling idea is new to me
Hi bryan, it’s my first time to claim. I bought work related items overseas, can I claim it even though my receipt is not AUD? And if they accepts it will I base the exchange rate on the purchase date or the current exchange rate? Thanks
Yes you can claim them. Use the exchange rate on purchase date.
67c is really undervalued and I have no idea how they picked that figure for Mobile, Internet, Depreciating assets, stationary/consumables and energy costs. It never even comes close to actual cost and it really discriminatory towards people who are incapable of working out the actual cost method (I am a data analyst and even I struggle particularly with electricity since I have solar). It should be double of what it is.
It doesn't include depreciating assets, they're a separate line item stating that they should be claimed in a separate amount, and the 67c/hr is listed as running expenses: www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/deductions-you-can-claim/working-from-home-expenses
So 67c/hr is kinda meh, but much much easier than trying to work out percentage use for things like mobile/internet unless you're on a business plan or use separate devices/lines.
I love loop holesssssss😅
can u do tax tips for fifo worker n wat we can claim
Thanks for the idea!
This helped alot! Cheers - BIG TAX RETURN
Awesome! 🙌
It the most unfair system, we work our buffs off end up having to share our hardearned money to those who CHOSE not to work
Definitely hoping for a big tax return! How do you know what cover is enough to avoid the MLS? I went over the threshold this year.
Congrats! The easiest way is to speak to the health insurance provider to ensure it's the correct cover to avoid the MLS. Usually most of them will mention it on their website when completing a quote.
Cheers, mate. This video will definitely help me get a BIG TAX RETURN 😉😉
All the best to you, Matt! 😎
6:02 don't rely on the app. I downloaded a receipt 11 months ago. It's gone 😢
Oh no! Sorry this happened to you. How frustrating!😫
I messed up by ticking claim tax free threshold on all my jobs, is there a way out of this? I have got a tax bill.
Best to contact the ATO directly and explain what happened. Don't worry, they are quite friendly and helpful. They're not out to get you if have the right intention.
@@BryanInvest I will try thanks
BIG TAX RETURN
I need to get my head around Debt Recycling
It's a great tool when used correctly!
Hard to find a good tax accountant I can trust! Mine doesn't seem to do a lot. Any suggestions?
I would suggest asking for recommendations from your friends/colleagues or just keep trying new ones until you find the one you like.
Try the small businesses around not places like H & R block. We cost more but would be worth it in the long run
What if your employer already pays for your mileage. Can it still be claimed
No, that would be double dipping.
Great video, thanks again. Er, I mean, big tax return!
Big Tax Return
Bro its a bit late to give tips for 2024. What about the record keeping requirements for all of these deductions. For example to claim the revised wfh rate you have to prove you were actually working from home using timesheets or a letter from your workplace which a lot of people may not have or be able to prove.
BIG TAX RETURN BROTHER!!!
🫡🫡
Big Tax Return! This may be a really silly question - Instant Asset Write Off, I would assume that the business that the asset is being written off against needs to be bringing in more money than the value of the item being written off?
For example, if someone has a Saas on the side that is bringing in modest income (with registered business name, abn etc), that person can't go out and purchase an M Mac for multiple thousands of dollars to then write it off against the Saas business (keep it simple and say that the Mac is 100% used for working on the business) unless that business is earning at least a multiple of that cost?
You can still claim it but only up to the amount of your revenue for the year.
Eg. Your business makes 10k this year. You buy an asset for 15k. This essentially means your business made a 5K loss for the year. So you can claim 10K in year 1 then carryover the remaining 5K and claim it in year 2.
Keen to know about debt recycling. Is there a way to invest in shares/etfs that don’t pay a dividend and still get the tax deduction? Also, what happens when you sell some of the shares?
The shares need to be income producing. Most ETFs do pay a dividend even the ones that are more growth focused. When you sell, you can replace the shares with other income producing assets if you want to continue claiming the full interest.
Hi mate, I earned $48500 approximately this year paying $7700 in tax. I can't really claim anything. Do you have any idea what my approximate tax return would pay please.
From my quick maths, you should get around $1,471 back. You can work it out how much tax you'll pay from this calculator. Then work backwards.
moneysmart.gov.au/work-and-tax/income-tax-calculator
@@BryanInvest thank you . Much appreciated.
@@BryanInvest hi mate just another question. What can I claim without having receipts. I heard I can claim up to $200 for laundry expenses without receipts , is that correct?
@@paulmills2731 You can claim up to $300 without a receipt!
Big tax return. Thanks
awesome video bryan! ❤'Big Tax Return' here I come! (hopefully!)
I wish you a big tax return, Jessica! 😊
I hope I get Big Tax Return! ❤
Good luck! 💰
Big Tax Return 🎉🎉
You will maximise s...t same pay same earnings every year tax go down from 8k taxed casual got back 6.5k-7k went part time same tax couple of years back got 5.5k back then 4k then 2.8k this year $1400.This country is disgrace with this taxation.Wow I forgot I should wait for Albos $350 next year😂😂
Hope everyone will get a Big Tax Return this year
🤑🤑🤑
Hi, I bought some Crypto currency and lost all of them due to being failed. I don't have any other Crypto or shares. Can I still claim them as a loss? Thanks
Big Tax Return!!!
Big Tax Return!
Big tax return
Very useful info for my tax return
I only work 2 days a week at home, Can I still claim??
Yes, the calculations are based on hours.
Big Tax Return! 😎
Big tax return! 😁
Big tax return!
Big tax return, here we go!
💵💨
Hey Bryan. How does negative gearing work if I have a partner but the asset is under my name? I'm hoping for a BIG TAX RETURN this year 🙂
You just report it under your name. If the ATO requires your partner's details, they will ask for it. They may also ask your partner in their tax return about your income.
I have 21k so how much will I get
21K income? Not sure how much you'll get back as it depends if you've been paying taxes throughout the year but you can work out how much tax will pay overall using this calculator.
moneysmart.gov.au/work-and-tax/income-tax-calculator
Thanks mate
Thanks for the big tax return
So uncomfortable keep all recipes whyyyy?
Edit; big tax return 😂
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Big Tax Return
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