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Top 7 Tax Saving Tips

Make voluntary contribution to the superannuation fund

An agreed contribution from the pre-tax salary can be used to provide benefits of a similar value such as a car, computer, tuition fees or superannuation. An annual income of more than 37,000 can be beneficial from this tax-effective strategy. Making voluntary contribution to superannuation can reduce the amount of tax paid.

For example: for an income of $90,000 before tax, the employee decides to redirect $10,000 into salary sacrifice super contributions, he/she will save $3,450 in tax, which the extra money goes into the superannuation fund. Read more about key super rates and thresholds.

Home offices

A distinct space can be set up as home office, for example, a separate room and various expenses are deductible, including light, heat, and cleaning costs.

Expenses of property investments

Deduction list includes bank charges, agent fees, repairs and maintenance (for example: gardening, travel and pest control), land tax, interest on property investment loan, council taxes, water charges, insurance, and admin costs of lease. Whilst deductions can be claimed on repairs and maintenance, improvements are regarded as capital expenditure, which is deducted on a yearly basis. The definition of repairs is the ‘replacement of renewal of a broken part’ and improvements are ‘landscaping, insulating and adding a room’ by the ATO office.

Negative gearing

From the taxation point of view, property investment is considered like a business, therefore losses can be claimed back against the income.

Keep a good record of all receipts

Keep a good record of all work-related receipts throughout the year. Avoid throwing away or put them aside randomly. This is crucial to claim deductible expenses, furthermore, saving receipts properly is also the law. This includes work-related phone bills. Some online tools can assist to do this task smoothly.

Communication expenses

Part of the cost for iphone, ipad or wireless internet used for work purposes can be claimed as a work-related expenses. However, a record of the calls is needed to be maintained and logged for the work but if it is available, the savings can be significant.

For Example:

Mobile phone plan: $89 per month

30% of calls work related for 11 months of year

$89 x 30% x 11 = $293.70

Home broadband: $59.95 per month

15% of use work-related

$59.95 x 15% x 11 = $98.91

Total Deductible Tax: $393

Work-related expenses

Similarly to mobile expenses, if a car or a vehicle is used for work, please ensure having the bills and a logbook well maintained for the business/personal use over a four-week period. That percentage can then be applied to the whole year.

Please note to take the time to check if the logbook is up-to-date and include all the receipts, invoices and records of journeys to substantiate the claim.

Finally, please ensure to pay all the expenses before 30 June in order to claim deductions, including subscriptions, insurance and utilities.

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