• Focus on High-Interest Loans – A good strategy is to eliminate the debt with the highest cost first. Once this is paid off, focus on the next highest interest rate. This approach lets you make minimum payments across all accounts while reducing your total debt. SOMETHING ABOUT US
• Negotiate For Lower Interest Rates – Reducing your mortgage interest rate can save money and increase your cash flow to pay off higher-interest debts, such as a car loan. Get in touch with your bank to find out what’s possible.
• Use Non-Essential Assets – Think about all your assets, such as your car. If you trade it in for a cheaper model, the cash difference can help pay off your debt and reduce your annual expenditure. The same goes for selling your boat, bike or jet ski. Take care of your debt now so you can enjoy the toys later.
• Use Tax Refund & Extra Cash To Pay Debt – All cash outside your paycheck, such as tax returns, bonuses, inheritances, and birthday money, is known as windfall money. It’s easy to spend it, but it’s smarter to use it to pay off your debt. We know it’s tough, but we’re here to back you every step of the way.
• Credit Card Balance Transfer – Get ahead on your repayments by transferring your credit card debt to a 0% balance transfer credit card. These cards provide 16-24 months of interest-free on-balance transfers. We can help you find out if you qualify and get rid of your debt for good.
• Decrease Your Expenses – Live within your means by sticking to a budget. Set up automatic payments for bills and debts on payday and if it’s tempting to overspend, try using cash. Only take out what you need each week to take control of your debt and work towards your goals.

• Maximising Your Allowable Tax Deductions – If you are an employee, you may be able to claim a tax deduction for certain work-related expenses. To do so, you must have spent the money out of your own funds and not been reimbursed by your employer. The expenses must relate to your earnings as an employee; for example, if you travel to work every day, you may be able to claim the cost of public transportation as a deduction. Keep track of all expenses in case they are questioned by the ATO.

Expenses you may be able to claim:

• Car expenses and travel costs, be sure to keep receipts, as they’re necessary for claiming reimbursements.
• You may be able to claim a deduction for occupation-specific clothing, uniforms and protective gear.
• Because of COVID-19, there are special rules this year for employees working from home. To claim the ATO special rate, you will need records of the hours you have worked from home.
• Self-education expenses-some employment-related deduction expenses can be claimed on your return.
• Tools and equipment, items related to your work that are necessary for you to do your job well, may be tax-deductible. Examples include small tools of the trade, protective gear, professional references, and work-related laptops.
• You can minimise the CGT you pay by:
• Holding an asset for more than 12 months
• If you make a capital gain from the sale of assets held for more than 12 months, you may be entitled to a 50% discount on CGT. For example, if you sell shares that you have held for longer than 12 months and you make a capital gain of $3,000, you will only be charged CGT on $1,500 (not the $3,000 gain that you actually made).
• Offset your capital gain with capital losses
• You can use capital gains from prior or current years to reduce a capital gain and therefore the amount of CGT you need to pay.
• Increasing your asset cost base
• A reduction in the cost base is a reduction in the capital gain, and therefore CGT liability. You are entitled to include not only the purchase price of an asset in your cost base, but also associated costs of acquiring and disposing of it (such as real estate agent fees), and any holding costs (such as rates, repairs and insurance premiums).
• Revalue your property before renting it out
• If you decide to use your residential property as an investment property, get it valued before renting it out. You will only be liable for capital gains tax on the gain you make from that point forward, not on the gain from when you first bought the property.
• Utilise small business CGT concessions
• If you are a small business owner and sell a depreciating asset, you may be eligible for several small business CGT concessions.
• Seek professional tax advice – Australian tax law is complex. It’s important to understand that tax minimisation is a legal and sensible financial strategy, while tax avoidance is not and can carry heavy penalties.
• Selecting the correct structure – Every business, investment, and job opportunity is different, so you will need to work out which structure is best for you to operate or invest through. Is it a Company or a Trust, an Individual or a Partnership, or maybe even through your Self-Managed Super Fund? Choosing the correct structure is vital for wealth protection and minimizing your tax bill.
  The tax rate that is applied to a taxable income amongst each entity differs considerably. The individual and the partnership is from 0% to 47%, the company rate is between 26% and 30%. The Trust rate is from 0% to 47%, and the Self-Managed Superfund is 15%

• Plan The Timing Of Income & Expenses – To reduce your tax liability, you should plan the timing of your income and expenses. This includes things like interest on savings accounts, dividends from shares and rent payments. If you receive income at different times over the course of the year, you may want to consider having more of it paid at a time when its value is greater. On the flip side, if you need to claim certain expenses at a certain time, there is a possibility that this could be claimed in advance.
• Deferring income – Deferring income is one of the most common strategies for tax minimisation and is often undertaken by larger companies with stable cash flows. By deferring income, you can pay less tax in the current financial year and receive a smaller refund from the ATO. However, this process may affect your return next year as the money becomes due earlier. In addition, if you need to access the funds for business purposes before they are taxed, you risk paying additional tax if it’s withdrawn before 1 July.