Alternative to Salary Sacrifice??

[carmo]

My Sal Sac will drop from $42K to $17K, due to K Rudd lowering $50k limit to $25K, are there any alterative ways to minimise my tax? Legally of course.

 

[nioka]

My Sal Sac will drop from $42K to $17K, due to K Rudd lowering $50k limit to $25K, are there any alterative ways to minimise my tax? Legally of course.

Earn Less. ( sorry, couldn't resist)

 

[nioka]

My Sal Sac will drop from $42K to $17K, due to K Rudd lowering $50k limit to $25K, are there any alterative ways to minimise my tax? Legally of course.

Donate to charity. ( couldn't resist that one either.)

 

[Agentm]

no

rudd has you nailed

start paying up and support this great nation..

 

[Sunder]

Salary Sacrifice for a car.
Negatively gear (does not have to be houses)
Buy some equipment that is at least partially work. You always wanted 2 x 32" LCD screens for trading, didn't you?

Other less practical ones include education, tax effective investments, etc.

 

[Krusty the Klown]

Earn Less. ( sorry, couldn't resist)

Funny, but still true!!!!!

 

[Krusty the Klown]

My Sal Sac will drop from $42K to $17K, due to K Rudd lowering $50k limit to $25K, are there any alterative ways to minimise my tax? Legally of course.

Do you work for a public benevolent institution? If so, there can be avenues open to you. It sounds like you work for a govt department of some sort.

 

[YELNATS]

My Sal Sac will drop from $42K to $17K, due to K Rudd lowering $50k limit to $25K, are there any alterative ways to minimise my tax? Legally of course.

OK, I'll ask the obvious question. Why won't you be salary sacrificing $25k rather than $17k?

 

[adobee]

Depends on your industry -

Car allowance is tax free if you can justify it at the end of the year ?
There are other allowances also see ATO website..

What about an investment property ?
Depreciation will be a substantial tax bennefit for you..

Can your employer buy you any bonuses pre tax income ? (check legality of course) but could they buy you a computer from your pre tax income, or pay for a holiday as a bonus from your pre tax income or pay for a gym membership or pay for any other costs, parking as a bonus insentive from your pre tax income..

 

[Krusty the Klown]

Can your employer buy you any bonuses pre tax income ? (check legality of course) but could they buy you a computer from your pre tax income, or pay for a holiday as a bonus from your pre tax income or pay for a gym membership or pay for any other costs, parking as a bonus insentive from your pre tax income..

The employer could and it would not affect the employee's tax or income at all. The employer would have to pay Fringe Benefits Tax at the highest marginal rates though - which is usually a big disincentive to do this

 

[carmo]

OK, I'll ask the obvious question. Why won't you be salary sacrificing $25k rather than $17k?

The $25K includes employers 9% contribution.

 

[son of baglimit]

no

rudd has you nailed

start paying up and support this great nation..

hear hear....

and if you are a govt employee, youll be supporting your own wage anyway lol.

 

[gooner]

My Sal Sac will drop from $42K to $17K, due to K Rudd lowering $50k limit to $25K, are there any alterative ways to minimise my tax? Legally of course.

You can try the Gooner (Trademark) investment scheme. Invest $50k in the Gooner proprietary trading investment scheme and you get a 100% tax deduction guaranteed.

Mind you that's the last you will see of the money, because I will spend it on a holiday for me and the missus.......

 

[carmo]

Thanks for the replies, I think.
Need to earn less!!
Should point out I am not a Govt Employee.