Tax Calculator: save money on tax!

Invest some time in planning your taxes and you'll save you money in the long run!

• Make super contributions up to your allowable limit. Taxpayers under age 50 have a limit of $25,000 and those aged over 50 have a threshold of $50,000.
• Take advantage of the super co-contribution scheme. The government contributes up to $1,500 per year if your total income for the financial year is less than $28,980. The amount of the contribution reduces as incomes increase and phases out at $58,980. The self employed may also be eligible for super co-contributions.
• If you plan the timing of asset sales, you can ensure that capital gains tax is minimised. This can have a huge impact on your next tax bill. Forward planning may significantly broaden the tax concessions available.
• Start a transition to retirement strategy. This involves drawing an income stream from super and then salary sacrificing the same amount of your normal pay-back into super. Rather than pay your marginal tax rate on your salary, you can pay just 15% tax on the contributions.
• Salary sacrificing means using pre-tax earnings to pay for benefits such as extra super contributions. Some pre-tax earnings are used to pay for benefits like a laptop computer or car.
• Apply for every tax offset and entitled rebate. Tax offsets for private health insurance, franking credit and baby bonus will directly reduce the amount of tax you pay.