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Hi Creative accounts,

I’m looking for a way to reduce my taxable income by $6500 per annum. I currently keep earning to much, and it makes my wife in eligible for family tax benefit B.
I’m on wages and work for a large company that wont let me take a few weeks off without pay.
I Need some creative accounting ideas on how to reduce my income to just squeeze under the 100k threshold. I’m only aware of negativity gearing an investment loan to reduce income.
Any other advice/ideas would be greatly appreciated

5 months ago
Melbourne, VIC

Not sure if this is a conveyancing question. Really, what I want to know is who is the right 'expert' to speak to? Is it a conveyancer? A broker? A builder?

My husband and I had are about 6 months away from being in a position to buy a property. Until recently we'd planned to buy an established home in the Outer Eastern suburbs of Melbourne, but our circumstances have changed a bit recently, opening up the possibility of buying a block of land somewhere semi-rural and building a new home. But neither of us has had any experience building and I'd love to speak with someone who can educate us about the process - pro and cons of buying vs building, financing a build, the timeline and processes around buying land, getting permits, submitting plans etc.

We could obviously speak with a couple of home builders, but I'd prefer to speak with someone independant and who won't feel as though we're wasting their time. Realistically, it will be 6-12 months before we're ready to act on the advice, but in the meantime I want to educate myself so that when the time comes we can act quickly if/when the right block comes along at the right time.

Thanks in advance!

7 months ago

Hi Tax People,

I have a joint equity loan with my wife. We both have individual online broking accounts.
I have been told by our accountant that my wife or myself can use money from that loan to buys shares individually and he would make “loan up” saying the money was borrowed from the account and therefore claiming the interest individually.
To keep this cleaner for tax purposes my bank said we can split the loan and call loan 1 ( wife investment loan) and say loan 2 ( Peter (me) investment loan).
My question is

1) if wife wants to pay her loan down , I’m wondering if that’s possible with the original “loan up” document written up at a certain amount and as it’s paid down obviously the loan has reduced and wouldn’t match the original loan amount.

Any help would be great.
Also if any one is a subject expert on these setups would love to make an appointment for advice happy to travel.

Regards Peter

8 months ago
Mark B.
Mark B.
Adelaide, SA

I've recently applied for a personal loan with a lender and was approved, however I haven't signed and accepted the loan yet. Whilst it was being approved however i've found another lender which looks like they will be reasonably cheaper.

My question is if it's OK to instead apply through the second lender even though I was approved with the first? I was reading this article: https://creditmadesimple.com.au/does-taking-a-personal-loan-affect-your-credit-score/ which says that applying for personal loans can impact your credit score, so im concerned if I apply for the second loan I might be denied and then not be able to use the first lenders offer anymore.

Appreciate any advice!

10 months ago
Michael F.
Michael F.
Parkdale, VIC

I have had the same accountant for years. They do my return and I'm sure it's done properly.

However, when I did my last return I asked my accountant a question ...

What could I / should I be doing to minimize the tax I pay?

Am I paying too much tax with my shares?

I claim as much as I can when I do my BAS & Tax Return, but is there a better way?

Any other strategies?

My accountant said they assess my return based on the information provided and they do not provide advice.


wondering what your thoughts are? Also, I saw this website

https://taxfitness.com.au/ but it seems to be targeted towards accountants, is there something similar for individuals?

11 months ago