Tax planning is the process used by individuals and businesses to structure their affairs to legally reduce their tax liability.
For the 2018 financial year, the top 10 most used tax planning strategies are:
- Salary packaging private motor vehicles.
- Concessional super contributions.
- $20,000 asset write-off.
- Income protection insurance
- Home office occupancy expenses.
- Transporting heavy or bulky equipment.
- Self-development courses and seminars.
- Establish a family SMSF
- Jointly owned motor vehicles.
- Life insurance held through superannuation.
The above data has been provided by TaxFitness and is based on the actual tax planning strategies selected by accountants using the TaxFitness software. TaxFitness has been providing automated tax planning software to accountants since February 2017.