Ways to minimise tax bill this year
- Thread starter luce.rocks
- Start date
Well, I missed the boat completely 
If i wasn't for this thread, I would be non the wiser and pay a large tax bill on profits of a development I completed this year. My fault. I must talk to my accountant more.....
Read this thread and had a light bulb moment, which turned into shattered glass when I spoke to AMP who said paperwork needed to be submitted by tomorrow and I would need to change my loan type. Realistically I don't have a hope.
Better contribute to Super instead. Sigh!
Lesson Learnt
( May still contact my expert broker to see if he has any ideas)
If i wasn't for this thread, I would be non the wiser and pay a large tax bill on profits of a development I completed this year. My fault. I must talk to my accountant more.....
Read this thread and had a light bulb moment, which turned into shattered glass when I spoke to AMP who said paperwork needed to be submitted by tomorrow and I would need to change my loan type. Realistically I don't have a hope.
Better contribute to Super instead. Sigh!
Lesson Learnt
( May still contact my expert broker to see if he has any ideas)
Well, I missed the boat completely
If i wasn't for this thread, I would be non the wiser and pay a large tax bill on profits of a development I completed this year. My fault. I must talk to my accountant more.....
Read this thread and had a light bulb moment, which turned into shattered glass when I spoke to AMP who said paperwork needed to be submitted by tomorrow and I would need to change my loan type. Realistically I don't have a hope.
Better contribute to Super instead. Sigh!
Lesson Learnt
( May still contact my expert broker to see if he has any ideas)
Why not submit tomorrow? Don't worry what they say the cut off date is, just push them.
I might just try that.
Got to Love Mortgage Brokers - You just don't take No for an Answer!
Actually, Application emailed in at 2.59pm on 29/5/15 - before the deadline.
I'll wait and see what the outcome is.
see, 2 hours and 1min to spare.
Hi folks,
This is the first time I've had to think about minimising my tax bill (yay?). I'd love some help pointing me in the right direction for good, legal, ways to reduce my tax.
Key points:
- CGT event this year made about $200k capital gain
- I'll get most of the 50% CGT reduction
- I have one IP that I will pre-pay interest for (approx $15k)
What are some other things I could do? I'm not interested in paying into my super. If I thought anyone would give me a margin loan I'd think about buying some managed funds and pre-paying interest on that too. But I doubt anyone will lend me any money for anything (unemployed, living overseas).
Also, a side question, if you pre-pay interest on an IP to reduce your tax bill, but then you sell the IP, does that create any tax issues?
Cheers, Luce
Can you do any outstanding repairs on the IP before the year is up? Please note, repairs nor improvements!
