Some practical ways to beat the Australian Taxation Office

​There are some practical ways to beat the Australian Taxation office’s take. We will get to those later. But the quickest and easiest fix is to make an addition to superannuation. Before your bonus entitlement is confirmed, the salary offering of the bonus must be set up with your employer. That is because salary sacrificing can only describe to future income, not past income. The other method of fix is to take advantage of the co-contribution scheme and it was a quick process. The government pays 50 cents into the super account of a lower or middle income earner. If anyone earning below $34,488 a year, the full 50¢ is paid to the superannuation account. A husband/wife also has until the end of the financial year to make a contribution lower-income partner. It is known as a spouse super contributions tax offset. The spouse receives an 18 per cent tax offset, then the partner earns less than $10,800 in their tax return for a contribution of up to $3000, and offering a maximum offset of $540.