1. Maximize tax deductions:
According to the ATO, taxpayers are labeled to claim deductions for some expenses directly related to gain an income. The Australian taxation Office has a long list of deductions, income protection insurance, travel costs, including dry cleaning costs, and self education expenses, with fact sheets for specific occupations.
2. Prepay expenses, delay income:
If you own an investment property, you could acknowledge getting minor repairs and maintenance work finished before the financial year end. Similarly, where possible try and hold off income until after June 30, to avoid the paying tax on it this year.
3. Claim tax offsets:
Tax offsets directly decrease the amount of tax payable on your taxable income. If you work in remote areas of Australia for at least half of the year or federal police or Australian defence force you can benefit from a specific offset.
4. Salary sacrifice:
Salary sacrifice is a popular method of reducing taxes, specifically, for medium to high income earners. You will need the ask your employer to divert a portion of your before tax pay as a contribution to superannuation.