Tax: How to minimise your largest lifetime expense
Tax isn’t necessarily a bad thing. If you’re paying tax, it means that you are making money (income or capital gains). But of course, there’s no need to pay any more than you legally have to. I discuss our common-sense approach to saving tax below.Minimising risk is often more important than saving taxIt is not worth it to bend or break the law to save a few hundred dollars in tax. For example, if you get audited and you have some dodgy deductions, it will encourage the ATO to look harder. The last thing you want is to attract the ATO’s attention.My approach has always been to stick within…
The skinny
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