The purpose of this eBook is to provide information about end of year tax and superannuation planning for the 2020/21 financial year.
It includes strategies to legally minimise your tax obligations as an individual or a business as well as strategies to grow your superannuation. We also cover some tax traps and how to avoid them.
There is an important distinction between tax minimisation and tax evasion. It is worth stating that tax minimisation is legal, tax evasion is not!
Tax minimisation involves legally taking initiative and structuring your affairs in order to minimise the amount of tax you need to pay. Tax evasion involves deceitful practices where individuals (or businesses) attempt to illegally reduce their genuine tax obligation. The Tax Office conducts regular audits and those found to be evading taxes are subject to fines and potentially criminal charges.