10 Simple Tips to MAXIMISE Your Australian Tax Return in 2024

These are 10 simple tips that can help you to legally pay less tax in Australia so you can save thousands and maximise your tax return. I'll share tax deductions that you may not know about and can help you optimise your tax return and help you pay less tax.
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▼ ▽ TIMESTAMPS
0:00 Intro
0:34 Work-from-home expenses
2:47 Work related expenses
3:57 Car related expenses
5:13 Salary Sacrificing
6:27 Optimise your capital gains taxes
9:20 Private Health Insurance
10:23 Donations
10:55 Cost of managing your tax expenses
11:17 Clothing & laundry
11:58 Instant Asset Write Off

▼ ▽ CONTACT

[raymondla]

Hey all - quick clarification that I'd like to make that others have already called out is that the vehicle log book requirement is 12 weeks not 4!

[alex.caddell]

you can't claim "any money" you spend on washing clothing, you can claim $1 per load or 50c per load depending if you have only work items or mixed with non-work items

[cenmac]

Super is not always taxed at 15%. If your total annual income (including super) is over $250k you’re liable for Division 293 tax on your super at 30%.

[wnood]

Great video! Id never take the word of someone from YouTube to make a big decision, especially about the Autralian tax system. But I do find videos like this very helpful as they fast track me into the right direction to find what I need specifically. It has also raised a few points I wasnt aware of. Cant wait for any more you make too

[bigheif]

I declared as a resource exporter this year and actaully was given more money. Thanks taxpayers ❤️
If you change your name to Wood Side, or San Tos you can benefit too 👍

[Zanskarma]

Thanks for these straightforward TAX tips 💸

[TrustPestControlSydney]

Great point on keeping track of work-related expenses.

[zoelee]

TAX! Thank you for all the wonderful tips. Very helpful indeed 😊

[SNPR]

Thanks for this Raymond! Just moved here and this is exactly the info I need. Appreciate you bro.

[rlentnot]

This year im only getting under $200 tax return whereas my wife is getting under $900 due to us sharing the same health insurance. Why is that? The video was well paced. Well done! ^_^

[_lonath_]

Can’t you also withdraw the super salary sacrifice when buying your first home?

[dorshanchetty]

TAX. Thanks for the informative video bud. I really enjoy watching your channel. Keep up the great work😃

[craigwatt]

Another great video. For a landscaper who uses there ute all day travelling to different jobs
what is the most effective way to claim Fuel.

[dan-kd]

Pretty sure the handbag is specifically not for lunch, water bottle etc as they are 'personal items'

[selgeaus]

The account fee can only be claimed if you paid in the previous year, NOT for the current one (assuming you use the account after 1 July).

If you have funds accumulating from high interest savings account, it is better for the funds to be sitting in the family member with lowest income (my wife works part time and she earned less than $18k, so I moved all the funds to her account to avoid increasing my income).

To claim post tax super contributions, you need to notify your super funds prior to doing so.

[Tristan.E]

Hi guys, I just followed these instructions and the police came to my door

[thelifeofrylee]

Super is upto the yearly super conessional Cap. Currently $27, 500 for FY 2023-2024. Cap includes employer and employee contributions.

[Skybar]

Whats considered 'appropiate level' of private health cover.? i always thought once you hit your 30s you should take up private health cover as your body starts to face more health issues

[invictafilms]

Don’t forget you can still claim a back 16.405% refundable rebate on private health premiums

[fatherburning]

Remember those thick tax return magazines you could pick up at the news agents? Thanks technology. Now we can be confused with backlighting 😂