Paying taxes is part of any thriving career or business. This is true whether you live in a small city or in a huge one like Melbourne. That makes relocating futile if you merely want to avoid taxes. The same goes for lowering your income; it’s simply not sensible. However, you can make the most out of the situation by using various tax minimisation strategies. A word of caution, though, the Australian Taxation Office is stern in punishing taxpayers who willingly, or even unwittingly, violate the laws. When planning to minimise tax, don’t fall into these pitfalls:
Keep in mind that the only strategy you are allowed to use is tax planning. Simply put, tax planning is aligning your financial goals while considering the taxation system. While you try to do everything in good faith, taxation can be complex and the boundaries may be confusing. Thus, it’s highly recommended to have things reviewed by a Melbourne accountant or a small accounting firm in Melbourne.