EOFY Tax Q&A: deductions, offsets & how to avoid huge tax bills

In this Australian Finance Podcast episode, your hosts Owen Rask and Gemma Mitchell answer your end-of-financial-year tax questions and put Owen to the test with an ETF pop quiz challenge. They cover: – How tax works when you’re self-employed – When and how much tax sole traders need to pay – The difference between tax deductions and tax offsets – How spouse super contributions can reduce your tax – Why some property investors receive huge tax refunds – Whether PAYG withholding variations can improve your cash flow – Owen’s ETF guessing challenge using minimal clues Topics Covered – EOFY tax prep for Australians – Tax basics for self-employed people – How taxable income is calculated – When sole traders pay tax – PAYG instalments explained – Tax deductions vs tax offsets – Common misconceptions about deductions – Spouse contributions to superannuation – Super contribution tax offsets – Negative gearing and tax refunds – PAYG withholding variations for investors – Managing cash flow throughout the year – ETF pop quiz challenge with Owen – Guessing ETFs from minimal clues Episode resources – Buy Gemma’s book “The Money Reset” – Speak with the Rask Advice team – Ask a question (select the Finance podcast) Show partner resources – View Betashares range of funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Get 50% off your first two months using PocketSmith Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg Learn more about your ad choices. Visit megaphone.fm/adchoices