🤑 Australian tax explained & maximise your tax refund | starter pack

In this episode we’re going to catch you up on something you’re going to have to deal with at some point in your life, taxes. They’re not something you can ignore, but they are something you can manage.
Kate & Owen share the key taxes you need to know about, government incentives and deductions to be aware of, maximising your tax return each year and keeping good records.
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Full individual disclosures for each guest are available via the show notes page. Owen, Kate and The Rask Group Pty Ltd do NOT receive anything for mentioning Super funds, products, shares, bank accounts, etc.
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.
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Date recorded: 31st January 2022

[@Alexedmartin.]

Reducing your tax liability is a smart financial move. It's all about strategic investments and leveraging tax-saving opportunities. I've seen significant benefits by diversifying my portfolio and taking advantage of tax-efficient investment vehicles. It's not about avoiding taxes, but rather optimizing them to maximize your wealth. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made**

[@Alexedmartin.]

Investing typically demands a good understanding, and that's where having a financial consultant is invaluable. I've had the privilege of working with Regina Louise Collaro, an investment advisor affiliated with a licensed wealth management firm.

[@Alexedmartin.]

Her guidance has significantly enhanced my financial situation. She's widely recognized for her expertise, so you might have come across her name. With her support, I've attained financial security and now receive a steady monthly income through her successful passive income approach. I strongly advise considering an experienced investment advisor to boost your financial prospects.

[@Alexedmartin.]

Regina Louise Collaro is based in the United States and can work with anybody wherever they stay. If you would like more information on reaching her, you can conduct a search online..

[@skoopqueen]

personally, I'm blessed and realizing I'm not the only one working with Regina Louise Collaro. I will consider myself lucky. I've been able to feed and make a living through her advice and great work. For such a person as Regina, I owe her gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn't just wise but has all it takes to handle an investment and is good at what she does.

[@emeldcentor1474]

​@@skoopqueenI have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me.

[@payroll970]

The 50% CGT discount is to make up for inflation. You used to be able to increase your cost base by inflation each year but now it is just easier to take the 50% discount.

[@VV-lr7xe]

How to re-ward nicely , I don't want get fined or sued and want to cover my a$$, (in a formal language). "I'm not a financial advisor , past performance is not an indicator of the future performance . " 😂😂😂

[@rheapabulayan1706]

Nice content. Thank you.

[@solastro5595]

What happens if you are have no income but you have stocks?

[@mayagregory1476]

As a uni student with HECS debt and several casual jobs, this was so helpful! Thanks Kate and Owen!

[@RaskFinance]

Glad it was helpful! ~Kate

[@torysmith7771]

Thank you - I agree with the other subscribers - this should be in all school curriculum from grade 6 upwards. Your video is so informative - again it is all basic maths

[@mydailysilence]

Hi Kate and Owen, great episode, can you claim accountant services on tax the following year?

[@RaskFinance]

Can I be cheeky and refer you to a handy ATO guide on this? ~Kate www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/other-deductions/cost-of-managing-tax-affairs/

[@insurancebrokersaustralia]

Great Video Explanation. Clearly understand the "Income Tax in Australia".

[@gabriellashumilin549]

Hi Guys, thanks for this video - super informative. Wondering about capital gains tax over a longer period of time in regards to an eft investment, you mentioned the reduction in capital gains tax after holding for 12 months... wondering what that would look like over a period of 20/30 years in an eft... with more money invested, are we up for a big old capital gains tax bill at 65? Thanks.

[@itsdarls]

I've been looking for this content!! Thank you so much .

[@alisyedain3337]

My question is let's say I invested in VGA or another EFT in Aus and let's say I want to sell my ETF after 3 years as I believe that firm is doing badly and might be applying for Chapter 11/bankruptcy. Can I liquidate my ETFs and buy/invest for the same amount (dollar to dollar) in some other EFT? Will I have to pay capital Gains, even though I will invest all the amount in another eFT

[@sibstarrr9]

You only need to request an extension (to lodge past October) if you're in debt to the ato or you have other payments that require that data (ie through cenno), cos they would get shirty. If they owe you a refund, they're not overly bothered about when you lodge it. Using mygov you would be able to lodge multiple returns at once if you're years behind. Not that that's a great idea haha.

[@brynlilley6020]

do i need to declare dividends that get reinvested through a reinvestment scheme?