Tax eye on DIY Changes to the laws target aggressive strategies that allow self-managed super funds to avoid tax, reports Nick Bruining. Home truths A few belt-tightening measures could finally see you in your own home, writes Patricia Howard. Small talk The strategy To minimise capital gains tax..
				The shrink is in A reduction in the super surcharge could see it eventually abolished, reports Michelle Innis. The family way The strategy To make the most of the new family benefits. Spare change What to do with that extra cash - save, salary sacrifice or invest? Michelle Innis canvases the options. High Court split loan ruling not a total negative Relax, the High Court hasn't given the Tax Office carte blanche against negative gearing. . Brickbats and bouquets Two weeks ago I wrote that investors in mass-marketed schemes who fought the Australian Taxation Office (ATO) in the Federal Court instead of settling, ended up with a better deal and kept their tax deductions. Moreover, because they won, they got their legal costs paid by the ATO.

New tax rates

Current tax thresholds From July 1, 2004 From July 1, 2005 Tax rate $0 - $6,000 $0 - $6,000 $0 - $6,000 0 $6,000 - $21,600 $6,000 - $21,600 $6,000 - $21,600 17 $21,601 - $52,000 $21,601 - $58,000 $21,601 - $63,000 30 $52,001 - $62,500 $58,001 - $70,000 $63,001 - $80,000 42 $62,501+ $70,000+ $80,000+ 47

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10 ways to pay less tax

The $300 threshold for work deductions is a good start since for many taxpayers it's worth more than Costello's tax cut. Investment deductions have also been something of a goldmine for some taxpayers (make that non-taxpayers), but this year the taxman is getting tough. Paying the interest on your investment loan a year ahead brings big tax savings, and so is a favourite suggestion of accountants, though it's arguable whether you're really better off. One other deduction you can make is to charity. It's the opposite for income. If you can delay a dividend or interest payment until July 1, you won't have to pay tax on it for another year. Franked dividends are one of the best tax breaks around. Speaking of income splitting, think of your spouse as a taxpayer. You can also do the splits with super, one of the best tax breaks around. Better still is salary sacrificing, the mother of all tax breaks. Finally there's the June 30 agricultural schemes. David Potts, The Sun-Herald