Discover reviews on "tax return australia best tips" based on Reddit discussions and experiences.
Summary of Reddit Comments: Tax Return Australia Best Tips
Investment Tips
Investment Platforms: Mentioned platforms with free buys including Betashares Direct, Vanguard Personal Investor, and CMC Market. Note that CMC Market is free for limited transactions per day per ETF.
Investment Suggestions: Recommended DHHF or VDHG ETFs as good starting points. Mentioned popular combos like 30% A200 or VAS plus 70% BGBL or VGS.
Tax Implications on Investments: Highlighted taxes on distributions/dividends and capital gains, mentioning a 50% discount on capital gains if held for one year.
Superannuation Contributions: Noted concessional contributions limitations and the need to consider FHSS if planning to buy a property.
Financial Advice for Newcomers
Emergency Fund: Emphasized the need for a 3 to 6 months emergency fund in a high-interest savings account.
Investing Apps: Recommended the Raiz app as a great option for beginners getting into EFTs and long-term investing.
Sell UK ISA Shares: Advised selling UK ISA shares before moving to Australia to avoid taxes on them in Australia.
Superannuation for Temporary Residents: Discouraged making voluntary contributions for temporary residents like those on a working holiday visa and advised waiting until obtaining PR.
Tax Tips and Strategies
Tax on Investments: Explained Capital Gains Tax (CGT) at relevant marginal rates, mentioned the 50% discount if sold after a year, and discussed tax implications based on investment types.
Franked Dividends: Highlighted the benefits of investing in Australian companies and indices, where dividends are usually partially or fully franked, leading to lower taxes.
Superannuation Contributions: Discussed the considerations around making additional contributions to superannuation, mentioning the differences between concessional and non-concessional contributions.
Miscellaneous Financial Tips
Brokerage Choice: Recommended choosing an ASX brokerage featured with CHESS sponsorship for security reasons, with Stake being a suggested option.
ETF Investment Strategy: Suggested buying broad, index-based ETFs instead of specific sectors, mentioning DCA into VAS for Australian exposure and IVV for the S&P500.
Accountant Advice: Encouraged seeking advice from an accountant for tailored financial advice and understanding concepts like franked dividends.
General Comments
Comments cover a wide range of topics including financial advice, tax tips, investment strategies, and personal anecdotes related to working holiday experiences, moving to different countries, and dealing with challenging customers.
Some comments include humorous responses, predictions for future events, and sarcastic remarks about customers returning after making decisions.
By summarizing the Reddit comments, it's clear that users shared valuable tips and advice on taxes, investments, superannuation, and other financial aspects related to Australia, catering to newcomers and individuals seeking financial guidance.
