How to ensure you pay the minimum tax required?
When asked this question, of course each answer is case specific however, that is not to say you will always have to pay tax. Tips on how Individuals can reduce their Income earned from PAYG employers is by asking their employer to pay them an allowance so that we can claim ‘Relief from Substantiation” ruling from ATO which means you can provide limited paperwork for your deduction claimed!
Specific industries that usually generate PSI (Personal Services Income) such as companies trading in IT, Consultancy, Plumbers, and Doctors, will have limited deductions that they can claim thanks to the ATO’s PSI rules however we can get around stating we are producing income through the trust structure which is still operating through a company legal entity in order to enhance your tax refund.