Using a family

Question: As a young person what is the best way to minimise tax out of my salary each week?  Do I need to register a small trust?

Answer: Unless you work for a non profit organisation there are now very few tax saving strategies available to PAYG employees.  Yes, you could salary sacrifice to super but your money will be inaccessible until aged 60 at least, or you could open a First Home Savers Account but you will need to make a deposit of at least $1000 in four financial years.  Buying shares that pay franked dividends can be effective as the dividends are tax free to anybody who earns less than $80,000 a year.  A trust would not be of any use unless you have other family members on low incomes who income can be diverted to.  Also, to do that, you will need to have the kind of employment that allows you to work through a trust.