The key for how to reduce tax is the structure of your investments or business ventures. This could be as an Individual or a Partnership, in a Company or a Trust, or through a Self-Managed Super Fund.
Different entities have different tax rates as well as different regulations governing them. A tax advisor will be able to guide you on which makes the most sense for your financial situation.
As well as the overarching structure, the timing of investments makes all the difference. All income earned and expenses incurred will be counted during the financial year, running from 1 July to 30th June.
Planning the timing of when money comes in and out can impact your tax obligations. For example, if you had a high-earning year, defer income to after the 30th of June, so that it falls in the year that is likely to have a lower tax rate. Another tactic is to hold onto assets for at least 1 year before selling them, to benefit from the 50% CGT concession.
Keep in mind that the sale of a property is dated to when the contract is signed, not the settlement day.
Lastly, make sure to make full use of tax concessions. For example, a tax advisor can guide you around salary sacrificing, or redirecting part of salary or wages into your superannuation fund, to be taxed at a lower rate than your income tax bracket.