Are you missing out on your hard-earned money? When you are trying to maximise your tax return, many people fail to take advantage of potential deductions either through not knowing or simply being disorganised.
We’ve come up with 5 essential tax tips to make submitting your tax return easier once 1 July rolls around. Make sure you’re not giving up any more of your hard-earned money than you have to!
1. Determine your Tax Bracket: The first reason to make sure you work out your tax bracket accurately. Without knowing your tax bracket you can't cover up the area of your tax obligations.
2. Make a Receipt System: Always make the receipt for your daily transaction or tax-related work is not an easy task even sometimes you may lose the receipt. Through a tax accountant, you can store all of your tax-related work in one single place.
3. Review your Deductions: This is one of our more obvious tax tips. There are all kinds of things that you can claim during tax season such as:
Business travel
Work training events
ATO interest
Educational courses
Work-related supplies
4. Home and Car Expenses: If you are using a car for the work purpose and have a home office so you’re taking on the cost of running or working for a business. First, you’ll need to create a strategy for calculating your car allowance. The most common method is to use a mileage tracker app to calculate costs and distance throughout the year
5. Travel Expenses: While you can’t write off your family trip to the beach, you might be able to qualify for some of your travel expenses. Mainly, we’re talking about work travel. If your employer requires you to travel for work, you can deduct a number of expenses, especially if you stay overnight.
Get in touch with a registered tax accountant for a tax health check or income tax return advice. I hope the information I have shared here is useful for you.
