To complete your tax IT return filing somewhere in Australia is truly a tricky task. Conversely, there are many benefits you can expect in return for completing the task successfully.
These include claiming your deductions on time and saving money reasonably. Some tax pros say that taking actions beforehand can give back your tax deductions sooner than expected.
To achieve this goal, you must maximise your tax return refund optimally. Hire a Tax Consultant Perth to get the best assistance in this matter.
Execute The Right Tips To Maximise Your Tax Return Refund
The ATO is adequately equipped to detect a share dividend, undeclared wages, bank interests or any other income. On the contrary, it cannot inform you about a work-oriented cost, investment cost or deduction which you have forgotten.
Then, how to maximise your tax refund without ATO’s assistance? To help you out given below are some effective tips following which you can maximise your tax return refund optimally.
1. Get your Health Insurance Reviewed
Some health insurance companies in Australia have declared price increments until recently. They have also declared some service changes concerning their insurance policies. Check out the services and ailments which you are entitled to.
Verify that whether this coverage is at all beneficial for you. Besides, also think that do you need to change your insurer or not. You can claim your private health insurance premium as a tax offset while Lodge Tax Return. This lets you to maximise your tax return refund effectively.
2. Sell the investments which are at loss
The shares you have sold and the investments you have earned are all taxable. This means that you will need to pay some duties on them. So, sell these unwanted belongings as soon as possible.
This will let you maximise your tax return refund reasonably. Make sure the capital loss is an offset against the capital profit. Besides, the ATO has enforced a taxing plan until recently. According to this, they will cancel the tax advantages when decide to you sell your loss-oriented assets.
The ATO has also enacted exemplary penalties when you choose to sell your loss-oriented assets.
3. Keep your money in a super fund
You can execute this strategy if you have a spouse who doesn’t work or earns below $40,000. This amount also includes the fringe benefits and super contributions etc. Your partner can use the super contributions to decrease the duties which you have paid. The partner who is not working can expect a certain contribution from his/her spouse. This amounts to a maximum sum of $3000. Your partner can also claim an 18% tax offset of that sum amounting to $540.
Low wage earners are no exception!
If you are a low wage earner then you can contribute additional money to your superannuation account. The government will contribute 50 cents for each $1 comprising your superannuation account. If you are earning more than $52,000 then you can make the best use of this scope.
4. Pay your bills in a lump sum
You can pay some of your bills like professional subscriptions and union fees etc. over a lump sum. This is because you can claim a partial/full portion of any tax deduction which goes to the next year. Conversely, it’s way more feasible to pay these bills on weekly or monthly basis. The fact is the latter is more feasible but the former is much more beneficial for you. Thinking how? Well, if you pay your bills in a lump sum you can claim these expenses much earlier than expected.
Not only you can claim these expenses earlier but you will receive a much higher refund as well. This way you can ensure a way more beneficial taxing year for you in the forthcoming year.
5. Spend on benevolent donations
How if you could reduce your Income Tax Return bill and encourage a noble cause simultaneously? All you need to do is to donate a charitable sum of $20 or $10 on a book. If you do this for 12 months continuously, the benefits are aplenty. At the end of your contribution, you will see that hundreds of dollars have been accumulated. Since then you can claim a deduction of $2 or more. Just make sure you save the receipts accordingly and make the best use of this opportunity.
6. Claim as many deductions as possible
To get higher tax refunds the best way is to claim as many deductions as possible. This includes a deduction for any expense related to your work. Imminent expenses which your employer hasn’t reimbursed are also included. Self-education costs, clothing, dry-cleaning and laundry expenses, travel and vehicular expenses etc. are some of them. Mobile and home phone and internet expenses are also included in this list.
Write down all of your income, including wages, interest, rent, and lottery winnings – Figure out which expenses are deductible. For example, utilities may be included. Get all tax documents in order before you sign the papers: bank statements, paycheck stubs, paychecks from your second job. Also, its important to know how much minimum you have to earn to file your taxes. You can read this article on Taxfyle for more details.
Hire a tax agent in Perth!
So, hire one of the best tax agents Perth today and execute the tips above impeccably!