How to get the best and most out of your Tax return

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June 30 is well over and you should have got your PAYG summaries by now. Get creative with your tax return, as long as you don’t break the law, of course.

If you forgot to include in your tax return bank interest, share dividends and other income, don’t worry your Tax agent should have this information from ATO website through Tax agent’s portal.

ATO has no way of telling you about your forgotten eligible deductions. Check you are making all the work related deductions relevant to your profession. Most people are aware that you can claim deductions for home office expenses, work-related travel and professional memberships.

Avoid being audited by the ATO by carefully considering how you claim your expenses. You need to keep records so that if you are audited, you can produce evidence for work use.

THINK OUTSIDE THE SQUARE

Do your homework and to maximise your tax refund, think about every dollar you spend that’s related to your work and your investments.

About three-quarters of Australians get their tax returns prepared by tax agents and accountants, usually costing between a few hundred and several thousand dollars.

You cannot expect a tax agent to magically create deductions from thin air. You need the evidence, otherwise there’s a huge audit risk.

A shoebox full of receipts is no longer vital; scour your bank statements for potential deductions.

If you try to be creative, ATO compares your deductions with people in similar occupations, and will question you if any alarm bells ring.

EXPERT ADVICE

Many people don’t get the refund they deserve because of lack of knowledge.

Have all your paperwork in order before visiting a tax accountant.

If you are not sure you can claim a tax deduction, it’s worth taking it in. Go through your credit card statement to see if anything on there is potentially claimable. A tax agent can help you find those things you might not have known about otherwise.

ONLINE LODGEMENT

While the DIY option can be great for those with simple tax affairs, be aware that you will miss out on money if you forget to claim everything you are entitled to.

TAX PREPARATION BY TAX AGENT

If you are uncertain get professional advice, hire a tax accountant. Three quarters of Australians use a tax agent each year. Seeking a professional advice will cost you little extra money this year but you can claim that in your next year’s tax return. YOU CAN GET A BETTER RETURN IF YOU HIRE A TAX AGENT.

Share it now!

If you forgot to include in your tax return bank interest, share dividends and other income, don’t worry your Tax agent should have this information from ATO website through Tax agent’s portal." data-share-imageurl="">