We are now in the thick of tax return time here in Australia, which means you’re probably looking to see how much you can claim, and what the size of your tax return might be.
At Profacc Public Accountants, we obviously advise seeing an accountant to help you lodge your personal tax return.
We can help you get the best refund, as well as ensure you are compliant.
Here are some tips you can use to maximise your tax return.
Top tips to get the most from your tax refund
These tips will help you get organised, stay organised, and lodge your tax return in perfect shape, and on time!
- Rectify those receipts!
Have you been keeping receipts for everything you want to claim?
Yes? Gold star for you!
No? Well, let’s go back through any credit card statements or email receipts and see what we can find.
Are you looking to claim?
- Work from home expenses?
- Travel?
- Clothes or equipment?
Get into the habit of keeping receipts so you can confidently claim these expenses.
The good news is that for purchases made for work up to $300, you don’t need a receipt.
2. Carefully check your details
Even a small mistake can become costly, so check all spellings, addresses, and numbers carefully.
And don’t rush it - you might risk your refund being delayed or you may have to resubmit key information if you rush to file your tax return too early.
3. Deduce your deductions
You might be able to claim business travel, training or education, work from home costs such as gas or electric or internet, as well as any charity donations.
There’s just no way that you can know all your eligible deductions – but we do!
We will help you identify, and then claim, the correct deductions.
4. Have some help
Speaking with a tax accountant can help you to get a bigger refund, and ensure you lodge correctly and on time.
At Profacc Public Accountants, we help to find ALL and EVERY deduction possible, ensure you meet all tax regulations, can assist with ATO liaison services, arrange payment plans with the Tax Office, as well as offer tax planning and advice.
Whether you’re a FIFO worker, self-employed, employed full or part time, have a side hustle, or an inheritance, we will help you to file and lodge your tax return in a compliant and efficient way. We’ll help you get the maximum tax refund possible.
Are you eligible for the low- and middle-income tax offset (LMITO)?
In the 2022 Federal Budget the Government announced a one-off $420 ‘cost of living tax offset’ for 2021-22, which effectively increases the maximum offset for LMITO from $1080 to $1500.
If your taxable income is less than $126,000, you will get some or all of the LMITO. The offset amount depends on how much you earn (you need to earn less than $126k to qualify) and you don’t need to do anything to receive it – it’s automatically calculated as part of your tax return.
You can find out more at the ATO website or by speaking to one of our accountants on the Profacc team.
Are you ready to lodge your personal tax return?
For personalised tax compliance advice, contact us today.
Profacc Accountants can help you manage your taxes, your business accounts as well as your personal wealth. Contact us today.
