If you want to maximize your tax refund then keep the following five tips in your mind:
Claim all the deductions:
You can increase your tax return by claiming all those expenses that you are entitled to claim legally. Keep the receipt of all those expenses that you are required to pay regarding your work. Sometimes you get confused because you have no idea about the fact that which types of expenses are claimable or not. But here you are advised to keep all the receipts because your e-tax software will guide you in a better way for all the claimable expenses for tax return.
Keep accurate record:
If you are not going to keep a proper record of all the expenses then there are chances that you will not be in a position to claim maximum tax refund. So prepare yourself properly. Those people who never get money at tax time are the ones that are not well organized. Those who don’t fill in car logbooks and keep the right track of receipts are also included in this category.
For maximum tax claim we advise you that spend at least 5 minutes a week just to organize your logbooks and receipts. Besides you can also use an app e-tax to keep the daily record of all the receipts.
Consult a professional accountant:
There are several advantages of getting the professional services of an accountant in Australia for the purpose of more tax return. The professional accountant in Australia would be in a better position to maintain the accuracy. You will save your time and efforts. Without any stress you are calculations would be done by a professional without any error. Another advantage is that fee paid to professional will also be deductible. Moreover he will also find more ways to increase your tax return. More details here!
Small stuff is also important:
Sometimes we think that small donations of $5 and some other expenses of $ 10 are not important. Therefore you don’t keep the receipts or evidence of such expenses. But the fact is that when these expenses are combined for the 12 months then it becomes a very large amount that you should claim for getting maximum tax refund. So remember that whenever you buy anything related to work, keep its receipt, no matter whether it’s small or large.
Acquire a tax agent service:
There are more than 70% people in Australia that get the services of tax agents for tax return purpose. The reason is that the tax agent will work on your side and bring more tax return. Besides he will also help you to avoid ATO. Make a proper search before appointing any tax agent. Because some tax agents are not well qualified and leave the task in the middle.
If you follow the above mentioned tips then for sure you will get maximum tax return. Don’t forget to hire an agent or professional accountant for this purpose.
Visit https://www.taxreturn247.com.au/ for further help!