Proven strategies to get a better tax refund from the ATO
Here are five simple tips that you should use to ensure you maximise your chances of getting a better tax refund from the ATO.
1. Claim deductions for everything you are entitled to claim
The simplest way to increase your tax refund: Claim a deduction for every expense you are legally entitled to claim.
If you are required to pay for anything that relates to your work, keep the receipt. If you aren’t sure whether you can claim a certain item, keep your receipt anyway – your accountant can advise you if you’ve claimed everything correctly.
Don’t go overboard: You can only claim legitimate items that you have receipts for. ‘Made up claims’ or ‘generous guesses’ lead to ATO reassessments, audits and surprising tax bills. There are honest ways to boost your refund and that’s what your accountant will help you with.
2. Keep good records
Each year during tax time, many of our clients tell us that they spent countless hours tracking down receipts from the past 12 months. Those people wasted hours of their time – and they probably missed out on hundreds, even thousands, of dollars in their tax refund!
People who lose money at tax time...
- aren’t organised
- don’t keep track of receipts
- don’t fill in car logbooks regularly.
If that sounds like you… you might be missing out on vital deductions that can boost your tax refund.
The solution is simple: Spend just 5 minutes a week organising your receipts and logbooks. You’ll save hours of frustration AND you’ll ensure you receive the best possible tax refund.
3. Get advice from professional accountants
Over 70% of Australians use an accountant to lodge their tax returns, with good reason!
Using an accountant to help with your tax return will not only save you time and stress, it will also ensure that you get a better tax refund. Apart from checking your return for errors and accuracy, an accountant can also find extra deductions or tax offsets that you weren’t even aware of. And the best part – any fees your accountant charges for your tax return are fully deductible on your following year’s tax return.
4. Don’t forget the small stuff!
A $10 donation to charity or a $5 textbook might not seem like much at the time, but each of these small purchases across twelve months can add up to hundreds of dollars – all money that you can claim as deductions on your tax return.
Whenever you buy anything related to your work, no matter how small it is, keep the receipt. Keeping track of the small stuff is a sure fire way to ensure you receive the best possible tax refund.
Speak to us today to help ensure you get the maximum tax refund you are entitled to. CONTACT US NOW.