Are you Claiming Less Refund than you should?
Did you ever feel you got less refund on your tax return you were entitled to? Don’t worry! You aren’t alone. Many times, people miss claiming legitimate deductions, probably due to a complicated taxation system. However, you can follow these tips to simplify things for you and get a maximum refund on filing your taxes.
Check with Your Tax Agent
Most taxpayers in Australia don’t know what expenses they can (or can’t) claim. That’s where tax agents come in. Visit your accountant and ask him/her about the deductions and expenses you can claim through a tax return. For example, you can claim on premiums for your income protection insurance unless you are entitled to that claim in your superannuation.
Save Spending Receipts
Another major reason for taxpayers to not claim a refund is they forget they incurred an expense. That’s why we suggest you create an online backup for all the receipts related to your work expenditures. You can make a folder on Google drive, use an online tool for that purpose, or create an offline file to save them all together.
Claim Expenses for Mobile Use Related to Work
Are you making calls for work from your personal phone? Yes! You can claim that expenditure in your tax return. Get a calculator, your monthly mobile bill, and calculate the percentage of calls you make for work. Now, multiply that with 12 to know your average spending for the year, and claim.
To conclude, there are many ways you can claim more refund. And you can likely miss one or the other. The best approach is to hire a tax Accountant in Bondi Junction for the best results.