For some people doing their tax return can be a very handy cash refund straight into their bank account, but for those who aren’t so lucky today, we’ll give you some tips on how to maximize your tax return.
What is Entitled to a Claim?
Now you need to claim your entitlements, some handy areas to remember are vehicle and travel expenses. Apart from driving to and from work, you can claim any business-related travel expenses. Unfortunately, you can’t claim parking fines or speeding tickets, clothing and laundry expenses. For any claims over one hundred and fifty dollars, you will need to provide proof of purchase for work uniforms. You can’t claim purchases for non-compulsory uniforms unless the clothes or shoes are registered by your employer. Give some donations that are registered by the government as a deductible gift, recipients are often forgotten about by many people. Home office expenses needed to run many businesses can really add up to maximizing your tax return, so make sure that you make all purchases before June 13th and remember to include things such as self-education expenses, the health insurance rebate, any interest on bank accounts and dividends from other investments.
Tax Return Tips if You Work From Home
If you work from home, then there are many other home-based business costs that you may be able to claim. These could include a portion of your rent, electricity phone bill, even the cost of a cleaner. So to maximize your tax deduction, invest in items that can to be declared as a work expense. This might include a Smartphone or office equipment such as a desk lamp or a fan. The basic rules for expenses are you must have made the purchase, it must be used at least partially for work, and proof of purchase must be provided. If you have an organized filing system, your tax return will be as simple and seamless as possible.
Organizing Files For a Claim
Some tips for being organized include categorizing of files and setting them up with labels in your filing cabinet. If you’d rather keep an electronic copy, you’ll need a scanner and a hard drive. If you use a tax agent, keep all your receipts in a folder and maybe staple certain categories together, the tax agent will be able to lodge your tax return for you and can take the stress out of tax time, just make sure that you’ve booked in early for an appointment.
How To Submit Your Tax Returns
Australians can use ATO, a great website that helps people to submit their tax return from multiple devices. If you’re having trouble financially with the costs of submitting a tax return, you might be eligible for tax help.
The quickest way to receive a tax refund is to have it paid directly to your bank account. Most tax returns are lodged electronically hit and should hit your bank account about 12 days later, it’s important not to be late. Lodging your tax return, individuals have until the 31st of October each year and businesses have a little bit longer. The key is choosing the right option for your financial situation and doing that will help you to maximize your tax return.