Tips On Maximizing Your Australian Tax Refund

There is no arguing with the fact that doing taxes is a cumbersome task. But a little time spent over your finances can help you save money and improve business productivity. 

Read on to know the tips to maximize your tax return. Let’s talk about them in detail. 

1. Claim All the Deductions: As a matter of fact, tax deductions are the single easiest and the most prevalent way to get a higher tax refund. In order to do so, make sure you claim a deduction for every work-related expense that your employer has not already reimbursed you for, you are legally entitled to. These expenses include:

1. Clothing, laundry and dry-cleaning expenses
2. Overtime Meals
3. Self-education expenses
4. Vehicle and travel expenses
5. Tools, equipment and other equipment
6. Mobile phone, internet, and landline expense
7. Other work-related deductions

2. Save Your Receipts: If you work from home, it is important for you to save invoices of water, phone, power, internet and office supplies. Make sure you keep a diary about how much time you spend working at home. If you aren’t aware of the fact that whether an expense is deductible or not, make sure you save the invoice of that too. Your tax consultant will advise you the best.  


3. Consider Prepayment of Bills: While it’s good to pay your bills weekly or monthly, it’s better if you can pay union fees and professional subscriptions in a lump sum. Since you claim a tax deduction for expenses which wholly or partly relate to next year, you will also receive a higher refund in the current year.

4. Put All Your Money into Super Fund: This is beneficial for couples where one member is not working. It is important for you to use super contributions in order to reduce the tax paid by the other partner.

5. Sell Off All Your Bad Investments: If you have sold some shares or earned from investments, it is important for you to pay some tax on them. The best way to minimize the tax amount is by getting rid of any assets bearing loss. However, make sure you are careful if you plan to sell shares sitting at a loss and then buy them back in the new tax year.

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