You work hard to earn, so it’s crucial to get everything back that you are liable to. The best tax agent in Melbourne knows what potential tax deductions you can claim to help you get more money back. Do you find yourself comparing your tax refund with friends and family, thinking, “What can I claim to get a better refund when I file my taxes”?
Many Australians have opportunities to enhance their tax refunds, yet millions of dollars are left with the ATO each year. This represents lost money for taxpayers who may not know how to lodge their tax returns. Fortunately, you can take steps to ensure you keep the money you rightfully deserve.
How to get a bigger tax return in Australia?
There are many ways to maximise your tax refund. You can involve a tax agent when preparing and lodging a tax return if you are unaware of possible ways to get a bigger tax return.
- Claim potential tax deductions you qualify for
Tax accountants know possible tax deductions and credits that you are eligible for. They can help you maximise your tax refund by ensuring you claim all possible and eligible allowances, expenses, and deductions applicable to your circumstances. This can significantly minimise your tax liability. Tax deductions are the easiest way to boost your tax refund, but don’t forget that you can only claim goods that you have receipts for and are for your work. Making generous guesses about deductions can lead to ATO audits, reassessments, and even tax penalties from the ATO. There are legal ways to maximise your tax refund, and that’s what tax accountants in Melbourne can help you with.
- Seek help from a professional tax agent for your tax return
A tax agent is a professional who can help increase your tax refund and help you avoid any future ATO trouble. Tax agents prepare and file most of Australia’s tax returns each year. Therefore, it’s crucial to choose the best and most reliable tax agents for your tax return lodgment.
- Keep records and receipts
During tax return lodgment, Australians spend hours tracking their receipts for purchases they made over the last 12 months. Therefore, those people waste time – and miss out on thousands of dollars in their tax refunds because they forgot or lost their receipts. If you choose bookkeeping services or have a professional tax accountant, they will maintain receipts of all purchases you make.
Types of tax deductions businesses can claim
- Claiming motor vehicle expenses
As a business owner, you are allowed to claim motor vehicle expenses used in running your business.
- Deductions for home-based business expenses
If you run some or all of your business from home, you can claim tax deductions for the part of expenses used for a business.
- Business travel expenses
If your staff members travel for your business, you may be able to pay for the travel expense to claim it as a deduction.
- Digital product expenses
As a business owner, you may be able to claim a tax deduction for digital product expenses used in running your business.
- Workers’ wages, salaries and super contributions
You can claim a tax deduction for the wages and salaries you pay to employees and super contributions you make to comply super fund or retirement savings account for your staff and contractors.
- Repair, maintenance and replacement expenses
You can claim expenses from allowable maintenance, repairs, or replacement, including painting, maintaining plumbing, conditioning gutters, mending leaks, repairing machinery, replacing broken parts, and repairing electrical appliances.
- Other operating expenses
Operating expenses for the everyday running of a business can be deducted in the year you pay for them.
Conclusion
Various ways can be used to increase your tax return and tax deductions are the most common and simple way to maximise your tax refund. You can seek help from Reliable Melbourne Accountants to get the most out of your tax return.