Are you looking for a bigger tax refund, but don’t know where to start and don’t want to get in trouble with the ATO? In Australia, millions of people miss legitimate tax deductions. That means people don’t get the tax refund they deserve. Is that you?
Australia’s complicated taxation system includes lots of rules about what you can and can’t claim. Getting tax deductions right isn’t simple, but there are ways to get help and get it right.
Here are some easy ways you can get more dollars in your pocket at tax time.
#1 – Ask your tax agent questions
Do you know every deduction and work-related expense you’re legally entitled to claim on your tax return? For most of us, the answer to this question is “no”. That’s why most Aussies use a tax agent – more than 70% use an agent like Elite Tax Success, according to ATO figures.
Just ask your tax agent about tax-deductible expenses and what you can claim, because they can often suggest an additional deduction you didn’t know about.
For example, did you know that, unless they’re paid through your superannuation, you can claim your income protection insurance premiums? You may also be able to claim work-related home office expenses, mobile phone costs, car expenses, union fees… the list goes on!
#2 – Save your receipts with an online tool
For every work-related purchase you make, it’s important to save your receipts so you can claim the expenses on your tax return. (In fact, not only is it important – it’s the law!) Saving your receipts helps you to claim more expenses, which is why it’s a great way to get a better tax refund.
#3 – Claim work-related mobile phone expenses
If you use your mobile phone for work-related calls, then you can also claim a proportion of your yearly mobile phone bill on your tax return. To work out the proportion of your mobile phone bill you can claim, you’ll need a monthly account statement from a “typical” month, and a calculator. Work out the percentage of work related calls you made, and then claim that percentage of your yearly bill.
Get a bigger tax refund
At Elite Tax Success, we help you claim the full tax refund you’re entitled to. We have tax accountants that will check your tax return to find extra opportunities for claiming legitimate deductions. After thorough checks we submit your return to the ATO. Our accountants are also available to answer your questions.