Maximise your Tax Return South Geelong

The Top 4 Ways to Maximise your Tax Return South Geelong

Are you getting the best possible tax return and claiming all of your eligible deductions? To help you evaluate whether or not you’re getting the best tax return, we have the top 4 ways to maximise your tax return South Geelong this tax season.

Our Top Tips to Maximise your Tax Return South Geelong:

Claim what you are entitled to claim

If you are required to pay for anything that relates to your work, such as uniform, work related equipment, tools, laptops, protective clothes, shoes and so on, remember to keep the receipts. If you aren’t sure whether you can claim a certain item, keep your receipt anyway – your we can advise and help you with what you can and cannot claim.

You can only claim legitimate items that you have receipts for. Wrong and unsupported claim can trigger an ATO audit and reassessments, that may end up in pay more than payable and effect your legitimate refund.

Keep all possible records

Every year during tax time, many of us spend hours finding and tracking down receipts for the year and will end up people wasted hours of their time – and they probably missed-out on thousands of dollars in their tax refund.

People who lose money during tax return time are often not well organised, and don’t keep all of their receipts or car logbooks entries. The first and best step is preparation.

As Mas Tax Accountant we advise our clients to forward their receipts through email any time during the year. We collect and file all relevant supporting documents, which will help you with claiming at Tax Time.

Get the right Accountant

Using an Accountant to help with your tax return will not only save you time and lower your stress – it will also ensure that you get a better tax refund. Apart from checking your return for errors and accuracy, Mas Tax Geelong South use our years of experience and qualifications to find extra deductions or tax offsets that you weren’t even aware of. Many people not aware and even forget to bring their previous year Accountant’s fees for tax deductions. Any fees your Accountant charges and any kilometre usage to meet your Accountant for your tax related purpose are fully deductible on your following year’s tax return.

Don’t think that a small receipts do not matter.

A $10 donation to charity, $5 for stationery, few phone calls and home internet usage for office related work, do not seem like much at the time, but each of these small expenses across twelve months can add up to hundreds of dollars – all money that you can claim as deductions on your tax return. Be sure to keep all relevant receipts and speak with your accountant to see if it can be claimed.