Maximise Your Tax Refund In Australia

Lodge the tax return either for your business or individual or sole trader or partnership, etc. is your responsibility as an Australian Citizen. But every taxpayer wants to maximise their tax refund while they lodge their tax return. But due to actual knowledge, you have no idea that there are some other things which help to save your tax and help in to maximise your tax refund.

Tax Accountant of Tax Return Perth are here to help you show those key point which will help to maximise your tax refund:

1. Claim All Of Your Deductions: The very first step is you need to claim all of your deductions. Because tax deduction is one of the best ways to get a higher tax refund which is your work-related. There are some expenses like a vehicle, clothing, laundry, mobile phone, internet, tool, and equipment, etc.

2. Save Your Receipts: At tax lodgement time, our main focus is to check all of your tax-related receipts over the last 12 months. We do this thing just to save you thousands of dollars but most people think it’s time-wasting but actually, it’s not.

3. Make Charitable Donations: Lower your tax bill and assist a good cause at the same time! A donation of $20 to a charity or $10 on a book might not seem like much at a time, but each of such small purchases across 12 months can add up to hundreds of dollars. You can claim a deduction for anything over $2. Just be sure to save the receipt!

4. Prepare Your Bills: If you pay your bills monthly or weekly so it’s better to pay the union bills. Since you claim a tax deduction this year for expenses that wholly or partly relate to next year, it will not only help you reclaim these expenses earlier, but you will also receive a higher refund in the current year.

5. Review Your Health Insurance: It’s time to check what kind of illness and services you have covered off. If you are to claim the private health insurance premium as a tax offset when you lodge your individual tax return, it makes sense to make it worthy.

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