Top 5 Effective Ways to Maximize Your Tax Refund

  • It’s better to clear your tax bills over lump sum figures unlike small instalments.
  • Getting reasonable deductions in your tax bills is now easier than ever.
  • In this blog, we will discuss about 5 tips that help you to maximize your overall tax return.

Filing an Individual Tax Return, Australia is indeed a tricky task to perform. You have to approach the Australian Taxation Office and, then need to undergo complex procedures. Although it may seem a bit tough apparently, it gives you a lot of benefits in the long run. Doing so makes you apply to certain tax deductions, thereby, helping you to save money reasonably. In order to avail the maximum benefits of filing a tax, you need to increase it first.

The top 5 effective ways

To the best of suggestions, it’s always best to hire a professional tax agent Perth, Australia. In case, you don’t find one, you can’t afford to miss out on maximizing your tax return. That said, given below are 5 of the best ways to increase your tax return optimally.

1.      Invest in a super fund

Couples, whose either partner earns less than $40,000 per month will get the maximum benefits of this particular facility. This income should include certain fringe benefits and super contributions for him/her to become eligible. The earning partner can invest up to $3000 on his/her partner’s tax return who is not working right now. This helps the other partner to ask for a tax rebate of up to 18% which equals to $540.

What else?

No problem, if you are working on low wages. Just contribute $1 to your super fund and get 50 cents instead of the Australian government.

2.      Pay your tax bills in advance

Before hiring a professional Tax Return Consultant just has a look at this tip. It says that it’s better to clear your tax bills over lump sum figures, unlike small instalments. There are certain tax deductions which are applicable this year stretches till the upcoming year.

Try to collect and tag all the valuable receipts regarding some of your note-worthy purchases for the last 12 months.

The best option

So, it’s always better to pay your tax bills in lump sums rather than paying in small segments. This in return will make you applicable to certain benefits. These include early claiming of these expenses and provision of a reasonable tax refund etc.

3.      Invest on welfare purposes

Getting reasonable deductions in your tax bills are now easier than ever. All you have to do is just to get a little charitable, that’s it. Yes, if you financially contribute for certain welfare purposes, it will make you eligible to get massive tax offsets. On the contrary, don’t get this misconception that you will have to contribute huge amounts at a go. You just have to spend $10 to $20 at the most. Keeping on investing such small amounts constantly for 10 to 12 months, that enough.

Get professional help!

For further information regarding the tip no.3 just gets in touch with the best team of tax agent Perth, Australia.  The benefits of investing in welfare causes to reduce your tax bills are really quite effective. Later on, when you approach the Australian Taxation Office, you can ask for a deduction of $2 on anything.

4.      Preserve relevant receipts

Try to collect and tag all the valuable receipts regarding some of your note-worthy purchases for the last 12 months. Some of these tax receipts include:

  • If you are driving for work the meeting, then preserve its details as well. All you need to do is to write down the mileage cost and the exact date of your driving.
  • Preserve all the receipts pertaining to your charitable contributions too.
  • If you have invested in a particular movable/immovable property, then, preserve all its relevant receipts as well.
  • After you Lodge Tax Return, it’s quite natural for you to expect reasonable deductions in your tax bills. In this regard, preserving all the details of your work from the home schedule is equally important. Write down the accurate information regarding your office provisions, internet, telephonic invoices, electricity and water costs etc.

In order to clear all your doubts and confusions regarding this, it’s always better to get professional assistance. A highly competent Perth based tax consultant can definitely help you with this. Just keep all the records of all your expenses for the past 1 year, even of the non-deductible ones. Your Perth based consultant will guide about which is the right path for you.

5.      A quick overview of your health insurance

Are you already holding a health insurance policy with any of the Australian companies? This is because these companies have brought a few changes in their rules and regulations. So, you must ensure which diseases are actually applicable to your health insurance plan. In case, you don’t find the ailments compatible with your requirements, then change your policy provider. It’s even better to get private health insurance rather than a governmental one.

The reason

Doing this is really beneficial in terms of getting reasonable tax offsets. Later on, when you feel like, you can claim your health premiums as your sole tax rebates. Hopefully, these 5 tips will also help you to maximize your overall tax return, including your Company tax return also.

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Robert Parker

I'm a content writer and want to share my knowledge with others.

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