How to Get the Biggest Tax Return Possible
I knew this article would get your attention! Who loves paying taxes? No one. Who loves getting a big tax return? Everyone! As leading tax accountants on the Gold Coast, today we’re going to share with you some handy tips to help you score the biggest tax return you have ever received. How good does that sound?
To get the absolute biggest tax return possible, it’s best to seek the professional advice of a Grow Advisory Group tax accountant, but if you’re not yet in a position to afford professional help, don’t fear. There are still plenty of things you can do yourself to help minimise your tax bill and maximise your tax return, which we’re going to look at today.
So, without further ado, let’s get into it.
Document your expenses
Every deduction counts! Even if it’s a $35 ink cartridge for your printer, it can be claimed. Thus, every time you spend money on something for your business, enter it into a spreadsheet, so that come tax time, you have an accurate and up-to-date tally of all your expenses. Again, don’t overlook anything.
Refer to the ATO’s ‘Deductions you can claim‘ page and the items mentioned above to ensure you document all expenses you are entitled to claim.
Claim overlooked deductions
Often, we don’t know the full extent of what we can claim. Standard expenses such as work uniforms, computer and stationery expenses, etc., are a given, but there are plenty of things that often get overlooked. Such items include work-related subscriptions, car insurance and repairs, income protection insurance, and income losses and bad debts.
Investigate the ATO’s higher flat rate
2020 has been a year like no other. Because of Covid, more Australians have been forced to work from home than ever before. As such, the Australian Taxation offer introduced a higher flat-rate claim from 52c per working hour to 80 cents, which could mean a bigger tax return than usual for some individuals. However, we do stress; this won’t be the most effective option for all.
If you do the calculations, 80c x 40h, it’s a mere $32 per week. For those who have taken the time to track their spending and keep receipts, a traditional claim process will be more beneficial. Tax accountants on the Gold Coast will determine which option is best for your circumstances.
Avail the Low and Middle Income Tax Offset
A Low and Middle Income Tax Offset was introduced by the Australian Government in 2019 to help low and middle-income Australians. Eligible individuals can receive between $255 and $1,080 depending on your income and your tax payable.
| Low and Middle Income Tax Offset | |
| Taxable income | Offset |
| $37,000 or less | $255 |
| Between $37,001 and $48,000 | $255 plus 7.5 cents for every dollar above $37,000, up to a maximum of $1,080 |
| Between $48,001 and $90,000 | $1,080 |
| Between $90,001 and $126,000 | $1,080 minus 3 cents for every dollar of the amount above $90,000 |
Find out more about the Low and Middle Income Tax offset.
Don’t cut corners
Tax lodgement time isn’t the time to slack off and cut corners. You won’t get the biggest tax return possible by being lazy and opting for the ATO’s pre-filled data. It is often incomplete and incorrect, and aside from swindling you out of your full entitlements, it may omit vital income information, which could come back to bite you.
Our tax accountants never reply to pre-filled data and always request documentation to include all necessary data.
Hire tax accountants on the Gold Coast
Without a doubt, the best way to ensure you receive the biggest tax return possible is by hiring tax accountants on the Gold Coast, such as the experienced tax accountants at Grow Advisory Group. Check out our recent article, ‘The Ultimate Guide To Choosing a Tax Accountant’ for tips on choosing a tax accountant.
The most current ATO statistics show that more than 69% of Australians (individuals) turn to qualified tax accountants to lodge their tax returns, so you’ll be in good company.
Conclusion
If you’re looking to get the biggest tax return possible, then we have a few tips to help you in your endeavours. Firstly, document all expenses, claim often overlooked expenses, see if the ATO’s new high flat rate is beneficial to you, and check if you are eligible for the new Low and Middle Income Tax Offset. When it comes time to lodge your return, don’t rely on pre-filled data, and finally, to ensure you get the biggest possible tax return, turn to your local tax accountants on the Gold Coast, Grow Advisory Group.
Get in touch with us today to see how we can help you get the biggest tax return of your life!
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Disclaimer: The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from an accountant and/or financial adviser.
