How to Get the Most Out of Your 2023 Tax Return
It’s that time again – tax time. Whether you love it or loathe it, tax season is here. And while you may not be able to avoid paying taxes altogether, you can work some magic to get the most out of your 2023 tax return.
Most people only think about their tax return once a year when preparing to submit it. However, there are several things you can do throughout the year to maximise your 2023 tax refund.
This blog post will outline a few tips to help you make the most of your tax return. Keep reading to learn more!
Table of Contents
1. Gather all your documents – figure out what deductions you can claim and gather the necessary paperwork
Being organised and planning ahead can make a big difference when it comes to tax time. By taking the time to gather all the necessary documents, you can ensure that you maximise your tax return and get the most back from the ATO.
However, knowing what deductions you can claim and ensuring you have all the relevant paperwork to support your claims is key.
If you’re an individual, you’ll need the following documents to get the most out of your tax return:
- Payment summaries
- Mortgage interest statements
- Managed investment funds statements
- Share trading reports
- Documentation of investment property expenses
- Documentation of any other generated income
- Receipts for any donations
- Receipts for any accountancy fees
- Receipts for work-related equipment, tools and uniform
- Receipts for work-related travel expenses
- Receipts for work-related educational courses
- Logbook and work-related vehicle expenses
By knowing what deductions you can claim and having the documentation to back it up, you’ll be in a much better position to get the most out of your tax return.
2. Stay organised – keep all of your tax-related documents in one place so you can easily find them when it’s time to file
As mentioned, you need to be organised to make the most of your 2023 tax return. And being organised starts with keeping all your tax-related documents in one place during the financial year. Doing so will make it much easier to prepare your tax return come tax time. Staying organised will save you time and hassle come tax time and give you the best chance of maximising your return.
3. Engage a tax return accountant to complete your return – this is the easiest and most accurate way to file
Tax season is a time of year that can be stressful for many people. Filing a tax return can be complicated, and making mistakes that could cost you money is easy.
One way to reduce your stress and ensure that you get the most money back on your tax return is to engage the services of a tax return accountant, such as the skilled accountants at Grow Advisory Group. Our tax return accountants are familiar with all the deductions and credits you may be eligible for, and they can help maximise your return. In addition, they can help ensure that your return is filed accurately, saving you time and money in the long run.
If you want to reduce your stress and get the most out of your tax return, consider engaging the services of a Grow Advisory Group tax return accountant. Contact us today!
4. Claim all the deductions and credits you’re eligible for – there are many available, so make sure to research them all
If you’d prefer to tackle your 2023 tax return on your own, you’ll need to ensure that you are claiming all the deductions and credits you’re eligible for. Many are available, so do your research and ensure you don’t miss any.
Some standard deductions that are often overlooked include:
- Gifts and donations
- Home office expenses
- Interest on investment loans
- Work-related car expenses
- Education expenses
- Unreimbursed business expenses
Many other deductions and credits are available, so research and claim everything you’re entitled to. The best place to start your research is the ATO’s myTax 2023 Claiming deductions guide. This page covers everything you need to know in terms of what you can and cannot claim in your 2023 tax return.
4. Don’t wait until the last minute – start preparing your return as soon as possible, so there are no surprises
No one likes surprises when it comes to their taxes, so the best way to avoid them is to start preparing your return as early as possible. That way, you can make sure everything is in order, and you’re not scrambling at the last minute. Here are a few tips to help you get started:
- First, pull together all of your relevant documents and any other receipts or statements you need. This will help you have everything you need when it’s time to complete your return.
- Next, take some time to understand the changes that have been made to the tax code for the current year. This will help ensure you’re taking advantage of all the deductions and credits you’re entitled to.
- Finally, once you’ve gathered all your information and completed your return, review it carefully before sending it off. This will help ensure that there are no mistakes that could result in a delay or even an audit.
By following these tips, you can rest assured that you’ll be in good shape come tax time. So don’t wait until the last minute – start preparing your return today.
5. File your return as early as possible to get your refund sooner
With the end of the 2023 financial year behind us, now is the time to start thinking about your tax return. And while it may be tempting to put it off until the last minute, there are some good reasons to file your return as early as possible. For one thing, filing early can help you avoid late penalties. The ATO has a “failure to lodge on time penalty” (FTL) for not lodging tax returns or activity statements on time. The penalty is usually $900 for individuals and small businesses and $4,500 for large businesses.
And the real bonus is if you’re expecting a refund, filing early means you’ll get your money sooner. So if you’re looking to maximise your tax return for 2023, make sure you file your return as early as possible.
6. Use a tax return calculator to estimate your refund
If you’re not sure how much you can expect to receive back from your 2023 tax return, a tax return calculator can help. Simply enter your information, and the calculator will do the rest. It’s a quick and easy way to get an estimate of your refund, and it can help you plan how to use the money.
Many tax return calculators are online, so take some time to compare them and find the one that best suits your needs. And remember, your tax return is an essential part of your overall financial picture, so make sure you take the time to understand it and use it to your advantage.
7. If you have any questions, consult with a Grow Advisory Group tax return accountant for help
If you’re unsure of anything, don’t guess; it could backfire and result in penalties or fines from the ATO. Instead, contact one of the leading tax return agents on the Gold Coast, Grow Advisory Group.
Our tax return accountants can assess your unique financial situation and advise on legally minimising your taxable income. We will also work with you to complete and lodge your tax return, ensuring you receive the maximum refund possible. In addition, we can provide ongoing support and advice throughout the year, helping you to stay on top of your finances and maximise your potential tax refund.
By consulting with the Grow Advisory Group, you can ensure you receive the maximum benefit from your 2023 tax return.
Conclusion
The end of the financial year is the perfect time to start thinking about your tax return. And with a little planning and organisation, you can ensure that you maximise your refund and get your money sooner. So don’t wait – start preparing your return today.
If you’re looking for tax planning tips to reduce your taxable income, don’t miss our article, ‘Last Minute End Of Financial Year Tax Planning Tips‘.
By taking advantage of the tips provided, you can ensure that you get the most out of your 2023 tax return. And if you have any questions or need assistance, our team at Grow Advisory Group are always happy to help. We can provide expert advice on minimising your taxable income and maximising your tax refund. So Contact us today for all your 2023 tax return needs!
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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.
