Tips To Maximize Your Tax Refund In Australia
To complete your taxing duties in Australia is quite a tricky task to perform. However, if done successfully, it can have far-reaching positive consequences on your financial situation. Hire a tax return agent in Perth immediately to comply with your taxing duties and responsibilities impeccably. Besides, there are certain costs and expenses by claiming which you can intensify your tax refund optimally. A tax return agent can help you somewhat, but, you also need to be equally discreet. Here are some effective tips executing which you can maximize your Australian tax refund reasonably.
- Go for a health insurance review
Until recently, many health insurers in Australia have proclaimed increments in the prices of their insurance policies. Besides, they have also proclaimed some service amendments comprising these insurance policies. So, it would be a remunerative decision if you go for a comprehensive review related to your health insurance policy. Ascertain the services and ailments for which you‘re covered. Make sure that whether at all you can claim these privileges or you must alter your insurer.
Claim your private health insurance premium
It would be a worthwhile decision if you can claim your private health insurance premium. Doing so will help you intensify your tax refund optimally while you lodge your small business tax return in Australia.
- Sell out the unprofitable investments
Have you until recently sold a couple of shares or earned optimally from your pertinent investments? If so, then, you need to pay some taxes on each of them. So, try and sell those assets which are outright unprofitable by nature. By doing so, you can decrease the minimal tax amount favorably. Besides, you can also offset the capital losses against the various capital gains out there.
A new proclamation made by the ATO
Of late, the Australian Taxation Office (ATO) has made a notable taxing proclamation for all its pertinent taxpayers. According to this ruling, the ATO will impose exemplary penalties and will cancel any taxing advantages on assets that are running at a loss. So, you have to be quite careful while selling your non-profitable assets and purchasing them back in the new taxation year.
- Invest in a super fund
Does your spouse in Australia earn below AU$ 40,000 or is completely unemployed? In either of the cases, investing your hard-earned money in a super fund would be a gainful idea. It will help you decrease the taxes which your spouse conventionally pays. However, you must ascertain that the income of your partner is inclusive of the various fringe benefits and superannuation contributions out there.
Contribution of AU$3000
Do you know that you can contribute as much as AU$3000 to the superannuation fund of your unemployed partner? Subsequently, you can claim an offset of tax which equals AU$540. Even if you’re working on a nominal salary, you can invest additional money in your super fund. The Australian government will contribute 50 cents against each $1 comprising your superannuation fund. Are you earning AU$52,000 every year in Australia? Then you can invest this extra money as well in your superannuation fund.
- Prepay all your bills effectively
There are certain bills which you can pay on a monthly as well as a weekly basis. Nevertheless, it would be better if you can pay a few bills over a lump sum. These chiefly include your professional subscriptions and union fees etc. Besides, you can partially or completely claim a tax deduction in the following year which you’re claiming in the existing year. By doing the same, you can claim these expenses once more much earlier than expected. Moreover, you will receive a greater refund in the present year as well.
- Do make benevolent donations
Do you wish to serve a noble purpose at the same time diminish your taxing bill? Try and donate $10 to a book or $20 to a charitable organization which is although not a massive contribution. However, making these itsy-bitsy donations constantly for one year can turn into ample dollars. Subsequently, you can claim a deduction on anything above $2. To reap the maximum benefits, make sure you save the receipts of these donations properly.
- Claim as many deductions as possible
Claim as many expenses as possible which your employer hasn’t reimbursed yet and which you are eligible for. These include the following:
- Expenses related to self-education
- Travel and vehicular expenses which include travel between home and work
- Expenses concerning the home phone, internet, and mobile phone
- Meals during overtime work
- Dry cleaning, laundry, and clothing costs
- Equipment and various additional tools and
- Additional deductions which are related to work
So, to maximize the refund of your personal income tax return to a reasonable extent, you must do it strategically. Hire a registered Tax Agent Perth to perform the same task impeccably. Aside from executing the tips above, your tax return agent will help you intensify the refund of your company tax return agent optimally.
