As technology makes data more accessible, the Australian Taxation Office (ATO) keeps a stern eye on tax returns. This is why it is important to plan and manage your tax returns appropriately. Solution In presents 4 basic things you can do:
Know your deductions
Having a record of your major transactions, such as investment property or charity donations is essential. Keep all your work-related receipts. These will help identify deductions that can boost your tax refund. With proof of work-related purchases, you can save money – as the ATO says, ‘no proof, no claim.
Accuracy in entries
The ATO has a record of all your tax paid. Make sure the numbers you enter are correct and complete. Wait until you get your official PAYG summary before filing the returns. Enter the accurate amounts on the receipts into deduction claims. To gain a better understanding of what tax is all about and boost your accuracy, read our article on navigating your tax in Australia.
Understand your insurance
Be aware of how much Medicare Levy Surcharge you are paying. There is a 2% Medicare levy paid by most taxpayers. An alternative is taking a basic private health cover plan than can cost less than 1% of your gross income. Don’t jump into anything though – weigh your options and speak to an adviser if necessary.
Advice from an Affordable Tax Agent
Registered Tax agents like us can help you improve your tax refund and save you time. At Solution In Accounting, we stay informed on any changes in tax legislation and have the latest information. We can identify and fix the smallest of mistakes that can slow down your tax refund. We take care of the entire process for you at reasonable costs, so don’t be afraid to seek out advice.
For more such tips and advice, a registered tax agent like Solution In is your best stop. Read more about who we are here. Let us know in the comments what more you would like to learn about tax and accounting! We are open to suggestions 🙂