15.4 C
Australia
Wednesday, September 22, 2021

How to Maximise Your Tax Refund 2021: Ways To Get a Bigger Tax Refund

The Australian Taxation Office (ATO), the legal agency, and the Australian Government’s main tax revenue collection body are responsible for administering the Australian federal taxation system and managing the superannuation system for Aussies and other related matters.

With the Australian financial year 2020 coming to an end on 30th June, taxpayers are scurrying to collect their entitled tax refund from the 1st day of July. 

Claim your work-related expenses:

- Advertisement -

While working, you may have incurred many expenses, such as

  •  Travel and commuting expenses relating to work.
  •  Work from home expenses like internet and phone bill and buying office equipment.
  • Buying or dry cleaning of clothes if your office requires a specific outfit or protective covering. 
  • Any training or courses you took to learn work-related skills.

Be careful- some expenses could be for both work and personal use. For example, you bought a plane ticket to attend an office meeting abroad, but you may have gone shopping at the duty-free shops during the transit. In such cases, only claim a tax deduction for work expenses. Your expenses must be spent while making money through your work. 

Take Account of Other Expenses:

- Advertisement -

In addition to the expenses above, you can claim a tax refund on some often overlooked expenses. You might donate a certain amount of your income to a charity. In such cases, you can get a refund for the donation to the organization. However, only donations made to the organizations or associations with deductible gift recipients (DGRs) can be used to claim the refund. 

If you are saving up for your retirement, even better! You can claim a deduction if you use your income for personal super contribution, which includes a retirement savings account (RSA)          

Be More Organised With Record-Keeping:

It is always wise to keep all your records and paperwork, such as your income statements, payment summaries, invoices and other receipts.WWhethergital format or in papers, these records can be instrumental when backing up your claims for a tax refund. They provide evidence of your income and expenses and assist in avoiding any miscommunication with the Tax Office.

Being organized in your record-keeping can also help you get tax refund without the involvement of tax audits. So, keep all your records for five years safe with you, and get your tax refund without any hassle.

Use the Government’s Online Lodgement:

- Advertisement -

The Australian government’s myTax is a great tool to prepare and lodge your tax. It provides a quick, convenient and safe lodgement service. With the help of myTax, you can get your tax refund usually within 14 days. myTax could also pre-fill your information provided by your employers, banks, and government agencies by late July, further accelerating the deduction and refund process. 

Still, have queries about your tac deduction and refund? You can always seek professional help. The professional tax agents can guide you from the start till the end. Just make sure to get professional advice before 31st October.

 

According to ATO:-

‘GET YOUR DEDUCTIONS RIGHT’ 

If you are an employee you may be able to claim a tax deduction for some costs related to your job. But there are different rules depending on your job and what the costs were for.
Our occupation guides will help you understand what you can and can’t claim a deduction for.

If you can claim a deduction for your costs you must also satisfy the following three rules you must have spent the money, it must be related to your job, you must have a record to prove it.

Your records could include receipts, bank statements, diary entries.
You can now keep track of your deductions throughout the year using the ATO app. Download the app and make next year’s tax return even easier.

Remember, claim the right amount – no more, no less

Go to www.ato.gov.au/occupations to find out what you can and can’t claim for your occupation or industry and use our calculators to make sure you get it right.

Every year, many Australians miss out on claiming deductions for their expenses, which results in them losing their well-deserved tax refund. So, how can you avoid such mistakes and get your tax refund? We have listed out some of the ways to not only get your refund but to maximize it as well!  AUSTRALIAN TAXATION OFFICE | ATO.GOV.AU

“Note:- This content does not constitute legal advice. Please seek legal advice or other professional advice in relation to any particular matters you may have.”

Subscribe The Telegram

Subscribe To Us To Get Latest News From Australia & Around The World

By Subscribing, You Agree With Our Privacy Policy And Terms Of Service

Latest news

Emily Procter Shares A Daughter With Her Longtime Partner; Married To Him?

Emily Procter is an actress who is best known for playing Detective Calleigh Duquesne in the CBS police procedural drama CSI: Miami. Nonetheless, she...
- Advertisement -

Related news

Emily Procter Shares A Daughter With Her Longtime Partner; Married To Him?

Emily Procter is an actress who is best known for playing Detective Calleigh Duquesne in the CBS police procedural drama CSI: Miami. Nonetheless, she...

Comedian Hamish Blake: Happily Married For Nearly Nine Years | His Professional Career And Early Life

Hamish Blake is best known as one half of the comedy duo "Hamish & Andy." The pair has had a successful career in comedy...

Anna Eberstein: Meet Actor Hugh Grant’s Wife | Exclusive Details On Their Relationship and Children

Anna Eberstein is best known for being the wife of the popular actor Hugh Grant. However, she and her husband made huge headlines when...

Who is Frankie Jonas’ Girlfriend? The Youngest Jonas Brother Found Fame On TikTok

Frankie Jonas was the forgotten fourth brother of the Jonas brothers. However, he has established himself as a social media personality as he becomes...

LEAVE A REPLY

Please enter your comment!
Please enter your name here