All of us would like to get the best tax deduction possible, of course. There’s nothing worse, however, then that sinking feeling when confronted with your tax return, knowing you have no idea where to start. Here’s some tips to start you on your way.
Firstly, make sure that you’re claiming all the deductions you’re entitled to. It’s one of the best legal ways to maximise your return. Remember that there’s a host of industry specific things you can deduct, as well as the more general categories, so it pays to be well versed in what you can and can’t do. But it’s not only about claiming. You need to make absolutely certain that you keep proof of any deduction you make, including things like travel logbooks and receipts. Rather keep the receipt and seek professional accounting advice if you’re not sure about whether or not something is claimable then throw it away and risk being wrong. It’s best not to fake the deductions you claim at all- there are enough legitimate ways to bring down your bill that using fake reasons is unlikely to pay off well and more likely to result in a scary bill and criminal conviction.
One of the easiest ways to get the best out of your tax return is, of course, keeping good records throughout the year. This is especially beneficial if you use an accountant, as it will save wasted [billable] hours of tracking these things down. It also prevents missed opportunities or expenses that have to get thrown out for lack of proof. Keep track or receipts, be organised and fill in log and travel books diligently. Something as simple as 5 minutes a week can save you hours of frustration, wasted time and lost opportunities
Talking about billable hours, don’t be afraid to invest in professional advice, especially if you have multiple business or in any other manner a complicated return. Using a professional tax service cuts down on your stress and time constraints considerably, they are also a tax deductible expense on the next return and may well save you the money they cost in deductions and other missed opportunities. Surveys suggest up to 70% of Aussie citizens use a tax service to file their returns and help them reduce the tax they’re paying, so you will be in good hands! Do make sure, however, that you’re receiving personal service, especially at bigger firms, and that a qualified person is handling your return at all times. If you wanted it to fall to a half or unqualified person, you would have done it yourself!
Whether you choose to go with a professional or stick with it yourself, don’t miss the little things- they can add up. A $5 coffee bought for a client, or a $10 charity donation may not seem like much, but they can add up to great things over time. No matter how small the detail, keep your records up to day and keep track.
Firstly, make sure that you’re claiming all the deductions you’re entitled to. It’s one of the best legal ways to maximise your return. Remember that there’s a host of industry specific things you can deduct, as well as the more general categories, so it pays to be well versed in what you can and can’t do. But it’s not only about claiming. You need to make absolutely certain that you keep proof of any deduction you make, including things like travel logbooks and receipts. Rather keep the receipt and seek professional accounting advice if you’re not sure about whether or not something is claimable then throw it away and risk being wrong. It’s best not to fake the deductions you claim at all- there are enough legitimate ways to bring down your bill that using fake reasons is unlikely to pay off well and more likely to result in a scary bill and criminal conviction.
One of the easiest ways to get the best out of your tax return is, of course, keeping good records throughout the year. This is especially beneficial if you use an accountant, as it will save wasted [billable] hours of tracking these things down. It also prevents missed opportunities or expenses that have to get thrown out for lack of proof. Keep track or receipts, be organised and fill in log and travel books diligently. Something as simple as 5 minutes a week can save you hours of frustration, wasted time and lost opportunities
Talking about billable hours, don’t be afraid to invest in professional advice, especially if you have multiple business or in any other manner a complicated return. Using a professional tax service cuts down on your stress and time constraints considerably, they are also a tax deductible expense on the next return and may well save you the money they cost in deductions and other missed opportunities. Surveys suggest up to 70% of Aussie citizens use a tax service to file their returns and help them reduce the tax they’re paying, so you will be in good hands! Do make sure, however, that you’re receiving personal service, especially at bigger firms, and that a qualified person is handling your return at all times. If you wanted it to fall to a half or unqualified person, you would have done it yourself!
Whether you choose to go with a professional or stick with it yourself, don’t miss the little things- they can add up. A $5 coffee bought for a client, or a $10 charity donation may not seem like much, but they can add up to great things over time. No matter how small the detail, keep your records up to day and keep track.
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