Now that it is tax time, what specific things can I do to maximise my return (in Australia)?

Question

Please don't direct me to a website or tell me to websearch it. I would like some good answers. Thanks.

Answer 1

You can get a good accountant, or you can do the following types of things:

1. Keep all of your receipts!
2. Think about what sort of capital items you use for work use. You can depreciate these. (i.e. getting a deduction for the decline in value of the item). For example, if you use a laptop for work purposes, you can claim 1/3 of the value of it as a deduction for three years.
3. Keep a log book if you use your car for work purposes. Not everyone can use the expenses as deductions, as the Tax Office's idea of "work purposes" may differ from what we normally think.
4. Make sure you include all items of income, including interest from your bank account (e.g. ING Direct savings maximiser) or dividends from shares you have. I know that this might actually INCREASE the tax payable, but if you get caught leaving stuff out, you may end up paying penalties and interest, which can get ugly.
5. Keep a track of any self-education expenses. If you study for work purposes, you can claim some of it as deductions. This area of deductions can get pretty messy, so you'll need to read the section in TaxPack to see what expense belongs to which category. This is because different categories are treated differently.
6. You can deduct any donations you have made to Deductible Gift Recipients (DGRs, e.g. charities etc). Make sure you still have your receipt.
7. Sorry that this answer is a little late, but BEFORE 30 June, you can ask your customers/debtors to pay you after 1 July so that amount in not included in this year's tax return. This merely defers the tax on the payment, but since we have a tax cut that kicks in now, you might save some money.

Hope this helps.

Answer 2

G'day from the Gold Coast!

Don't forget to hand in all your receipts from charity donations, sposnorship, etc - they all add up.

You can also claim some medical and educational expenses back on tax.

Keep a log book of mileage for your car expenses. You can claim some other motor related expenses back on tax, depending on what you do for work. You can even claim part of you rent back if you work from home a lot and have a desk set up

Answer 3

check if you live in a tax zone...they offer rebates. The tax pack has them listed or the ato website could tell you. Without knowing where you are I cannot tell you.

Work related expenses up to $300 don't need written evidence to back it up, so your word will do. That is $300 in total deductions for you.

If you have a dependent, claim the appropriate offset or benefit.

If you are unsure, consult a tax agent.

Answer 4

and also you do might want to signal the achieved tax go back the position the lower than actuality is blanketed on your use right this moment on your existence. lower than consequences of perjury, I declare that I have examined this go back, and to the finest of my expertise and idea, that's authentic, superb, and properly lists all quantities and resources of earnings I received in the course of the tax year. Your signature Date Your career And once you do make your very last decision about this count in simple terms make positive that useful written evidence is accessible for use IF or maybe as the IRS would choose that they might want to substantiate the assistance that become submitted to them on the 2011 earnings tax go back for this purpose. And that is your significant domicile conventional position of abode that you're preserving the position all 4 persons stay for each and each and every of the tax year 2011 accurate and also you do have two times as a lot earnings accurate. desire that you hit upon the above enclosed assistance useful. 12/23/2011

Answer 5

Make sure you go to a good tax accountant, you should be able to claim any uniforms you have purchased, even if you have to make up your own uniform ie jeans, black pants etc make sure you have your receipts you can claim them, your laundry can be included, no receipts needed. Also if you travel for work in your car for any reason, add up the kms and ypu can claim that.
Your tax man should do all this for you.
Where are you? I'm in WA and know a good one.
good luck.

Answer 6

Well you question is non specific, therefore all answers will be non specific, if you gave you job description, it would help, dont go to a low paid tax consultant, go to a registered CPA it will cost more, however the benifits are far greater

Answer 7

hi from gippsland. depending on what job it is that you have tools, phone calls, bank charges(not sure if they still can be claimed), kilometres travelled and if you have children make sure you look into the baby bonus and childcare related things. Courses to do with work or updating skills i think are still claimable not sure though. good luck have lots of fun