Top 2021 Tips For Making The Most Of Your Tax
Rather prepare beforehand to avoid the last-minute rush!
We understand how challenging it can be during the tax time when you try to find all receipts and documents to substantiate your claims. Few tips can save you hours of hard work. Keep yourself updated and get maximise your tax refund for the 2021 financial year.
My Tax Refund Today can advises you the following:
TIP 1 – Be Aware of your Eligible Tax Deductions:
Your tax deductions play a significant role in deciding your tax refund amounts, but misleading or incorrect deductions can lead to ATO audits and penalties. Always claim tax deductions that have direct nexus to your job occupation. The expenses that you have paid and have substantial proof i.e., receipts. Many expenses that you accumulate are not eligible in your scenario. Discuss with our tax experts beforehand to prepare for your financial year. Remember one simple rule “incurred in the course of performing your job” be it work-related clothing, Personal-Protective-Equipment’s, uniforms, tools, laptops, self-education (related to work), or travelling expense; there are hundreds of deductions from which you are eligible for as per your job occupation.
TIP2 – Organise your documents and paper slips:
They can be anywhere and everywhere! If you like old school, having a different folder every year can be a great idea. Simply clip in or accumulate your receipts and claim it at the end of the financial year. Otherwise, you can xerox your receipts on one single paper double sided to save your folder looking big and unhappy. Another option that you can access for free is CLOUD systems, just click photos of receipts and keep uploading in your cloud account to save them for eternity. What do you think about maintaining a diary for recording your miscellaneous expenses under $10 or maybe having notes in your mobile phone? All these methods are effective and useful in getting to maximum refunds and compliance with ATO.
TIP3 – When you were working from home:
Yes, we will all miss working from home during the pandemic, but nothing feels greater than going back to the work force and your favourite coffee place in the morning. But let’s discuss some of the tips regarding work from home deductions. You are eligible to claim the expenses in the proportion of it being used for your work purposes. No matter if you were working full time or part time, claim what is rational and what you are eligible for. Quick reminder record how many hours you work in a week beforehand. Deductions can include electricity, phone and internet charges, any furniture you purchased only for your work use, a portion of your occupancy charges say mortgage, house rent and insurance as you work solely from your home and have designated areas in which you work. There are various ways to calculate home office or work from home expenses, talk to a tax advisor to claim it correctly.
TIP4 – Spend wisely: It is always alluring to spend it all once you receive it!
Tax refunds are indeed an instant financial boost. You might have a long list of purchases for the coming year but always think before you spend. We advise you to spend if you see it as an “INVESTMENT”. What can benefit you in the longer run? How about contributing in your superannuation, or invest in shares and dividends or simple buy assets that we can relish for at least 5 years.
TIP 5 – Tax Agents work in your best interest:
My tax refund today is one of the largest in NSW that serves thousands of clients every year with best customer service having 4.7-star rating on Google with more than 300 reviews. But, why to choose a tax agent is the question here? Tax agents can see and lodge all your overdue tax returns in an accurate way and in compliance with the ATO. They know your occupation and advise you all the correct tax deductions that you are eligible for. They can help you save hours of calculations and accounting system updates but utilising their knowledge and experience. Amazingly you can always claim back tax agent fees in next year’s tax return as a deduction of maintaining tax affairs. The team at My Tax Refund Today are dedicated tax agents and tax consultants that can guide you in your best interest and save you thousands in tax refunds every year.
Hope these ideas made you think wisely. Leave your tax calculation on us by simply discussing your case with our team. It is quick, easy and reliable. Click and fill the form with your basic details and get a tax expert to contact you within minutes. We can help you lodge your 2021 tax return effortlessly.
My Tax Refund Today is one of the most successful accounting businesses which has harnessed the power of technology with the strength of customer service to enable clients all over Australia to lodge their tax returns online. With a 4.7 Star Google rating and having served more than 20,000 clients over 5 years, My Tax Refund Today is one of the biggest Tax Agents in NSW.
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