5 Tips To Maximize Your Tax Refund In 2020

September 25, 2020    Accountant Perthwa

The tax year is about to arrive in Australia once more despite the occurrence of Covid-19. That is the time when one particular question wavers in every Australian taxpayer’s mind. And that’s how to maximise their tax returns reasonably. So, the year of 2020 hasn’t remained an exception despite the adverse effects of Coronavirus. A registered tax accountant Perth can give you useful tips and advices regarding this. Besides, you can also execute the following five effective tips to maximise your tax refund in Australia.

  1. Spend in self-education

To maximise your tax refund this 2020, you can invest your hard earned money in self-education. This requires you to invest in the employment sector which aims at enhancing your skills and knowledge reasonably. This in return makes you eligible for more responsible job roles. Investing in this field is beneficial for you because it is completely tax-deductible by nature. The expenses which encompass these modes of studies are all considered claimable.

The procedure

To do this, preserve all your records and receipts effectively. These include your book prices and course fees etc. A registered tax return accountant in Perth can assist you in completing this task flawlessly.

  1. Make all your entitled claims

There are a number of tax deductions which you are entitled to claim. Due to lack of knowledge you sometimes miss out on making these claims. So, make sure you do adequate research to get familiar with all your claimable tax deductions. Getting a professional assistance is an even more convenient option for you. In this regard, you can always hire a registered tax agent in Perth. Your tax agent will assess your individual circumstances first. According to that, he/she will specify all your entitled tax returns.

Common examples of your claimable tax deductions

So, as a taxpayer, it’s quite natural for you to think that which tax deductions can I specifically claim. Some common instances include the following:

  • Your union fees.
  • Expenses related to the use of your mobile phone to serve several of your business purposes.
  • Costs concerning the buying and maintenance of your protective work clothing and
  • Expenses related to the use of your private car to serve several of your professional purposes.

If you are using a purchased mobile phone for work purpose, then you can claim a percentage of it. The percentage you can claim will depend on the extent to which you are using the phone. That’s why it’s imperative that you assess your usage extent continuously to claim the best tax deduction. Hire a tax agent in Perth to get the best assistance in this regard.

  1. Maintain impeccable records

Most of the taxpayers in Australia forget to maintain faultless and detailed tax records. Say for instance maintaining the copies of the expense receipts etc. This is basically one of the biggest mistakes they make. When you have a systematic record system, to complete your taxes will become a hassle-free task for you. To hire a tax agent in Perth would be the best decision in such a situation. Your taxing agent will specify you all the tax deductions which you can claim specifically.

How your tax agent in Perth can help you?

The advent of technology has made the task of maintaining taxing records much easier than before. A tax agent in Perth understands that quite well. Your tax agent will use a high-end storage app to serve this purpose effectively. This way your tax agent will keep a constant record on the pertinent invoices and receipts. This again lets you to maintain your taxing records impeccably. This is yet another way to maximise your tax refunds in Australia optimally.

  1. Consider the various home-office deductions

Is your home the main place to run your business in Australia? If yes, then be rest assured that you are entitled to an array of home-office deductions. These deductions are generally associated with all the expenses of your home office. You can claim these deductions even if you are working for a percentage of a certain week. Appoint a tax accountant Perth and know that which deductions you are exactly entitled to.

A complete list of these deductions has been outlined below.

  • Deductions concerning the expenses of your printers and stationeries.
  • Deductions concerning the costs of anything else which pertain to your work.
  • Deductions concerning the costs of your internet and phone bills and
  • Deductions concerning all your electricity bills and desk and chair.

To calculate the percentage of your deductions, keep a constant track on the hours you are working from home. Say for instance, you are using a laptop both for your home and office use. In that case you just need to calculate the hours which you used for your office purpose. Accordingly, you can claim only that percentage which pertains to your work.

  1. Become a little charitable

If you donate a sum of $2 to registered charitable organizations, then you can claim tax deductions on them. This is the reason you must become reasonably charitable during every taxing year. All you need to do is obtain a valid receipt from the charitable organization who you’re donating.

Accordingly, file it up with the rest of your invoices and receipts. This means that you are serving two purposes at a go. These include making a noble financial contribution at the same intensifying your tax refund.

Get a professional assistance!

So, what are you waiting for? Get in touch with a professional tax accountant in Perth. There are benefits aplenty of appointing an agent of Tax return Perth, Australia. Some of these benefits can be considered below.

  • They offer you a complete peace of mind by informing you that you are paying legally valid taxes. What’s more, they also inform that each of these taxes is completely tax-deductible.
  • A Tax Agent in Perth is efficient enough in ascertaining all your claimable tax deductions for you.

So, maximise your tax return 2020 in the finest possible manner. If you are thinking that doing it yourself will save you a lot of money, then you are wrong. Instead, if you hire a tax agent in Perth, you can complete the same task in a more cost-effective manner.

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