The Etax Blog | Tax Tips for Australians

Simple Ways to Improve Your Tax Refund

Do you ever find yourself searching for expense receipts from 12 months Simple ways to increase your refund with Etax Accountants ago or wishing you had kept track of your donations? You are not alone! Each year we have countless clients who spend hours looking for lost receipts. That’s why we’ve come up with the perfect record keeping solution – and it’s simple!

Follow our easy plan and not only will tax time be a smoother process, but you may even find yourself with a bigger refund from the ATO.

10 easy ways to reduce your tax- part 2

Here easy ways to save on tax is the second part to our series on the ten simple ways to reduce your tax. If you would like to see the first five items in our list, see our last blog.

6. Expenses based on Circumstances

If you know in advance that you are going to have certain deductions, choose which financial year you purchase them in. Depending on your levels of income or deductions you may want to adjust which financial year you purchase the item in. For example if you have a large expense which is tax deductable it may be beneficial to purchase it in a year where your income is high, rather than a year in which you took an extended holiday or unpaid leave.

10 easy ways to reduce your tax- Part 1

There are countless easy ways in which you can reduce your TAX. Take a look below where we’ve listed five simple ways that will help you this tax season. 10 easy ways to reduce your tax

1. Keep Good Records

Keeping good records is the top way to ensure you claim every expense you are entitled to and that your tax process runs smoothly. Ensure you are organised! Take 5 minutes each week to sort out your receipts and logbooks and we guarantee it will save a lot of pain and anguish at the end of financial year.

Making money with your Super

Are you able to get more money into your superannuation with very little sacrifice? If you are an employee and your taxable income is less than $61,920 then the answer is probably yes – you may be entitled to the superannuation co-contribution scheme.

What is it?

The superannuation co-contribution scheme means that on top of your employer putting some of your income into your super fund, you can also add a little extra. And, the best part is this: The government will match your donations up to $1000* per year!