Tax Refunds 101:
Four Easy Ways to Get a Better Tax Refund from the ATO
Tax Refund Tips from Etax Accountants
At Etax.com.au we aim to ensure you get the best possible tax refund.
Here are four simple tips that everyone should use to ensure they maximise their tax refunds:
1. Claim deductions for everything you are entitled to claim
The simplest way to increase your tax refund: Claim a deduction for every expense you are legally entitled to claim.
If you are required to pay for anything that relates to your work, keep the receipt. If you aren’t sure whether you can claim a certain item, keep your receipt anyway – your Etax Accountant can advise you if you’ve claimed everything correctly.
For further information on what you can claim, use the Etax Deduction Finder which shows average deductions of other people in the same occupation as you!
2. Keep good records
Each year during tax time, many of our clients tell us that they spent countless hours tracking down receipts from across the past 12 months. Those people wasted hours of their time – and they probably missed-out on hundreds or even thousands of dollars worth of tax deductions!
If you:
- aren’t organised,
- don’t keep track of your receipts or
- don’t fill in your car logbooks regularly,
...you might be missing out on vital deductions that could increase your refund.
Our solution is simple:
Spend just 5 minutes a week organising your receipts and logbooks. You’ll save hours of frustration while ensuring you receive the best possible tax refund.
3. Get the advice of professional accountants
In 2010, 71% of Australians used a tax agent’s services like Etax.com.au. With good reason!
Using an accountant to help with your tax return will not only save you time and stress – it will also ensure that you get a better tax refund. Apart from checking your return for errors and accuracy, an accountant can also find extra deductions or tax offsets that you weren’t even aware of. And the best part – any fees your accountant charges for your tax return are fully deductible on your following year's tax return.
4. Don’t forget the small stuff!
A $10 donation to charity or a $5 textbook might not seem like much at the time, but each of these small purchases across twelve months can add up to hundreds of dollars – all money that you can claim as deductions on your tax return.
Whenever you buy anything related to your work, no matter how small it is, keep the receipt. Keeping track of the small stuff is a sure fire way to ensure you receive the best possible tax refund.
Why use Etax.com.au?
Simple: Because you can use the fast & easy online tax return – from anywhere, using any computer or tablet – plus you’ll receive the help and support of highly qualified accountants whose job is to maximise your tax refund. Our accountants will find anything you may have missed as well as suggesting further deductions you may be entitled to. Your return will be checked twice by an accountant before lodgement!
71% of Australians lodge their tax return using a tax agent like Etax.com.au, with good reason!
Sydney Morning Herald columnist David Potts points out that Australia’s tax legislation is about 16,000 pages – roughly six times bigger than the White Pages! Who wants to read that? (Your accountant does!)
To be confident you’ve gotten everything out of your tax return, don’t start reading tax legislation or complete an accounting degree and tax agent training. Instead, simply use a trustworthy tax agent like Etax Accountants to provide checking and tax advice, helping avoid ATO troubles while maximising your tax refund.