2020 Tax Updates: Deriving the Most Refunds

July 3, 2020    Tax Return Perth

A lot of Australian taxpayers lose money by missing out on tax refunds. This generally happens because they are not aware of the intricacies of Australia’s taxation laws. They don’t know properly about the tax deductions and refunds that they are eligible for. Then, they subsequently forget to file the tax refund claim in the first place while filing their individual tax return. Australia has very intricate and convoluted tax laws, and understanding how to get around them can be a really difficult task. You can save a substantial amount of money in the form of tax refunds if you follow the subsequent advice. Make 2020 the year you make the most of your tax refund.

  • Solicit the services of a registered tax agent

To ensure that you get the most tax refund this year, you need to solicit the expert services offered by a tax agent in Perth. Apart from helping you to formulate an appropriate tax plan, tax agents will also be able to advise you with regard to the best practices and policies to follow. Tax agents are also extremely well-versed in the laws and regulations implemented by the Australian Taxation Office (ATO). They will be able to bring you up to date with the latest rules and policies of the ATO. Soliciting the services of an experienced tax agent will also help you to protect yourself from any mistakes that may occur while filing your claims. They will also ensure to provide you with a plan so that you can make the most out of your tax refunds in 2020.

  • File work-related expenses as tax write-offs

Even if they are as small and inconsequential as a new pen or notepad, try to file all your work expenses so that you can claim substantial tax write-offs. By filing refund claims on all your work expenses, you will be able to save a substantial amount of money in the form of tax refunds in 2020. The best way to go about this process in a methodical way is to preserve all the invoices, receipts, bills, paperwork, etc. from the present financial year.

You can also claim the refund of a portion of personal expenses like phone expenses, car expenses, internet expenses, etc. by filing them under work expenses. For example, if you state that you use the internet and the phone mainly for work, then you can save a substantial amount of money in the form of tax refunds.

  • Save all your invoices and receipts

You must be very methodical and meticulous about your expenses and bills. It is a very good idea to store physical and digital copies of all the invoices, bills, etc. that you receive over the year. With those, you and your tax agent will be able to claim a substantial amount of money in the form of write-offs and refund claims. To ensure that you can file proper returns on all your expenses and incomes, make sure that you store your receipts and invoices in a safe and organized manner. You can also claim tax deductions and refunds on the fees that you will pay the taxation agent. So, when you solicit the services of a tax agent, make sure that you keep a copy of the invoice for the tax agent consultation fees. If you file this claim, you will be eligible to receive a number of taxation benefits, claims, and refunds.

  • Maintain your superannuation fund properly

Contribute to your post-retirement superannuation fund regularly. Try to contribute a little more than you are doing currently so that you reach the permitted amount ceiling. Be careful about this because if you exceed the threshold amount, you will have to pay taxes on the extra amount. Work closely with your taxation agent so that you can prepare for your retirement and save money on tax returns at the same time.

The tax agent will also help you with expat tax returns if you receive money from foreign sources of income. It is also very important for you to remember that contributions to retirement funds are not treated as taxable income by the ATO. By planning for your retirement now, you will be able to save a lot of money in the form of claims and tax refunds in 2020.

Final thoughts

Tax deductions are the key factor that will enable you to get the most out of your tax refunds in 2020. You might not realize which deductions, refunds, etc. you are eligible for. That is why you need to solicit the services of the best Tax Agent Perth has to offer. If you don’t get professional help, you will risk losing out on a substantial amount of money in the form of tax deductions and refund claims. By planning properly with the help of a professional tax consultant, you will be able to do very well for yourself this year.

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