Getting the full tax refund that you’re entitled to every year in Australia can be challenging. That’s why it’s important to better understand the ins and outs of income tax and taxation in general. There are several ways to get your tax deductions right. So how can you maximise your tax return?
Did you know...
You can claim work-related mobile phone bills on your tax return, just make sure to keep your monthly account statements.
Here are three things that you may want to consider:
1. Ask your tax agent
What better way to understand your income tax, tax return, and other taxation terms than asking questions of someone who’s knowledgeable about the subject? To ensure that you don’t miss anything, and get the tax return that you deserve, ask your tax agent. You may be surprised at how much of a deduction you can get at tax time. If you have expenses that are related to your work, you may be able to claim them. So ask away – your claims can add up to a lot of money.
2. Keep a record of all receipts
In some cases, we don’t really pay attention to work-related receipts throughout the year. Some are thrown away or put somewhere random. So when tax time comes, we scramble to get all receipts. Make life easier by keeping all of your receipts properly. Not only is this important for claiming more expenses, saving your receipts is also the law. If it’s much easier for you, you can save your receipts with an online tool.
3. Save your work-related phone bills
Speaking of work-related expenses, make sure to keep your monthly account statements because you can claim work-related mobile phone bills on your tax return. You just need to assess the percentage of work-related calls that you made.
These are some of the ways to maximise your tax return. Again, reach out to your tax agent to ensure that you don’t miss anything that you should be doing when it comes to your tax.
Got other ideas on income tax and how to maximise your tax return? Share your insights in the comments section.