Having trouble maximising your tax returns Adelaide? Well, you are not alone. Many Australians don’t know how best to maximise their tax refunds in Adelaide. If you are one of them, read on to see how best you can do this on a regular with ease.
For many Australians, agreeing on how their taxes are spent during tax time is close to impossible. Why? Well, they are always looking for ways or tactics that’ll allow them to maximise their tax returns in Adelaide. Furthermore, they search for ways and tactics that’ll help them boost their tax refunds. Additionally, these ways and tactics should make them pay no more than what they owe. This is why you’ll find many seeking tax services from experts like tax accountants and tax agents.
It is with this that we’ve opted to share with you details on how to maximize your tax returns Adelaide. The information shared below go beyond the norm when it comes to the matters tax return. This we’ve purposely done to give you sure ways that’ll help reduce your tax liability. That in mind, we’ll focus on the following key areas;
- Claiming Deductions
- Method of Getting Your Tax Return Adelaide
- Pay Your Bills Early
- Keep Track of All Your Receipts
Claiming Deductions
When thinking of maximising your tax returns Adelaide, the first thing on your mind should be deductions. In particular, you want to make sure that you fully claim your tax deductions. Why is this important? Well, tax deductions are arguably one of the easiest ways to maximise your tax refunds Adelaide.
When making deduction claims, make sure you do it on all your expenses. This includes all work-related and non-work-related expenses including ones not reimbursed by an employer. Not sure what these expenses are? Well, here is a list of what you should look out for;
- Laundry, Clothing and Dry Cleaning Expenses
- Self-Education Expenses
- Vehicle and Travel Expenses
- Overtime Meals
- Mobile phone, internet and home phone expense
Method of Getting Your Tax Return Adelaide
When thinking of maximising your tax returns, it is important to know how you’ll collect it. You want to make sure that you have in place a reliable method of getting your tax return Adelaide. There three methods commonly used by those keen on getting their tax return. These three are receiving it through your bank, paper check or a savings board.
From these three, many opt to receive their return through their bank and for good reason. If you choose to go with this method, you are likely to get your tax refunds Adelaide faster. This, however, does not in any way mean that the other two are slow. Choosing to receive your return by paper check is also fast in its own way. It is just that compared to the other two; you are likely to have your return much faster this way.
Pay Your Bills Early
Paying your bills early can also help you maximise your tax returns Adelaide. I know what you are probably thinking? Does this mean I have to pay all my bills? Well, no. there are certain bills you can work on ensuring you prepay them. So what are they? Well, for starters your union fees. Other fees like professional subscriptions should also be paid early.
By ensuring you prepay these bills, you’ll be putting yourself in a position to reclaim these expenses. How? You’ll be able to claim them as deductions much earlier. In addition to these, you’ll make it possible for you to receive high tax refunds in the current year.
Keep Track of All Your Receipts
When filing your tax returns, you want to make sure that you have all your receipts with you. One way of making this possible is keeping track of all your receipts. The problem with not keeping track of your receipts is that you’ll end up missing certain expenses. With the loss of these receipts, you’ll also likely to lose hundreds or thousands of dollars in tax refund. So the next time you are making a work-related expense, make sure you keep your receipt safe.
If you don’t have somewhere to place them, consider buying a tax folder receipt book. This way, you can store all your receipts with ease. It’s not just receipts you can as well use invoices and as such make sure they are safe as well. Example of invoices you’ll need include invoices of phone, power, water and internet. Other receipts you should definitely keep track off include;
- Property Investment Receipts (If Applicable)
- Charity Donation Receipts (If Applicable)
There you have it, 4 ways you can maximise your tax returns Adelaide. Of course, these are not the only ways one can use to maximise their tax returns in Adelaide. There others as well, but we’ve opted to focus on the significant ones.
If you would like to know more about how to maximise your returns, do contact Robins Guthrie Taylor. You can do this over the phone by dialling 08 8431 9888
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