If you’re anything like me, the end of the financial year is one of your favourite times. In four to six weeks you’ll have a beauty of bonus cash that you can put towards your next overseas getaway or even into your savings. However for some, tax time can be daunting, particularly if you have no clue on how to complete a successful tax return. So if you want to see a four digit sum roll into your bank account, here’s a few tips and tricks to get heaps of cash back. You’re welcome.
Claim Back Your Tax Agent Fees From Last Year
Whether you do your return online or in Fred’s H&R Block office, be sure to keep tabs on how much the cost was. Some tax agents charge up to 80 bucks for a return, and some of that cash you can get back this year. Just be sure to have saved the receipt for proper lodging proof.
Cash In Those Electronics
Using your mobile phone for work 50 percent of the time. Claim it back. Electronics such as phones and laptops can be tax deductable. So be sure to hold on to any mobile bills and apply a bit of simple maths. You’re spending about $80 a month in calls and data, you spend 50 percent of that for work related matters. Take $40 times it by 12 and that’s $480 that you can be cashing in for your mobile usage. You just gotta play it smart kids.
Workers Unions – They Can Be Pretty Handy Sometimes
So a year ago after starting in a certain trade it was recommended you join a union? Or maybe you’re part of a paid university organisation? Whatever group, union or charity you’re contributing to, you can claim back those expenses. Simply calculate your monthly costs and bamn, an instant tax boost.
Save Those Receipts
To any receipt hoarder out there, you’re in luck. Receipts of items that you used for work or study can be cashed back in at the end of the year. All of these small purchases that you’ve tracked can mean a proper tax return boost. If you haven’t saved any receipts, be sure to keep it in mind for next year. Simply take a photo of every relevant receipt and keep it in an album in your phone. Easy.
Do Your Tax Online
Etax.com.au is a bloody god send. If you find tax returns super complicated, completing it online can be an easy way to make the process less stressful. No need to make an appointment, you can simply log everything online and then have two professional tax agents do the rest of the hard work for you. Once you have an account with these guys, you can track your past tax returns to.
Take into consideration some of the above tips and you’ll be able to see a noticeable increase in your tax return this year. No better way to see in the new financial year.