We have worked hard to make our country the best place in the world to be.
Our taxes have paid for those great roads to drive down to the surf and the sand, education and those great parliamentarians who give us a stable democracy. Let us pat ourselves on the back for doing such a great job!
But did you know that you can claim back some of your tax within 14 days? That should fix up the budget. If you or your tax agent lodge an electronic return 95% of refunds are processed and on their way to you quick-smart within 14 days.
- Work-related expenses that the boss has not paid you for are tax-deductible. Claim up to $300 without receipts, and even more with receipts. Union fees, subscriptions, travel and self-education and uniform laundry costs that are part of your work are all deductible expenses. Check out the ATO website or speak to your tax adviser for maximum deductions allowable for each category.
- There are new education deductions for parents of students.
- Superannuation contributions for you and your partner are a great way to save tax. Tax agents will be able to explain this. Alternatively, some free options include the ATO site or help line or even just a Google browse.
- Were you a heavy user of medical or chemist services last year? Find those receipts and start claiming.
- Depreciation of tools and equipment. There are new rules, some items may be written off over two years, others longer.
- Payments to an accountant or tax agent are deductible in the year that they are paid.
Unless you have earned a tiny amount, it is usually worthwhile to work with these professionals who can make you additional savings. Tax agents and accountants can put hundreds or thousands of dollars back into your pocket.
So, relax in a comfy chair and begin your grand plan of getting back as much of your money as you can.