Sneaky tricks to do now that will save you money before end of financial year

Australian 50 money

With tax time looming, now is the time to think about lodging your annual tax return. Over the coming months, 13 million Australians will be lodge a return. About 84% of them will get a refund, and with the average size of refunds last year exceeding $2,500 for taxpayers lodging through myTax and over $3,450 for those who use tax agents, it pays to spend a little time and effort ensuring you’ve got every detail of your return right. So what are my top tips that you can do between now and tax time for maximising your return this year? The Golden Rules of Tax Deductions If you want to make a claim for work-related expenses, you need to follow the three golden rules: The expense must relate to your work You mustn’t have been reimbursed by your employer You must be able to prove that you spent the money. That means that you must keep receipts, invoices or statements to demonstrate that you actually incurred the expense. H&R Block’s tip is to keep electronic copies of all documentation relating to expenses. Paper receipts get lost or fade, so keeping everything together on your phone or computer will save time and effort when you come to complete your tax return. Get Help There’s a reason why nearly 70% of people use a tax agent to help them do their taxes. Tax is complicated and stressful and if you do it yourself, you’re likely to make a mistake. You might claim something you weren’t entitled to… Read More