TOP TIPS FOR MAXIMISING YOUR TAX REFUND
Our best 6 tax time tips
We all know July 1 signals the start of a new financial year – and it also brings the realisation that we all need to file our individual tax returns again
In 2022, with inflation running hot and cost of living expenses rising in many areas, you might be wondering how you can maximise your tax refund.
Because here at the MMA office we are “number-loving” accountants who work to help the local community, we are here to make sure clients get the best tax outcome possible.
So here are our top 6 tax time tips.
Top 6 tax time tips
We know it’s been a tough year for most Australians, so we’re committed to making tax time as stress-free as possible for you, while providing you with the peace of mind in knowing you are maximising your return.
- Review all your deductions
Did you work from home last financial year? Before you get too excited, it is important to note that in order to claim working-from-home expenses you must be fulfilling your employment duties, not just occasionally checking emails or taking calls.
If you are eligible, you can claim a percentage of your bills, and you can also claim stationery, computer consumables such as printing paper and ink, and home office equipment including laptops, furniture, printers and phones (sadly though, you can’t claim snacks or drinks – so enjoy your lunch by all means but don’t worry about keeping the receipts!)
In other good news, if you have returned to the office either full time or in a hybrid arrangement, the ATO is again offering a simplified way to claim WFH costs – the shortcut method allows you to claim 80 cents an hour for every hour spent working from home.
And remember, It’s not just work from home expenses you can claim – remember you might be able to claim business travel, training or education, as well as any charity donations.
- Don’t rush it
You might be super organised or just very keen, but you might risk your refund being delayed or you may have to resubmit key information if you rush to file your tax return too early.
- Don’t forget the basics
The simplest of mistakes can hold up a tax return, so it really does pay to check your details such as your address, TFN, and spelling of names etc.
- Have your records ready
One if the simplest things you can do to maximise your tax refund it to have proof of purchase for everything. Yes, it means keeping – and organising – all receipts that you might want to claim.
(Thankfully, purchases made for work up to $300 don’t need a receipt.)
- Consider where to invest your tax refund
If/when you do receive a healthy tax refund, have a think about how to use it wisely. You might put it in superannuation or invest in another way.
Using a tax refund to pay down debt it also a fantastic way to use the extra $$$.
- Don’t go alone – get help!
You work hard for your money, and we want to help you keep it!
As leading chartered accountants and passionate number lovers, we excel at simplifying tax while achieving maximum eligible returns for our clients. All you need to do is supply us the relevant records and receipts, we will handle everything and ensure you receive the returns back without delay.
We can help you – simply contact us today
At MMA, we specialise in helping individuals and families across Tweed Heads, Northern NSW and beyond to maximise their tax returns. This year, we are excited to introduce our new Online Tax Shop, where you can jump on our website and complete your tax return with minimal downtime and effort.
Do you want to be one of the first to sign-up for our online tax shop? Drop your details below and we’ll contact you as soon as bookings open.