Tips for preparing your taxes
Tax time for many of us means waiting for a nice tax return but in order for that to happen, we first have to lodge our return. Here are some of our top tax tips to get you the biggest return you can.
- Prepare ahead of time
While taxes aren’t due until the 31st of October, you can start early once you have the necessary paperwork from your employer. The earlier you file, the earlier you get your rebate back. If you file before everyone else, you might even avoid the backlog which again may decrease processing time. There are also penalties that may apply for late returns so get a head start and then you don’t have to think about taxes for a whole other year
- Know the deductions
Did you know you can deduct the cost of buying and cleaning clothing that is specific for your job? If you work outdoors, you may be able to claim back your sunscreen. You may also be able to claim back your driving expenses if you are required to drive for work. Many union fees are also deductible. Do some research online or call the ATO (13 28 61) to find out more about what you can claim
- Know the rebates
In addition to deductions there are some rebates you may be eligible for. This can include rebates for things like Medicare or private health insurance. Look up the information on the ATO website and see what you can get back
- There’s an App for that
The ATO App includes myTax which means you can track your progress wherever you are. You can also record and manage car trip claims, expenses, donations and much more. The app is both iphone and android compatible and you can check your relevant app store to download it
- Get help with your taxes
Some people prefer to do their taxes on their own and if your employment information is simple enough, this is likely a fine option for you. If you do choose to use a tax accountant, the fees are deductible and if you earn less than $50,000, you may be eligible to use the Tax Help Program which gives you access to a volunteer who can help you complete your tax return
If this year you find that you owe income tax, you can contact the ATO to find out about payment plans or you can check out our personal loans to help you make the payment.