Tax time is usually a difficult period for some people especially those who are always getting a refund that is no way near what they had initially expected. On the contrary, completing a tax return should not be as hard if you take the right approach. Tax times can turn out to be a rewarding period when you expect to get a substantial part of your money back. The reason why so many people get so little is because they fail to claim everything that is entitled to them. They only claim what they think is “appropriate” and often neglect some vital deductions that could have made their tax refund bigger and better. The year is never going to be the same for you if you fail to get your money back. You can miss out on certain investment which could have been aided by having more money from your refund. Thus it is advisable to always claim what is due to you because that is the only you get that amount of tax refund you have always anticipated.
The difficulty in comprehensively understanding all the rules and regulations of the Australian tax system makes it impossible for individuals to claim everything they are entitled to. This is why you can settle for less when there is more you can get. However there is no need to fear if you can do things the right way. With proper guidance, there is no reason why you shouldn’t get more refund. Although there are many deductions and claims, you can take it all one after the other if you have the right resources and “artillery”. It all depends on you to get the actual amount that you are entitled to or something less. Thus you need to prepare well for the fiscal year by keeping all the records of your transactions and making all the claims that is entitled to you. So you may want to ask- how can I get a bigger tax refund every year?
If you desire to get a bigger refund in the coming financial year, then you must do these three things:
Record all your transactions
Keeping record of all the transactions you made during the fiscal year is very important. Make sure you have an up-to-date record of all your invoices and receipts you receive for every transaction. This will help you claim everything thing you are legally entitled to when preparing your tax return under the guidance of your tax agent. Without a consistent record of your expenditure, it would be very hard to get that bigger refund you desire. You can use the Etax app to snap and save all your receipts.
Consider mobile phone expenses
It is often very hard to work throughout the year with that making some calls related to work with your mobile phone at one time or the other. Although many people hardly take this kind of expenses into consideration, you will be losing money if you fail to add this to your tax return. Once you are able to determine the amount you can claim from your mobile phone bill, then you can claim it as part of your refund.
Hire a tax agent
The first and most important thing you should do in order to get a better tax refund Sydney in the next fiscal year is to hire a registered tax agent. Most people think that the cost of doing so is expensive. The truth is that there are many affordable tax services out there that wouldn’t cost you much and the money you stand to get back might just be enough to offset whatever cost you incurred while hiring the account.
It is only through a tax agent that you can know what and what not to claim when filing a tax return. Considering all the expenses you made during the year, it might not be easy for you to know which one you are legally entitled to due to your limited knowledge. However a tax agent knows better because that is his job. No amount of surfing the net or asking questions can take the place of an accountant. You really need a tax agent by your side for advice on what to claim and what to leave out. This will ensure you make all the claims that are entitled to you and also help you not to get into trouble.
Apply the tips above this upcoming year and you can be sure of receiving a higher tax back. Take action now and stop wasting your money!
There are several ways to complete an individual tax return but it is obvious that doing it online is the easiest and fastest option. The Australian tax office has taken steps to make tax times less rigorous for people; it is now up to you to decide how you want to lodge your tax.
Lodging tax returns online will always remain one of the best options available to anybody hoping to get a tax back. This method works best for people on a personal income who are either paid wages or salaries by their employers. Several technologies have already been introduced to make this option a very safe and convenient way of doing tax returns. You will find many websites online already existing for this purpose but Mytax which was formerly e-tax happens to be one of the approved platforms through which anyone on a personal income can complete his tax return without stress. The service is provided by the Government and promises to eliminate much of the complicated processes involved in lodging tax returns.
Apart from personal income earners, sole traders can also lodge their tax online through Mytax. The system is flexible and has a lot of desirable features. Whether you earn an income or you are into sole trading, you need to prepare well before lodging your return. Make sure you have all your credentials and group certificate in place before making your application. You can access MyTax through the official website of the ATO. Meanwhile let’s take you through the conventional way of file a return through the internet. If you think your tax return is straight forward, then nothing stops you from filing it through the web. Below are the steps for lodging your own tax return online:
• Create your own myGov account and then login with your credentials
• The next thing you have to do is to link the account you created to the ATO
• Follow the instructions on the site of the Australian tax office to lodge your tax back.
However if you think you cannot handle some of the inputs in your return, then you better hire a tax agent to help you out. It is always better to seek professional guidance when filing complicated tax returns but you have to be prepared to pay the cost of hiring. If you are lucky enough, the money that is realized from the tax return might just be enough to settle this payment with some extra cash left for your personal use. Accountants and tax agents can also help you avoid getting into problems with the Australian Tax office. There are certain laws associated with filing tax returns which must be followed; failure to comply with these laws can lead to paying fines and other penalties. Your knowledge might not be enough to comply with all these laws. However, a tax agent will make sure you don’t leave any stone unturned as you apply for your tax back.
It is always in your best interest to know when to lodge your returns in order to get payment on time. Late tax returns are usually paid late. So you should always endeavour to lodge your own return early enough; preferably during tax times. According to the calendar of the ATO, you can lodge your tax by the end of the month October. The fiscal year is usually computed between the first day of July to the last day of June each year, thus all your transactions must be taken within this period.
As a personal income earner, you might want to know how much tax you have to pay each financial year. Basically, your taxable income is not static; it changes as your annual or monthly income changes. Thus the amount of tax that accrues to you depends on the amount of money you are earning. There are so many ways to find out how much you have to pay each year. We already published an article on determining the amount of payable tax for an income earner. However, you will also find different calculators and resources on the ATO’s website which you can use to calculate your tax amount each year.
It is now up to you to decide what works best for you. Lodging your tax will always remain the easiest and fastest way to get your money back. MyTax is a good example. The system is secure and convenient. We recommend using the internet when your return is pretty straightforward.
Doing things via the web has always been preferred by most people because it tends to be more convenience, easy and eliminate any geographical barrier due to location. Taxation in Australia is no different.Choosing to goby the convention process of skimming and scanning the official website of the Australian taxation body to feel various documents such as invoices and receipts can be burdensome. There are several routes you can take to make the process less demanding and easier. If you are looking to lodge your tax return online next year, then you should take time and go throw this article. The information contained here will help you gain a better understanding of the various ways you can lodge a tax return through the internet. In the end you will be able to choose which method that is most convenient for you.
Simple ways you can your tax return online in 2017
The internet provides a very useful means for everyone to lodge their tax return with less hassle and paperwork. It seems a newer technology is introduced every year to make the process faster and less complicated. The upcoming year is filled with so much expectations and a good way to start is by doing the most important things first. For the purpose of this article, we will focus on 3 simple ways you can lodge your tax as you prepare for 2017.
Apart from online Tax Australia, myTax is another tax return system approved by ATO. It is specially designed for use on computers and digital devices like smartphones and tablets. Some of the requirements of using the system include; residing in Australia for the tax year; being fully employed by the Australian government; having deductions only from donations, gifts and expenses made at work; etc.
Online tax Australia
Online tax Australia is approved by Australia Tax Online (ATO) and offers a simple secure system that is seamless and easy to use.
You will be able to lodge your tax return quickly with a rest of mind knowing that the system is reliable. Using online tax Australia allows your return to be checked by experts who are not only qualified but also experienced in handling tax related issues.
You can also use eTax to lodge your tax return online in Australia. As an approved ATO system, eTax is most suitable if you tax appears to be complex. A good example is when you have to pay a tax on a private holiday apartment. eTax is available as a software which you can install on a compatible computer system. Unlike online tax Australia, there is no tax agent to check the accuracy of your tax return, but is is still a good system. Some of its automatic features include taking checks on your behalf and doing some your calculations. There won’t be any need for you to re-fill the tax information from the previous year as the system will easily do that for you. Overall, eTax is a seamless system for lodging tax returns; it deserves commendation.
You can learn how to lodge your tax returns on any of the systems discussed above by visiting their websites. ATO has simplified everything, so you don’t have to worry about getting hooked. Just determine the system that is most convenient for you based on your financial position and needs. All three systems are good places to lodge your return online.
What you need to complete the process
Whichever system you choose to lodge your return is entirely up to you. However there are certain documents you will need to complete the process regardless of your pick. These documents are mainly records of your financial transactions. You may also need to present a record of your tax deductions if available. Below are the basic things you should to make the process go on smoothly.
• TFN: Your tax file number is very important. It is almost impossible to lodge a tax return without this number. In case you don’t have yours already, you can apply for it through Australia tax online.
• Monetary Records: This includes all documents related to your finances. It may include the interest payment you received throughout the year. This must be represented properly on your bank statements in case it is requested.
• Tax deductions: Your tax deductions also need to be recorded. Every detail regarding such activities must be documented for reference.
• Summaries or group certificates: These are documents that are used to record your income or revenue summed up through the year. They also reveal the amount of tax that was charged to you based on your earnings.
• Insurance: You will also need to collate details of your health insurance.
Also remember to enter relevant information and your bank details if you have an outstanding tax refund so that you will be paid by ATO.
FINDING A WORTHY ACCOUNTANT ONLINE
Finding a good accountant online that is worth your money and time might present some challenge especially if you are looking for the first time. The difficulty comes from the enormous number of them already available. Nowadays there are many individuals in the country who parade themselves as accountant but are not qualified for the job. Identifying such people might not be easy and that is why you should pray hard not to fall into their hands. However there are still a good number of accountants Sydney (Australia) that have the capacity to take care of all your financial transactions without any issues. Getting one will help you a lot especially for tax purpose. All you need is the right information and a strong sense of purpose so that you will not to fail into the wrong hands. You are free to comb the web for answers but make sure you leave no stones unturned. The internet is a large pool of resources but it good to have a bearing so that you won’t miss the target. You will be saving yourself a lot of trouble if you know where to look.
The role of accountants
One of the mistakes so many people make is thinking that an accountant is only needed for keeping the daily financial records of a business. While you cannot do without them in your business, you also need them for other purposes. Tax times are periods where you definitely need them the most especially when you are running your own business. In fact it will be out of place to do anything about your tax returns and other complex tax issues without seeking their advice.
When engaging the services of any accountant to fill your tax returns, make sure he is registered and approved as a tax agent. Although any qualified accountant can do the job, it is always safer to work with those that are registered. We will tell you how to find a registered accountant later. Right now, just bear it in mind that you have nothing to do with any accountant who is not registered online as a tax agent.
Who really needs an accountant?
You don’t really need to hire an accountant if you are a salary earner especially when you don’t get much benefit. Filling your tax return Sydney is probably going to be straightforward as there is really nothing to claim. However for someone that has a complex finance such as a business owner, you need the services of a tax agent. There is so much you stand to gain by hiring an accountant to sort your tax return. Apart from sorting all your complex tax issues, having an accountant by your side will ensure you make all the necessary tax deductions that are there so that you won’t lose any money.
What you should know
Before hiring an accountant online, it is important to find out some things so that you will know if he can do the job satisfactorily or not. Some of them include:
• The fees you will be charged for hiring
• The qualification(s) of the accountant
• The area of specialization of the accountant.
• If the accountant has been approved as a tax agent
There are certain laws by the Australian tax office that you are expected to comply with when filling tax returns. Failure to comply with these laws and regulations can lead to the payment of fines and other penalties. Your knowledge about tax and finance might not be enough to comply with these laws when filing your return. However an accountant will ensure you do your tax return keeping all that there is to observe. But how do you find an accountant online in Australia? Here is how to do so.
There are three ways you can search for an accountant online in Australia.
• You can find an account online by searching the list provided by the Institute of Public Accountants in Australia. All you need to do is enter the query “find an accountant”, then open one of the results that has the list.
• Whenever you need to hire a certified accountant online who is a registered tax agent, you can also search the list of Chartered accountants in the country. Simply navigate the list online. Perhaps a search like “find a chartered accountant” will do. Just open the search result with the list of registered chartered accountants in Australia.
• You can hire a certified Practicing Accountant in the country to do your tax return. Just make the search for a CPA in Australia online and you will find the list.
If you have the chance, make enquiries from friends and close ones who were able to hire an accountant online in the past. You need to be sure you are making the right move so that you don’t end up wasting your time and money.
Tax times always come with many expectations especially when you made a lot of expenditures during the fiscal year. As an income earner, you may often find it hard to get around these expenses in order to determine which one can be deduced from your tax. Don’t worry; you are not alone. There are so many people out there just like you who have no actual knowledge of the expenses they can claim when completing their tax returns. The purpose of this article is to help you identify those things you can claim on tax so that you will be able to get a substantial amount as a refund.
There are certain expenses that are work related which you can claim for yourself when completing your own tax return. These expenses include every expense you made while at work that was not refunded by your boss. That is why it is always advisable to keep an up-to-date record of all the transaction you made during the year especially those that involved your own personal money. Here are some of those expenses you can claim when completing your tax return as an employee:
You can also claim donations. The standard is that you can get a tax back for every donation you make that is above 2 USD. There are other conditions attached to donations besides money. According to the Australian tax office policy, you can claim a gift for certain donations depending on the kind of organization involved. However it is important to note that not every donation can be claimed especially those you gave it voluntarily. Such donations do not usually have any kind of foredeal attached.
You can claim for any amount spent in buying work related clothing, including the cost of cleaning it. These may include uniforms, personal protective clothing, or accessories that are needed in your work place. If these items were not provided in your office, getting them with you own money without being reimbursed by your employer means you can claim it.
In the case where the company you are working with pays you some allowance to take care of such things, then you will have to indicate the amount when completing your return so that the ATO will know whether the money provided by your employer was enough for such expenses. If not, then it can be deducted from your tax.
There are certain claims you can make on travel and mobility. You can claim for vehicle you use to transport yourself to work and meetings and back home. This is mostly applicable the vehicle is not provided by the company you are working for. Please relevant section on travel and vehicle expenses so that you will know the deductions that are applicable to you.
Another thing you can claim for in your tax deduction is personal education especially when it is work related. There are certain expenses you can include while making such claims. However you should know that is not in every situation that you are required to claim for your personal education especially when it does not apply to you job. Refer to the ATO’s official page to find out more about tax return claims involved in your education.
Working from home
If you happen to be working from home, whether long term or short term, then you can claim for home office expenses on furniture, computers and internet, phones and calls, air conditioner, as well as any other facility that may be relevant to your work. You can include such items in your tax return especially when they start to depreciate. Also remember to include the cost for making repairs and the general maintenance of your home office. Everything you intend to claim in your home office must be something that is used for work; it must not be personal. When in doubt, you can seek professional help.
There are so many other things you can claim for when applicable. Some of them are deductions on your investment income, cost of managing tax affairs, subscriptions, union fees if you belong to one, meals, books, amongst others. In fact the list is endless. Just make sure you read through each category of expenses you can claim on the official website of the Australian Tax Office. When confused about anything, quickly get help from a certified and registered tax agent. Never leave any stone unturned when filing your tax back; after all, it is your money