Individual Tax Returns: Tax Tips FY20 - Accounts NextGen

Individual Tax Returns: Tax Tips FY20

Individual Tax Returns: Tax Tips FY20

Individual Tax Return FY20

If you also work in Melbourne, Australia, then each year, lodging a tax return in Melbourne is also requisite for you. According to ATO (Australian Tax Office), your tax return reveals the income you have generated from your business throughout the financial year.

However, this is mainly done to figure out the correct tax amount that you have paid. Moreover, if any refund for tax is entitled to you, then your money is returned back even if you have already submitted your annual tax return.

Although, it’s understandable that with lodging a tax return in Melbourne, loads of burden hits you strongly. Hence you’re likely looking for some tips in the financial year 2020, so you could pay less tax. Therefore, we have narrowed down some fantastic tips to do this for you.

Keep good Tax Records.

Every year, a vast number of people overlook deductions from tax, which they could easily claim. Resulting in, most of the people among you might be unaware that in this way, ATO holds millions of dollars. Simultaneously, people miss the opportunity of tax refunds. Therefore, if you also want to claim your tax deduction, then keep a track record of every deduction. Point out everything that you can claim, and ask for deduction from ATO.

Charitable donation for a Tax deduction

If you also want to save yourself from the tax return in Melbourne, then no wonder, a charitable donation has always been the best option. The amount you donate can claim at the time of tax return. In short, it’s a kind of win-win situation. Don’t forget to take a receipt after donation and keep it with you. At the time for tax, show the receipt to the tax office, and you’ll get the tax deduction.

Claim work-related expenses

You can even claim your work-related expenses during your tax return in Melbourne. However, this step can also put you in danger if you aren’t eligible to claim. There’re several expenses that you can claim in your tax return, such as tools, work-specific clothing, laptops, mobile phones, safety items, and many more.

Get tax agent advice.

In Australia, the maximum percentage of people takes the help of agents to lodge a tax return in Melbourne. Hence, if you also want to save money on tax-return, then don’t forget to take the assistance of tax agents or accountants. They can provide you an instant way for ‘how to improve tax refund.’

Claim tax deduction for working at home

You can also claim a tax deduction if your business is operational at home or work from home. For instance, if you are running a business, you’re surely using your phones, computer, and electric devices, and hence, they are also deriving your business expenses. Similarly, in this way, you become eligible to claim the tax deduction. Under your expenses, it must be included anyone from- cleaning cost, office furniture, repair or purchase cost, phone bills, electricity bill, home internet bill, etc.

 Bottom line

If you also want some relief from Melbourne‘s tax return. These were some of the best tips you must bear in mind for the financial year 2020. To some extent, these tips may prove to be an elixir for you, which can provide you claim or bring deductible tax amount in your portion.

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