The moment holidays are over, it is time to prepare for tax returns. Being prepared means less headache of lodging because you have everything ready you just have to file it online. Above all, preparation gives you an idea of how to save when you file a return. Some people might find it tedious to use the brain for all financial work. They can hire an accountant, which will educate, and brief them to save money in the best manner.
You can get tax accountants list through Bleen, which is an Australian online directory. They have a list of all businesses, services, and products available in Australia. It is an award-winning online platform that connects customers to the services or products directly. You can search for the required service on the website and the list of all possible company’s name will reflect. It is another way for Australian businesses to get new customers.
Tips to Save Money on Taxes
Salary sacrificing is the method in which the taxpayer would use some of their pre-tax income towards a certain benefit like motor vehicles or superannuation. This way, they can waive a part of their salary before they get it. For example, a new car, mortgage payments, rent payments, buying new insurance or computer, etc.
Tax and Financial Documents
You will have to submit all copies of receipts and invoices for tax deduction claims to ATO when they ask for it. If you don’t have all documents while filing then the ATO will keep your hard-earned money. The best way to do this is by keeping all receipts and invoices for the whole year.
Pay Less through Charity
Any donation that’s greater than 2 dollars is tax-deductible. You just need to keep the receipt that is sent by the organization after you donate. You can show these receipts under the charity donation section.
Mortgage is the best way of tax deduction. Home loan along with the interest is deductible. Taxpayers will pay interest only on the loan subtracting the money in the savings account and not on the entire home loan amount.
Add your Spouse
You can also add salary sacrificing and personal deductible contributions made by your spouse on their salary. This will help in getting a full tax deduction.
Private Healthcare Insurance
If you don’t have private healthcare insurance, you will have to pay 1% of the Medicare Levy Surcharges. It is good to apply for private healthcare insurance to lower your taxes.
Reduce Capital Gains
Any property or asset that is sold will be subject to capital gains tax. They have to be paid in the same year they are obtained. If you’re liable to pay the next financial year then to save money on taxes, you can prepay some amount. You can also get an exemption from Capital gains tax if the property sold was the main place of residence, PPOR. You must have stayed in that house to get an exemption.
Meet the deadline of lodging for tax returns. If you meet all ATO deadlines it can help in avoiding conflicts and penalties. This also helps in saving money. If you think you can miss out on the date, then explore near you to find a reliable, experienced, and knowledgeable tax accountant who can handle the task on time.
Claim Everything! Follow the rules properly because it is related to your hard-earned money. There are various tricks of tax deduction. If you can seek help of an accountant, they will educate about it.