5 Easy Ways to Increase Your Tax Refund

1. Claim deductions for everything you are entitled to claim:
But, only claim legitimate items.

2. Keep good records: Be organised, keep receipts, and fill in motor vehicle log book regularly.

3. Get advice from a professional Accountant who is a Registered Tax Agent: He/she should find additional expenses, and tax offsets for you.

  • 4. Don’t forget the small stuff: Little expenses add up over the tax year.

  • 5. Use a Registered Tax Agent to lodge your Tax Returns: He/she should be working for YOU, helping to increase your tax refund and avoid trouble with the A.T.O.

I am here for you, to help with any accounting, bookkeeping or tax issues.

Analysing Trends to Improve Business

Analysing your business performance is valuable if you take action to improve your business results, however one trend by itself, is not that useful.

If, for example, your employee wages are trending upwards, you need to also look at turnover and profit; and then analyse the ratios of wages to profit.

Doing financial calculations, and analysing ratios will allow you to step back from the day to day operations of your business and look at the overall business performance.

Remember, it is only useful if you act on the results.

Claim Everything You Can

Listed below are some possible tax deductions that you may have overlooked:

Sunscreen, laundry, dry cleaning, briefcase, self-education; home office electricity, printer ink, copy paper, stationery, protective work boots, protective clothing, subscriptions, salary package fees, income protection insurance, personal contributions to superannuation, disability aids, mobile phone use, internet use, seminars, conferences, specific investment advice.

The tax deductibility of your expenses depends if you purchased them for work use or for use in your business and the nature of your work. Remember to only claim the work-related portion of your expenses and keep your purchase invoices and receipts.