Tax Refund Tips By Tax Accountant

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Who would not love to have more in tax refunds? Here are a few simple and ethical ways recommended by a reputed tax accountant in Geelong. 


Ways to Improve Your Tax Refunds


The proof is in the pudding


Maintain a record of all your invoices, receipts, and payments right from the beginning. Have all your bank statements in one place. Every penny spent should be logged. All your work-related expenses should be recorded, no matter how small. It will ensure that all the expenses are recorded and help you save on taxes. Also, when you record everything from day 1, you will not have to struggle at the eleventh hour. You may seek the help of an accounting firm in Geelong if you feel overwhelmed managing accounts and bookkeeping on your own.

Prepay your bills


When you pay professional fees or subscriptions as a lump sum, you get to claim a tax deduction on those expenses, even though a part of the subscription fees may pertain to the next year. You can reclaim such expenses and improve your tax refund. 


Superannuation and other concessional contributions


A popular way of reducing tax liability and getting a higher refund is to contribute to the superannuation fund. You can contribute to your super or that of your spouse to reduce your tax liability. 


You can also use ‘salary sacrificing’ or fringe benefits to reduce your tax burden and improve your tax refund. For example, buying a new vehicle or paying rent. Your accountant in Geelong can help you understand the concept of salary sacrificing better.


Health Insurance


If you are single and earn over $90000 annually, or you have a family with a family income over $180000, you would have to pay 1% of the income as Medicare Levy. You would be better off paying a health insurance premium, which would definitely be less than the Medical Levy. It would help you reduce your tax burden.


Donate


Why not donate to a charitable organisation of your choice and also reduce your tax burden? Any contribution over $2 is eligible for a tax deduction if you have a receipt for the same or your bank statement. 

For more tips on saving taxes and improving tax refunds, you may contact a tax accountant in Geelong.
Location: Australia

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