Simple Tax Return Tips to build your savings

If you are in Australia and need to lodge your Tax Return Liverpool, you can do it between July 1 and October 31 (for the previous year) since the Australian income year concludes on June 30. When it comes to filing taxes, it is important to meet the deadlines if you wish to do away with the penalties and fines.

Different ways to lodge Tax Return

• Do it online

One of the easiest and the quickest ways to file your tax return is to do it online using myTax through myGov.

• Mail the return

You can also fill the tax return form and mail it to the Australian Taxation office.

• Through a registered tax agent

You can hire registered tax accountants in Sydney to prepare and file your tax return. In case you do so, you can jump the deadline of October 31 to file your tax return.

In exceptional cases where one has to leave Australia before June 30, they can also lodge their tax returns earlier than usual.

Irrespective of the method you choose to lodge your tax return, you need to be aware of two things:

• You are responsible for every minute detail in your tax return and must ensure that every claim mentioned therein is correct.
• You must claim every penny in the tax return that you are rightfully entitled to.

While there is little we can do to check that the details in your tax return are genuine, we can help you with some simple tips to keep in mind while filing your tax return. These will go a long way in building up your savings.

Simple Tax Return Tips

Follow these simple tips and check yourself from giving away money you should not:

1. If you have made a donation or a gift to an organisation that is registered as DGR or deductible gift recipients, you can claim a tax deduction.
2. Any kind of expenses that are incurred on a vehicle or travelling for work can also be claimed.
3. In case you are undertaking studies that are related to your work or if you have received a taxable bonded scholarship, you are entitled to self-education expenses.
4. If you run a business from home, you are eligible for deductions in operational costs of that business. Also, expenses such as computers, phones and other electronic devices that might be used can be deducted.
5. If you have an investment property, you can maximise your tax savings by claiming higher deductions. These will include the cost of maintaining the property, account keeping fees, borrowing costs like government fees, application fees, or loan mortgage insurance. The other possible deductions include repairs and maintenance, tenancy costs and cost of depreciating assets.
6. One final tip is to hire an experienced tax consultant so you can follow the tax rules and also get a maximum tax return Liverpool.

Apart from all these, there are a number of deductions that are specific to an industry or an occupation. Learn more about them and check if you are covered under any of them. Also, make certain that you have all the possible records you might be asked to produce in case you wish to claim a deduction.