Lodging your tax return is compulsory if your taxable income exceeds a certain threshold. There are various benefits of this exercise. For instance, you can help recoup some money. However, in order for that to happen, you need to ensure that the tax returns are lodged in the right manner. Many people and businesses don’t know what they should and shouldn’t claim when lodging their tax returns. This problem can be easily solved by hiring the services of an accountant or a good bookkeeping services provider. They can help in lodging the tax returns for you. If not, then following these tips is a good alternative.
Claim Tax Deduction for Donations
If you are a frequent donator to a charity then you are eligible for a tax deduction. You should include the information about the donation you have made in your tax forms. However, do keep in mind that there are certain restrictions that you need to keep in mind. Not every donation is considered tax deductible. You will have to satisfy various conditions in order for your charity donation to be deemed eligible for a deduction from your taxable income.
File the Car and Travel Expenses Correctly
Most people make a guess when claiming car and travel expenses in their tax returns. This is the wrong way to go about this, though. Incorrect filing of travel and car expenses can land you in hot water with the ATO (Australian Taxation Office). It can also lose you the chance of saving some money come tax season. So, it is crucial that you ensure that the expenses you are filing are even considered claim-worthy by the ATO.
Don’t Forget to Claim Work-Related Expenses
People who are employed and need special tools for performing their jobs can also file a claim for work-related expenses in their tax returns. This claim isn’t limited just to job tools. Fees for courses or certificates can be claimed as work-related expenses too provided that they can gain you a promotion at work. Moreover, these courses need to be related to your profession as well. You can find more information about this from the ATO website.
Shoebox Books is a bookkeeping services provider plying its trade in Australia. Contact us immediately if you are having trouble in lodging your tax returns.
Shoebox Books is a bookkeeping services provider plying its trade in Australia. Contact us immediately if you are having trouble in lodging your tax returns.
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