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10 Ways to maximise your tax refund
If you are an employee, a sole trader, or own a company, there are many things you can do to ensure you maximise your refund this year.
1. Understand what you can claim according to your occupation.
2. Keep a work-from-home diary to claim home expenses.
3. Keep a 12-week logbook if you travel more than 5,000 km to work appointments using your personal car.
4. If you are a sole trader, take advantage of the $20,000 instant asset write-off in 2024.
5. If you use your personal mobile phone for work, e.g. checking your work schedule, you may be able to claim a percentage of your phone bill.
6. Claim any work-related study, including travel and study time completed at home.
7. Donate to charity! $10 bucket donations are also tax-deductible.
8. If you are a sole trader registered for GST, ensure you are on a cash basis and not on an accrual basis.
9. If you have an investment property, maximise any asset depreciation you qualify for.
10. Get your local TaxAssist Tax Agent to handle your Tax Return for you. We understand the rules and can maximise your refund, and our fees are tax deductible.
Click here to download your Tax Return Checklist to make sure you don't forget to claim any deductions.
How we can help
Contact your local TaxAssist Accountant for a free initial consultation today.
Call 02 9608 3707 or make an enquiry here.
Date published 27 Jun 2024 | Last updated 1 Jul 2024
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