News
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 1300 513 332 or make an enquiry here.
Date published 27 Jun 2024 | Last updated 1 Jul 2024
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our multiple locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.
See how TaxAssist Accountants can help you with a free, no obligation consultation