More Bang for your Buck
Start Planning NOW to maximise your tax refund!
We do a lot of tax returns. One thing we constantly hear our clients say is “I didn’t know I could claim that!” or “I wish I had kept my receipts!”
What’s the best way to avoid disappointment at tax time? Start planning NOW.
To help our clients we’ve been giving them a report of what strategies they can implement to maximise their refund next financial year. Here are our top 3 strategies:
1. Keep a Log Book for your Motor Vehicle Expenses
If you use your motor vehicle for work make sure you keep a 12 week log book to work out the work % of your vehicle use. By doing this, you will be able to claim this % of all your expenses during the year including fuel, depreciation, insurance and registration.
2. Prepay the Interest on your Investment Loans
Your deductions are claimed in the financial year they are paid. Therefore, by prepaying the interest on any investment loans means you claim the deduction now instead of waiting to the following financial year.
3. Make sure you have Income Protection Insurance
Protecting your number one asset, your income, is extremely important. It’s also worth noting any premiums you pay outside of superannuation are tax deductible (and when you think about it, the tax refund you receive lowers the out-of-pocket cost of the premium).
The other way we help our clients is by introducing them to our Mid Coast Partners App. Our App has many inbuilt calculators and tools, including the Receipt Manager tool. Simply use the camera function of your device to take a photo of the receipt and it’s automatically stored in your chosen category. You can enter a name for the receipt, date, amount, GST element and any notes you wish to make about it, and then you are ready to save it.
If you’d like to download our App, you can do so from the Apple or Android store. Please also feel free to share our App with any of your friends, colleagues or any other connections who you think might find the App useful.
Interested in getting More Bang for your Buck? Make sure you talk to us about planning now to maximise your tax refund.
PH: (08) 9964 4942
E: accountants@midcoastpartners.com.au
General information disclaimer:
This article is for use of a general nature only and is not intended to be relied upon as, nor be substitute for, specific professional advice. No responsibility for loss occasioned to any persons or organisations acting on or refraining from action as a result of any information or material on our website will be accepted. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.