It may only be 5 weeks until the end of the financial year but you still have plenty of time to legally minimise the tax money that goes out your pocket. We got the best Tax Agents in Melbourne to spell these secrets. You know free Tax advice in Melbourne ain’t no thing, but we got you!
1. Impeccable Tax Records:
Take out 15 min every week to organise your receipts for the week – punch file them or simply put them in a folder. ATO keeps millions of dollars for them as people like you and me dont have the receipts to show for the deductions. If you want, keep a digital record of all your receipts – best way to remember all that you can claim, so less money going out to the tax man.
2. Donations are tax-deductible: PSA:
Donations over $2 to a registered charity is tax deductible.
When you donate and get a receipt, put it straight into the receipts folder. While lodging your return, add the total amount donated into the Charity Donations’ section. The amount will be deducted from your taxable income – giving you a percentage back. You’ve more than one reason to donate now!
3 .If you’re allowed to claim deductions – Claim EVERYTHING: In simpler words, expenses that help you make an income – CLAIM them! PND – aka Best Accountants in Melbourne – can help you with your confusion. Like, did you know you can claim half deductions for an item you purchased partly for personal and professional use?
4. Find a very good Tax Agent who has the best Tax Advice:
ATO’s statistics show more than 70% of tax returns are lodged with a tax agent – like PND!
Using a tax agent will not only save you on time but also improve your tax refund. PND are a market expert and abreast with changes in tax legislations due to Covid19.
We bring to light the deductions that you might’ve missed. We save you from a delayed tax refund or worse – an audit that even a simple mistake might cause. PND is a synonym for tax planning in Melbourne.
5. Learn about Medical Levy Surcharge v/s Private Health Cover:
Say your $90,000 and dont have private hospital Insurance, you pay a minimum of 1% Medical Levy Surcharge over the 2% mandatory Medical Levy, paid by majority taxpayers.
On the other hand, a private health cover plan will cost you 1% of your gross income – and that is why private cover has potential to save you some money.
