Each year from July 1 to October 31 is the statutory tax return period.
If you entrust an accountant to file a tax, you can extend it to March 31 of the following year, during which time you must file a personal income tax for the previous fiscal year with the ATO.
Before the tax return season, the editor had a few questions to ask.
- Do you know that you can reimburse your electricity bill by working from home?
- Do you know that daily necessities can be taxed?
- Do you know that charitable donations can also reduce taxes?.
Now start looking at things to check your finances and eventually save you a lot of money and get the benefits of tax cuts faste
Today, the editor of this article, collated with blood, tells you all the things you should pay attention to before you return your tax, and you will miss regret for ten thousand years!
Mark Chapman (Mark Chapman), head of tax communications at Hor Block, told news.com.au: "it's a good time to look at your other bills and think about how to save as much money as possible. You still have time to keep receipts or other deductible expense records so that you can recover some of your expenses when filing your taxes. It's not too late to start now. "
From now on, you need to think about a few things!
Do you work at home?
Do you work entirely from home? Even if you only work from home occasionally, you can claim reimbursement for some of the costs of setting up a home office and electricity.
Some of the fees you can file include:
- Heating, air conditioning and lighting cleaning costs
- Home office furniture and accessories worth more than $300
- Depreciation charges for office equipment and computers
- Computer consumables, stationery, telephone and network charges
- In addition, equipment that costs less than $300 can be written off immediately, such as furniture, computers and related hardware and software.
Now is the best time to buy office equipment! Buy equipment quickly while many stores are doing sales promotion at the end of the fiscal year. Note that before buying, you need to carefully calculate the correct cost ratio, which is based on the hours you work at home and the floor area of the home office where you work.
02 prepay your bill
It is convenient for some people to pay bills weekly or monthly, but if you can pay some bills at once, it can help you recover some expenses in advance.
"you can report all or part of the deductions this year related to next year," Chapman said. So, if you have some free money, consider prepayment fees and professional subscriptions, which can be deducted more quickly. "
03 these daily necessities can be taxed!
Do you know that some of the daily items that are often overlooked can also be declared tax?
Like the new briefcase! If you use a bag to carry paper or a laptop, you can apply for a tax credit. This can be a briefcase, backpack or handbag, anything that suits your needs.
Besides, there are a lot of things you can't expect to report:
Sunscreen, cosmetics
Unless you work outdoors, general cosmetics are not eligible to file tax rebates. But some special cosmetics, such as moisturizing function, flight attendants can apply.
grip
-handbags can also be declared for ipad, phones, calculators, stationery or anything else you need. You need to be very careful here, the handbag must be suitable for work purposes. But you use bags to "cure" sisters, your bags can not be reported!
work of art
-you can apply for tax rebates for the facade decoration of public places, such as front desk, conference room, board meeting room and employee social place. But if the art is found in your living room, you can't count on it, okay?
Billiard table, table tennis table, XBOX game and TV set
-the entertainment facilities in the office (for employees to use during rest and lunch) can be reported! If there is television in the reception area or conference room, the television may be combined with the videoconferencing system, and the television can also be declared. (get out of the way. I'm going to find the boss.)
gogo
If you need a dog to patrol the perimeter of a business site, or if you have a dog on a farm, the food the dog eats, the veterinary fees it pays to see a doctor, and so on, can apply for a tax rebate.
Sex toy
-Don't hurry! Sex toys for personal entertainment are not deductible! Unless it's for work!
...
Specific tax return criteria can be found in: < 99% of people do not know! These [daily] supplies can also be rebated!
Although there are so many daily items to declare, but we must be careful when reporting. After all, tax evaders and fee builders cannot escape the fire of the Australian tax Service.
04 put money into retirement funds
Those with lower incomes, or who have no job in a relationship, can benefit from putting money into retirement funds.
Paul Benson, a financial planner, says there will be some opportunities in the pension sector. If one of the couples is unemployed or earning less than 40,000, they can use pension contributions to reduce taxes on the other. The higher-income party can deposit up to 3000 yuan a month into the retirement fund account of the non-working party and file a tax credit of 18%, or $540 if you deposit the maximum amount (or 3000 yuan).
Low-income people can also deposit their money in pension accounts and collect money from goverment. Anyone with an income of less than 52000 can benefit from putting extra money into a pension fund. For every $1 voluntary deposit into a pension fund, goverment will deposit 50 cents.
So it's not impossible to get rich (joking) with a pension.
05 if you're saving up for the first house,
If you are saving money to buy a first house, goverment allows home buyers to deposit their money into retirement funds and save down payments for home purchases, a new policy that has been in effect since July 1, 2017. Congress passed legislation in December 2017 that will allow homeowners to start drawing money from pension accounts from July 1, 2018.
The first suite pension scheme allows buyers to deposit money in a pension fund (meaning you can pay taxes at a lower tax rate, unless you are already a low-income person) and then take the money out to buy a house. Pension contributions are taxed at 15%, compared with 45% if you are a high-income earner.
06 if you have any investment income
If you sell some stocks or make money from other investments, you have to pay taxes for it.
However, "capital loss" can offset "capital gains".
07 Charitable donations
Now is a good time to donate to your favorite charity, as long as you have a receipt, any donation more than $2 will be tax deductible.
This will help you reduce your taxes, but also help meaningful philanthropy, two birds with one stone.
08 use your phone or car for business
If you want to declare job-related expenses, you need to keep track of your use of mobile phones, cars, and other devices because of your work.
09 consider revenue protection
Many of us have basic income protection through retirement funds. Don't think about whether you need it, because it's tax-free.
10 check your health insurance
Many health insurers have announced price increases from April 1 and adjusted coverage, so it's a good time to check out what your claims range is, whether you should change insurers, or whether it's worth buying insurance.
If you own your own company, have more real estate or investment income, and high-income people, then the simplest and most brutal way to get help from a professional is also the best way to do it!
But if only ordinary low-and middle-income workers do not have too many complex investment and asset returns, then self-help tax rebate is undoubtedly a big choice, but also can save money to find accounting tax rebate!
Before tax filing, we should study carefully, do a good job of investment, financial management, tax rebate plan, in addition to the above notes can help you save money, I hope everyone can smoothly complete this annual tax returns "big plan"!
If you have your own accountant, don't forget to consult because they are the most professional.
