Australian tax return time: Last-minute tips for personal claims
When it is time for the Australian tax return to be filed, most people feel like running away. There’s not many people that like doing their taxes and getting refunds back. However, if you have all the latest tips and tricks around filing your taxes, you might have a bigger chance of getting some returns back. Here are some last minute tips for your personal claims.
Claim deductions for a home office
Not many people are aware of the fact, which you can claim for some deductions when you do have a home office. Claiming deductions for a home office, aren’t just for people who are self-employed.
If you’re handling a lot of emails from home, or you have a formal teleworking arrangement, you can also claim deductions for your home office. This means, that if you are handling work related stuff from your home, you can also claim. You don’t have to be self-employed.
Another thing that you can claim deductions for personal claims, is if you have rental properties and you’re paying your rents for 12 months in advance.read review this post! This include everything that you need to pay that comes with rental property. The electrical bills and the rent itself.
This can really ensure that you get some great tax refunds back, that you can use to pay your rent in advance again for the next 12 years. This tip might be too late for now, but you can do this always next year. Another bonus with this option, is that you don’t have to stress about paying rent throughout the year. And, you are having a better chance of getting some tax refund back, that you can use for anything that you might need.
Upgrade your business’s equipment
Somethings that business owners don’t know is that if you upgrade your tools of your registered business, no matter if it’s a business from a property or from home, you can claim deductions for that as well. You can claim for tool upgrades if you’re spending under $20 000 per year on the upgrades. This will give you a better chance of getting some tax refund back.see http://www.theregister.co.uk/2015/10/30/vic_accountant_robbed_of_1600_records_in_xero_tax_fraud_raid_report/ for more details.
If you spending more than this amount, you unfortunately don’t qualify to claim for any deductions on upgrading your business’s equipment. You must also remember that before you start spending money on equipment that you really don’t use, you are not going to get every cent back. You are only able to claim deductions on the tax of that equipment. Many people make the mistake and think that they are going to get the same amount of money back than what they have spent on the upgrading their equipment.
It is never too late to get some tips about filing your tax returns to get some refund back. We all don’t really like this time of year, but if you know how to get some money back, and know some of the important tips and tricks about filing your tax returns, you will not hate this time of year again. We all can do with some late minute tips for tax refunds.