How to plan for your possible 2019 tax refund and possibly maximise it!

As the days tick down towards the end of the financial year it is without doubt that many of you are beginning to consider your 2019 Tax Return and hope or perhaps expect you will be in a tax refundable position this year.

I suggest now is the time to begin collating your tax receipts into a tidy folder.  Grouping your deductible tax invoices by the type of expense will assist dramatically in allowing us to process your return effectively and efficiently.  For those taxpayers that have numerous allowable deductions, consider storing copies of the tax invoices on your phone in a folder titled “2018/19 Tax Receipts”.  Further, for example, a tradesman who may have purchased a number of tools during the year, adding these into an excel spreadsheet and totalling them will be of great assistance.

With the above in mind in order maximise any tax refund you may be entitled to [or reduce your tax payable] ensuring you include/remember all your allowable deductions is essential.  The Australian Taxation Office provides “industry and occupation specific guides” [see link at the bottom of the article].  These guides will allow a number of you to review what expenditures you may have incurred in carrying on your job as a wage earner in common industries [note this is not an exhaustive list].  Moreover, they will advise you on a number of deductions that are not allowable and save you the time of collecting these.

Hopefully the above tips will assist you this tax season and come the new financial year we look forward to seeing you all and again assisting in the preparation of your Tax Returns.

https://www.ato.gov.au/Individuals/Income-and-deductions/Occupation-and-industry-specific-guides/

 

Sam Higgins – Accountant

BComm