Every person who pays tax
will always be interested in knowing the tips that will help reduce tax amounts
and increase the money that they get back. There are so many things that can
affect the tax return, and these things also include your income sources that
you get from home, investments, and the payment that you have made while looking for jobs. Even small things can make a big difference while filling the tax return in Melbourne.
Other things that can
play their parts will include the work-related expenses if you have such as
equipment, clothing travel which you may not be able to claim now because you
are working from home and if you copy-paste these expenses then ATO can take
some strict action against that.
People who need to lodge
and prepare a tax return
People with a lower level
of income and other Australians are not eligible or do not needs to lodge the
tax return. But people who have income above the threshold or any certain type
of income have to lodge a tax return. If you are not sure about it, then do not
worry; you can consult the tax return Melbourne CBD.
Documents that you
require to lodge a tax return
Here are some of the
documents that you may require to lodge your tax return are mentioned in the
following points-
- The number of your tax file
- The bank account details, so that
if you are eligible for any return, they can deposit in that account
- Any income statements o payment
summaries that your employer has given
- Mention all the details if you
have any other source of income, such as from any business, properties,
shares, etc.
- You need to attach the statements
and receipts of the expenses that you want to claim as deductions.
- If you have any private health
insurance
- If you have done any donation for
a charitable purpose, then add the receipt of that.
Deductions that you can
claim while you lodge your tax return
Most of the deductions
that you will claim will be related to the work, and that will only be
deductible if the employer does not reimburse you. But if you want to get the
deductions, then you need to have the receipt except if you have
there to claim the amount which is less than $300.
Deductions related to
work-related
- Traveling and vehicle expenses
- If you are going to work, then you
will have to wear uniforms; there are many occupations where you have to
wear protective clothing, which also includes footwear.
- The expenses you are dealing with
now, such as phone and internet costs, electricity, and if you want the deduction, you need to apply for the shortcut method.
- If you have to bear any education cost which is relevant to your jobs, such as textbooks, subscriptions,
course fees, and membership.
- If you work outside, you will need
the tools and equipment such as sunglasses, and sunscreen, and if you are
working from home, you will need the relevant software and laptop you can
claim.
But if you have the
expenses for both work and personal use, you can only claim the work-related,
which will be only 50% of your internet and phone bundle.
Some additional expenses
that you can claim
- If you have made any personal
super contribution
- If you have gone through any
investment-related expenses such as dividends, interest, etc.
You may get the idea
about the tax return Melbourne, and if you have any doubt and want to learn
about it, you can check Account
NextGen.
