How to Prepare, Lodge, And Maximize Your 2021 Tax Return?

 

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.