Skip to main content

Individual Tax Returns: Tax Tips FY20


If you also work in Melbourne, Australia, then each year, lodging a tax return in Melbourne is also requisite for you. According to ATO (Australian Tax Office), your tax return reveals the income you have generated from your business throughout the financial year.
However, this is mainly done to figure out the correct tax amount that you have paid. Moreover, if any refund for tax is entitled to you, then your money is returned back even if you have already submitted your annual tax return.
Although, it’s understandable that with lodging a tax return in Melbourne, loads of burden hits you strongly. Hence you’re likely looking for some tips in the financial year 2020, so you could pay less tax. Therefore, we have narrowed down some fantastic tips to do this for you.

Keep good Tax Records.

Every year, a vast number of people overlook deductions from tax, which they could easily claim. Resulting in, most of the people among you might be unaware that in this way, ATO holds millions of dollars. Simultaneously, people miss the opportunity of tax refunds. Therefore, if you also want to claim your tax deduction, then keep a track record of every deduction. Point out everything that you can claim, and ask for deduction from ATO.

Charitable donation for a Tax deduction

If you also want to save yourself from the tax return in Melbourne, then no wonder, a charitable donation has always been the best option. The amount you donate can claim at the time of tax return. In short, it’s a kind of win-win situation. Don’t forget to take a receipt after donation and keep it with you. At the time for tax, show the receipt to the tax office, and you’ll get the tax deduction.

Claim work-related expenses

You can even claim your work-related expenses during your tax return in Melbourne. However, this step can also put you in danger if you aren’t eligible to claim. There’re several expenses that you can claim in your tax return, such as tools, work-specific clothing, laptops, mobile phones, safety items, and many more.

Comments

Popular posts from this blog

Accounting and Taxation Submission Links for Australia

https://taxaccountantmelbourne.webs.com/ https://accounts-nextgens-initial-project.webflow.io/blog https://5ea7ddfe1b9a8.site123.me/ https://sites.google.com/view/taxagentmelbourne/ https://accountsnextgen.hatenablog.com/entry/2020/11/24/135529 https://visual.ly/users/arpitnextgen/portfolio https://in.pinterest.com/arpitnextgen/ https://accountsnext.cgsociety.org/ https://www.behance.net/accountsnext https://mix.com/accountsnext https://list.ly/accountsnext/lists https://trello.com/accountsnext https://au.showmelocal.com/profile.aspx?bid=23846821 https://mylisting.aussieweb.com.au/thankyou.aspx?s=a&id=190331 https://au.oceaniabiz.com/victoria/accounts-nextgen-344995 https://yp24.com/Accountant/AU/Melbourne/Accounts-NextGen_40639.html http://www.wikimoneyau.com/practitioners/profile/1470/Arpit-Umrewal https://www.eventbrite.com.au/o/accounts-nextgen-30214461010 http://taxation-consultants-vic.australia2business.com/ https://mapsconnect.apple.com/business/ui/editPlace?id=da8e3b5b-8ac...

List of 7 things that you didn’t know your accountant can do

Accountants play a very important role in running a business. But most of the people look at accountants in a very limited way. Accountants have a lot of diverse works to do for your industry. In this blog, we are going to discuss the additional things that an accountant can do for you. After completing this blog, you will come out of your general perception of accountants and tax accountants . Take a look at the list of additional works that your accountant can do: 1.     They can listen and support you regarding your business: -          While you are engaged in your business, there is very little chance that you are going to get proper advice from someone. Because there are circumstances when your business does not run so smoothly. At this point in time, your accountant can give you the most valuable advice to get your business back on track. No one other than an accountant can know more about your business other than accoun...

JobKeeper to continue for eligible businesses until March - Accounts NextGen

  The Australian Prime Minister Scott Morrison gave a lifeline to the small businesses by continuing the JobKeeper scheme for the eligible businesses until March 2021. Due to the COVID-19 crisis, this unemployment benefit scheme is extended for six months. This critical decision came into existence two days before the Treasurer Josh Frydenberg delivered the federal budget. The job keepers can slate better with this extension until March 2021 to better support their business.   However, the tax accountants in Melbourne are of the view that this subsidy scheme will now be established as a two-tier payment mode scheme. This scheme was reframed with some extensions, tightened eligibility, and pay cuts. What Changes You Will See in This Newly Extended JobKeeper Scheme? ●        The second phase of this scheme will run until 28 March 2021. ●        The scheme will be reframing and based upon the hours and has a t...