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.
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