Individual Tax Saving Tips

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Our tax accountants are certified accountants and registered tax agents and have the expertise to handle your tax strategies, completion and submission of tax returns, detailed reviews of current or pre-tax returns, valuations for tax purposes, minimising penalties while maximising tax reliefs.

Individual Tax Saving Tips

  • Determine your tax bracket
  • Create a receipt system
  • Make a charitable payment
  • Review your deductions – Check our deductions checklist by profession
  • Home and Car expenses
  • Travel expenses
  • Get paid to read news and magazines
  • Put your money in a super fund
  • Start preparing for tax season
  • Talk to a registered tax professionals
  • Keep an eye on your income
  • Save the right paperwork all year long
  • Watch for your income documents to arrive. You cannot lodge your tax return until your year end complete and Single Touch Payroll is reported to ATO.
  • Learn with credits and deductions you can take – Saver’s credit, student loan interest, charitable deductions, freelance expenses
  • Mind your deadlines
  • File your tax return online for fast result.
  • You will save time
  • You will save money
  • You will save paper
  • Less efforts with your pre-filled information
  • Amend your tax return more easily
  • Get faster responses and assistance

If you’re planning to make a charitable gift, it generally makes more sense to give appreciated long-term capital assets to the charity, instead of selling the assets and giving the charity the after-tax proceeds. Donating the assets instead of the cash avoids capital gains tax on the sale, and you can obtain a tax deduction for the full fair-market value of the property.

Most individuals are in a higher tax bracket in their working years than during retirement. Deferring income until retirement may result in paying taxes on that income at a lower rate. Deferral can also work in the short term if you expect to be in a lower bracket in the following year or if you can take advantage of lower long-term capital gains rates by holding an asset a little longer.

Over the past several years, TFN applications were incredibly difficult to complete. Thankfully, it has changed for the better. Both the Australian Taxation Office and the Australia Post have made the process simpler and faster. You can apply online where you order the form first. Then, you can fill it out with the correct details. The third step is to visit a post office with the document. There are more than 460 retail outlets of the Australia Post all around the country. Bring your proof of identity as well. Note that you can only apply within 30 days of ordering the document. Make sure that you are familiar with the exact location of your nearest Australia Post outlet. This way, you know where you should go.

  • Use a business account and credit card. …
  • Save your receipts. …
  • Spend time reviewing your receipts once a month. …
  • Make notes on the back of receipts. …
  • Create a spreadsheet for work-from-home expenses. …
  • Back up your receipts. …
  • Go digital.

If you’ve lost your tax file number – don’t panic. Although you want to keep it as safe as possible, there are places you can look to find it.

1) Income details
    – PAYG Payment Summaries (previously Group Certificates) You should be provided a copy from your employer
    – Payment Summaries from Centrelink for example, Newstart, Youth Allowance, Disability Pension
    – Eligible termination payments
    – Interest earned from bank accounts
    – Share dividend statements
    – Annual tax statements from trusts managed investments, property and cash management trusts
    – Income and expenses from investment properties
    – Business income
    – Foreign income
2) Other details
A list of work-related expenses (with receipts). This includes your motor vehicle log
Receipts of charitable donations
Interest and fees on investment loans
Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
School building levies and library funds
Fee charged for previous year’s tax return
Income protection insurance
Sickness and accident insurance
Private health insurance
Any extra superannuation contributions
Amount of HELP debt or Financial Supplement loans outstanding
Out of pocket medical expenses for disability aids only in excess of $2,265
Accommodation and meals costs you’ve incurred from working away from home
Home office running expenses
Work-related education expenses
Rental property expenses – rates, body corporate, agent fees, interest on your loan, repair and maintenance, water rates, depreciation schedule
Investment expenses
Records of sales and purchases of shares, businesses or property
Bring the details of your spouse, including their date of birth and taxable income to check if you may be eligible for tax benefits.
Government debts
Last Year’s tax return.

Getting your first job and earning your own money is an exciting milestone in your life. You can spend your cash on whatever you’d like. Earning a wage also includes sorting out your Tax File Number, getting a bank account, getting paid superannuation and paying tax.

Filing back tax returns you haven’t completed could help you do one of the following:

  1. Claim a refund
  2. Stop late filing and payment penalties and interest
  3. Have tax returns for loan applications
  1. Gather information
  2. Request tax documents from the ATO
  3. Complete and file your tax return

ATO generally allows you to file an amended tax return to correct:

  • your filling status
  • the number of dependents you claim
  • your gross income and
  • to increase or decreas the number of deductions and credits you report on your original tax return
  • Faster tax refunds
  • Extra time to pay taxes you owe
  • Obtaining financial information
  • Avoiding a tax extension
  • Preventing tax return identity theft

If you find yourself owing more than you can afford, you should still file a return. Even if you don’t enclose a check for the balance due, sending in your return protects you from the late-filing penalty that otherwise would keep digging you deeper into a hole. Talk to one of the experts at The Taxation to talk to ATO on your behalf and make easy installments for your outstanding tax debt.

Our fees may be taken from your income tax refund. Extra charges may apply if you choose to receive your refund by cheque, or if you have unpaid fees like HECS or DOCS. These additional fees will be around $30-$40.

Our aim is to provide the best possible service for the most reasonable fee. Our fees include;

  1. On the spot service;
  2. Personal attention from one of our specialist consultants;
  3.  Complete industry checklists to search for every legal deduction;
  4. Final checking, recording, and lodgement of your return; and
  5. All year advice about your return.
    Our fees are fully tax-deductible in the year paid.

As a senior, you may be eligible for the Australian pension and tax offsets that go with it. You may be able to reduce the amount of tax and Medicare levy you pay and in some cases, eligible seniors may not even have to lodge a tax return.

Understanding when you need a receipt to claim a tax deduction is important to ensure you don’t pay more tax than necessary. There are deductions that you must have written evidence to claim a tax deduction based on expenses incurred. For example, if your total claim for work-related expenses is $300 or more, you must have written evidence to prove your claims. But, if you don’t have receipts, all is not lost! As long as you have documentation that includes: the name of the supplier, amount of the expense, what the goods or services are, date the expense was incurred, the following documents are also acceptable as written evidence: Bank statements Credit card statements BPAY reference numbers Email receipts PAYG payment summary Paper or electronic copies of original documents
  • Missed the Tax Return Deadline
  • Fringe Banefit Tax
  • Goods & Services Tax
  • COVID-19 Individual Payments
  • Jobkeeper Tax: Do I Pay Tax on JobKeeper Payments?
  • Is My Business Eligible for Cash Flow Boost?
  • ATO announcements to “new working from home rules”
  • Fee from Refund: How Does it Work?
  • Making the most of the instant asset write off in your business
  • Do you have two or more income sources?
  • 10 ways to Maximise your Tax Refund
  • Beware of Tax Scams
  • ATO targets investment property owners
  • Small business in the spotlight as ATO targets bank information
  • Do you own a small Business

Professional & Registered Tax Accountants Melbourne
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The Taxation Prospectus

Tax Return Checklist

Tax Deductions Checklist By Profession