3 Ways To Optimize Your Tax Returns And Concessions To Boost Your Business

1. 3 Ways To Optimize Your Tax Returns And Concessions To Boost Your Business Ask yourself whether you get the full tax refund you are entitled to? Don’t compromise when it comes to your tax returns. Get the exact tax refund that you deserve. In Australia, millions of people miss legitimate tax deductions. Are you one of them? Are you looking for a bigger tax return? It is true that in Australia the tax system is very complex. It is extremely tough for a common man to understand it. People are often too scared of these tax terms and don’t want to get in trouble with the ATO? But here are 3 ways that can help you get more dollars in your pocket. Claiming just one extra deduction could mean hundreds

2. of dollars more at tax time, helping you to get a much bigger tax refund. 1. Hire a tax agent A tax agent will have all the details which you probably are not aware of. We can’t deny that handling the tax system is not a cakewalk. There are numerous responsibilities that can take a toll on you. However, by bequeathing your responsibilities to a tax agent, you can streamline your work to a great extent. Not just that hiring a tax agent will save your time managing taxes is a time-consuming activity. Devoting most of your time in tax related duties will affect other aspects of your business. Thus, it is advisable to hire an agent who will give you time to focus on your core business. 2. Save your receipts Saving your receipts helps you to claim more expenses, which is why it is a great way to get a better tax refund. So, don’t undermine the value of receipts in your tax return. Make sure to keep all old and new receipts safe. You can keep your receipts safe by digitizing them. There is software that can help you with it. 3. Claim work-related mobile phone expenses If you use your phone primarily for work then don’t forget to claim work-related mobile phone expenses. It can give your tax returns a great boost.

3. For instance, if you spend $550 yearly on your phone bills , you can claim nearly $160 of work-related mobile phone expenses on your tax return. Don’t forget that every dollar saved will go directly into the company's profit. Summary Tax world is a scary and perplexing place. But with the help of above-mentioned steps, you can be a pro. There are some concessions which we are not aware of and thus, we face losses. For instance, did you know that, unless they are paid through your superannuation, you can claim your income protection insurance premiums? There are many such concessions that can help us save dollars. So, avoid any mistakes. Make sure you get what you deserve as it is your hard-earned money.