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Seven Tips To Help Entrepreneurs Lodge Their Tax Return In 2016
The year is finally coming to an end. As you put your finances together, one of the things you will be looking to do is settle your tax once and for all. Many tax accountants North Sydney will be hoping you call them for advice. As more things are calling for your attention, you need to be careful so you don’t blow it. One of the best things you can do to make sure you get the tax return you deserve is to equip yourself with the right information. Remember the saying that knowledge is power; it is only what you know that can make the difference. You can get below what you deserve if you don’t make the right deductions. This is why you need to take some moment of your time and go through this short piece. As you prepare for New Year Eve, we want to make sure you end the year very well. So take five minutes and read through the paragraphs that follow. The information will help ensure you get a sizable tax refund for your business as 2016 comes to an end.
Yearly, less than 15% of every person claiming a tax return North Sydney gets more than 3600USD. The discovery is alarming and quite pitiable. Why would anyone fail to claim all he should when he deserves it? The answer is obvious. If you have not been receiving a tax return that equates to your expenses and income, then it’s time you wake up and do the right thing. Nobody is to be blamed for your negligence; the earlier you know what to do and how to do it, the better for you and your business.
Below are some useful tips you can put to use in order to get a big share whenever it’s time to lodge your tax refund.
- Determine how to lodge the tax refund depending on your status. If you are an income earner, then you can do your return on your own without paying an extra amount to a professional to help you out. However since you are running your own business, you will have to hire a tax agent or an accountant to guide you through the process. A tax agent usually charges less.
- Do your homework first before lodging a tax return. Visit the official website of the Australian tax office and explore the information there. Find out about those things you can claim and those you cannot claim so that you will not be breaking any rule when you lodge your return. You will get to learn a lot spending just 15 mins on the website.
- Do not continue with the old conventional way of doing things; embrace new technologies available and use them to keep record of your tax deductions. You will find a good number of useful tools on the Australian tax office website especially checklists and calculators. You can also use their app to keep record of receipts and invoices, create logbooks and track your tax return.
- You can get a good amount of money back by making deductions. This is why it is always good to keep record of all the expenses you made during the fiscal year that are tax deductible. You can claim as much as you can as so long as the transaction was taxed. Thus don’t be in a hurry to get rid of your invoices and receipts.
- Although accountant and tax agent North Sydney will definitely do a better job making all the tax calculations and deductions for your business but they cannot invent deductions on expenses that don’t exist. These people are not magicians, so don’t expect to reap where you did not sow. Forget about getting a big amount back if there isn’t much record of how much you spent before tax time. You will just be wasting their time and your money if you do prepare well enough before hiring. This is why you must be careful to keep a record for every transaction you make during the fiscal year even donations. Who knows? That purchase you made from Mr Fred’s company may be tax deductible.
- Make sure you also keep record of any interest you got from the bank. You can claim tax deductions if the interest come from loans or mortgages.
- Lastly, make an early application. Just like any other thing, when you apply early for your tax refund, you will get some extra cash just in time to pump into your business.