How to Maximize Your Tax Refund: A Complete Guide

Comparing tax refunds with friends and wondering why yours is lower? Discover how to boost your tax refund by ensuring you claim all eligible deductions.

Index:

1. 

   Understanding the Importance of Accurate Claims
2. Key Tax Deductions to Maximise Your Tax Refund
   • Accountant/Tax Agent Fees
   • Car Expenses
   • Home Office Expenses
3. Tools to Help You Track and Claim Deductions
4. Avoiding Common Mistakes and Audits
5. Final Tips for a Successful Online Income Tax Return

Understanding the Importance of Accurate Claims

To maximise your tax deductions and get the maximum refund, it's crucial to track your expenses correctly. Avoid entering fake 

or inflated claims as the ATO uses advanced technology to detect discrepancies and may audit suspicious returns.

Key Tax Deductions to Maximize Your Refund

Accountant/Tax Agent Fees

Did you pay GoTax or another accountant/tax agent last year to complete your income tax return? You can claim these fees on your online income tax return.

Car Expenses

Do you use your car for work purposes? Remember, commuting to and from work isn't tax deductible unless you transport bulky equipment that can't be left at work. Be honest and only claim the tax deductions you're entitled to. If you travel over 5000KM for work-related reasons, maintain a logbook and records for all related expenses. Use the Gotax App... Dedcution Grabber for all your record keeping and Tax Logs, Scan Now...

For more information, see our blog: Claiming Your Car Expenses.

Home Office Expenses

If your employer allows you to work from home and you use a designated office space (not your lounge room), you can claim the running costs of your home office as a tax deduction. Keep a diary of your home office usage to support your claims.

Tools to Help You Track and Claim Deductions

Download the GoTax Deduction Grabber App to never lose track of a tax deduction again. This tool simplifies the process of tracking and claiming your expenses, ensuring you get the most out of your tax return.

Avoiding Common Mistakes and Audits

To avoid triggering an audit:

• Ensure all your claims are legitimate.
• Keep detailed records and receipts for all your tax expenses.
• Be mindful of the ATO's data matching technology, which compares your claims with industry standards.

Final Tips for a Successful Online Income Tax Return

For a seamless experience, gather all your tax information before starting your return. Use GoTax Online for an easy and accurate completion and lodging process, guided by our expert-designed system.

Got more tax questions? try the latest and greatest Gotax Ai for your tax intelligence. 

Start your online tax return now at GoTax.com.au.

Note: The information provided is general and subject to change. Contact one of our professionals for advice tailored to your specific situation.

Do you find yourself comparing your tax refund with your mates and wonder why your tax refund was lower than theirs?

How can you get a better tax refund?

There may be a chance that you aren’t claiming back everything you deserve, this is pretty common - whether it’s forgetting to add in the tax deductions at the time you do your tax return or not keeping receipts to declare tax deductions over $300.

Luckily, there are a few ways that you can improve your tax return to boost your tax refund.

The most important thing to remember before going ahead and claiming your tax deductions is that you are tracking what you are spending correctly. 

DO NOT enter in fake or overly large claims to your tax return – Big Brother is always watching.

The ATO has new technology that data matches with similar occupations in similar industries to determine whether the information you are providing is legitimate or not – now don’t get us wrong – your claims could be legitimate – but if the ATO are suspicious they may conduct an Audit which requires you to provide all relevant records to back up your claims.

So, what can you claim to get a big refund back (legitimately)?

Accountant/Tax Agent Fees

If you paid Gotax or another Accountant/Tax Agent last year to complete your tax return – you can claim the fees on your etax return. 

Car Expenses

Do you use your car for work purposes? This doesn't include driving to and from work (unless you are required to transport bulky equipment that can’t be left at work)

Don’t fake it –

The ATO have made it clear that they are growing increasingly wary about over-the-top car expense claims. If you are claiming car expenses don’t go crazy, be honest and only claim the tax deductions you are entitled to. If you think you are traveling over 5000KM for work-related travel, you must keep a logbook and records for all other expenses relating to your motor vehicle.

See our blog: Claiming Your Car Expenses for more info on this

Home office

If you are lucky enough that your boss allows you to work a day or two at home and you work out of a designated office (not the lounge room). You can claim the running costs of your home office as a tax deduction. Remember to keep a diary of your home office usage.

Stay tuned for Part Two of this super exciting blog!

Download the GoTax Deduction Grabber App and never lose a Tax Deduction again.

GoTax.com.au

Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.