Tax Planning Tips

ATO Debt
July 8, 2016
Target Areas for Audit
July 8, 2016

As an Accountant in Cranbourne, we ensure that our clients pay the least amount of tax possible. This can be done by planning in advance and ensuring that you are following all the right steps.

Ensure that you are claiming all the work related deductions relevant to your occupation. You might be able to claim deductions for home office expenses, work-related travel, tools & equipment, union and professional memberships.

However avoid the risk of an audit by the ATO by cautiously taking into consideration the way you claim your use of electronic devices such as mobile phones, computers, tablets etc this tax season and only claim the proportion related to the work use. The tax office is on a mission this year as there is a huge increase in the individuals claiming deductions for the use of their electronic devices for work purpose including phones, computer, internet etc

If possible, prepay your expenses before 30th June, if you own a rental property, if there is any work that needs to be done, get it done before 30th June.

Also if you are up for a tax bill, you can lodge your tax return at the last minute. The deadline is 31st October however if you use a tax agent you can delay it till the following year. On the contrary if you are expecting a refund, then lodge your tax return as soon as possible to get the cash.

Engage a tax accountant Cranbourne to ensure you get advice and claim all the deductions available to you. Accountants have softwares to check the deductions available to your industry which you might be missing out on.