AZ Arizona Business Blog

Did you know that many items are deductible on your tax returns and you may be missing out on extra money you can save. A good accountant will prepare your tax returns sydney and elsewhere in Australia. Make sure to keep all your receipts for their services, because their fees are deductible on your tax return. Your tax return for individuals must be paid on 31 October of every year to the Australian Taxation Office (ATO), unless your tax expert gets an extension to file later. The fiscal year in Australia is from 1 July to 30 June of every year. Save all your receipts for any expenses that pertain to your business and file them separate from expenses for your home. It’s wise to keep all receipts just in case you can use the deduction. If you fail to have a receipt you can’t claim it as a deduction.

If you have children in school you are eligible for a rebate. For each child in primary school up to $750 in expenses are allowed. Each child in secondary school has a potential rebate amount of $1500. The rebate is 50% of the expenses paid. You can check with your accountant when filing your tax returns sydney.

The amount that is allowed to pay into the super is defined as $50,000 per year for anyone under 50 years old and up to $100,000 per year for individuals older than 50. It’s great incentive to build up a nest egg and why pay 46.5% on your tax returns sydney?

Don’t forget to write off your expenses for your car. You need to save every receipt on your automobile use and keep a log for at least 12 weeks and record every mile you drive, every time you have the oil changed or anything else you can think of. You could be eligible for thousands of dollars in deductions by recording the expenses associated with the running of your car.

Hire a tax expert to file your tax returns, they will know all the deductions and rebates that you might be eligible for on your tax returns sydney. Don’t think you are alone in requesting help to file, over 80% of the population in Australia hire an accountant to file their returns.

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