For some of you it feels although Christmas has come early when a juicy tax rebate hits your bank account. Whether it’s a big or small amount, we know that navigating through your tax return can be tedious, and the temptation to splurge on unnecessary items with the incoming cash can be all too enticing. Which is why we’ve put together some handy information to help prepare you for the end of the financial year, and some suggested ways to maximise the benefit it could bring.

Leave it to the Pro’s or do it yourself?

Firstly, you need to decide if you are going to tackle your tax yourself or use an expert to combat it for you.

Doing it myself

• Have a read about any updates or new changes that might affect you on the ATO website

Here’s a link to get you started:  

https://www.ato.gov.au/Individuals/Your-tax-return/Before-you-prepare-your-tax-return/

• Be prepared and do your homework before you lodge to maximise the benefits of your return. For example if you work from home or are self employed, it's crucial that you look at what you can claim on expenses. You may be entitled to a lot more than you realise.

Here are a few links that could be useful depending on your situation:

• If you're a sole trader/ business owner and your home is your principal place of business, visit https://www.ato.gov.au/Business/Income-and-deductions-for-business/Deductions/Deductions-for-home-based-business-expenses/
• This page helps you calculate your ‘Work from home deduction’

https://www.ato.gov.au/Calculators-and-tools/Home-office-expenses-calculator/

In the hands of an expert (which we do strongly suggest!)

• If you are using a professional, make sure you are using a registered tax agent
• Need some guidance on how to find a trusted accountant?

Call us today for some free advice and allow us to point you in the right direction  

Spend Wisely

We know the shoes are pretty and that surfboard isn’t like the ones you have but being wise about what you do with your tax return could bring you something you’ll love even more; homeownership!

Every cent counts, even the smaller returns can be used to bring you one step closer to that dream of owning your own home.

That’s right, all that tax you have been over paying for an entire year has forced you to indirectly save enough for a home loan deposit - WooHoo!

So don’t rush out to pay off a lump sum of debt or make any impulse purchases - chat to us first so we can help you navigate through what the best thing to do is what that tax return!

We’re here to help and if homeownership is your biggest goal right now, then it is vital you use an opportunity like your tax return to kick start that dream into becoming a reality.

Our friendly and supportive team is available to take your calls, emails and multiple questions on tax time and more. Speak to you soon!e

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