Tax Agent Perth
Do you receive the full return on tax when you lodge your company tax return at the preferred time each year? And now, are you looking to get a bigger refund on tax but don’t know how to start? And at the same time, you will not want to run into trouble with the Australian Taxation Office, right? Then, you must get in touch with firms like Tax Agent Perth.
As per reports, millions of Australians commit several mistakes while claiming tax deductions. And thus, they end up not getting the tax refund that they deserve.
The taxation system in Australia is very complicated, where lots of rules are involved, and you may get exhausted while going through the process of lodging the tax return. Getting tax deductions in the correct amount is not easier. But, there will always be a way to get help from an agent and lodge it correctly to get the proper deductions. In this blog, we discuss some of the smoother ways by which you can make more returns possible.
As a business person, you will be busier in overseeing the business operations. So, for you, it may not be possible to know every work-related cost and deduction to which you are entitled legally to claim on your business tax return. And that is why you will need a tax agent. As per the estimates given by the Australian Taxation Office or ATO, 74% of Australians look for a tax agent.
While consulting the tax agent, you have to ask about all the tax-deductible expenses and which costs you can claim on the return. Sometimes, tax agents may inform you about any additional deduction you might not know about.
For example, you might not know that you can claim insurance premiums related to income protection unless you have paid them through your superannuation. In addition, you can also claim home office expenses like car costs, mobile phone expenses, union charges if they are related to your work.
Claiming one additional deduction can guarantee you hundreds of dollars more at the time of your tax return. It will help you get a more significant amount of tax refund. So, you should always ask your agent about this kind of information.
But, one thing you should always keep in mind is that you should keep the personal income tax away from this calculation.
While running a business, you have to make various work-related purchases. And for every purchase, you should save the receipts. It will help you claim all the expenses on your business tax return. You should note here that it is not only essential but also a law you should obey. The more receipts you will save, the more expenses you can claim. And that is why it will be an effective way by which you can increase your tax return.
Do you use your mobile phone to make work-related calls? If yes, then you can claim a part of your yearly bill for your mobile phone on the tax return.
To claim the refundable proportion of the mobile phone bill as a tax deduction, you will need to show a monthly account statement from a usual month. You should use a calculator to calculate the amount. Using it, you can calculate the percentage of the business-related calls you have made and then claim it on the tax return.
You will be glad to know an interesting fact about claiming mobile phone expenses. If you have made 40% calls for your business, and a total of $660 is spent yearly on the phone bill, you will be able to claim the complete 40% of the bill, i.e., $264 against the mobile phone expenses. If you earn about $60000, you can get an amount of $70 more in your tax refund.
There are two ways by which you can lodge your tax return. If your finances are comparatively smooth and straightforward, you can lodge the tax return by yourself. Whenever you lodge, you have to file the information pretty advanced. And if your finances are more complicated, it is better to hire a tax agent in Perth. You have to pay a fee, but it will get deducted in the next financial year. But whoever you hire, you should check whether he is registered with the TPB or Tax Practitioners Board.
While lodging the business tax return, you should be very careful because you cannot get tax deductions for personal expenses. However, for an individual tax return, too, you can get help from the experts at Tax Agent Perth.