Secret Strategies to Maximize Your Tax Refund

At EndureGo Tax, it is our mission to max tax refund for you, and we are known by our clients to be the best tax agent in the field to max tax refund Sydney and Adelaide. The following article explains the intrinsic aspect of our systematic approach.

In Australia, tax returns cover the financial year from 1 July to 30 June. If you want to lodge the return yourself, then the deadline would be 30 October of the year, however, if you engage a tax agent to lodge for you, then you will enjoy the tax agent extension time frame and will be able to lodge May in the next financial year.

Everyone would love to maximize their tax refund, and as such each year about 12.4 million Australians claim more than $30 billion in total deductions against their income, and the Australian Taxation Office (ATO) contacts approximately 350,000 taxpayers about errors or omissions in their returns. So watching out for your claims on the tax return can help avoid huge penalties from ATO, or even the days in jail.

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ATO has accessed to more than 650 million pieces of data from third parties including state and federal agencies, employers, banks, health insurers, and overseas treaty partners each year. ATO raised $950 million in liabilities for the last financial year from reviews and audits of common deductions related to work-related expenses and rental property. This year common deductions related to these subjects would be under watch, and ATO expects to raise about the same liabilities again.

If you want to max your tax refund, then you need to do it a smart way. It is very easy for ATO to see from your lodged return that it contains a large work related deduction, it is hard to hide in a simple PAYG tax return, unlike the business tax returns, where it is a normality to assume that there will be more expenses.

At EndureGo Tax, our clients always see us as the best accountants and tax agents in the field, as every year, we use our highly fine-tuned tax return framework to help them reduce their taxable income and get bigger tax refunds. We are also very meticulous about the deductible items, and sometimes time would question the client to ascertain that is it a work-related deduction.

We need to do this compliance work very well because each year about 8.5 million Australians claim $19.7 billion in work-related expenses, and the ATO will continue to monitor this biggest deduction Australians claim. The other deduction area would be in investment loss especially geared toward the rental loss from rental property.

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Maximize your tax refund Sydney and Adelaide

There are three rules in the application of all work-related claims: people who claim the deduction must have spent the money by themselves; The expenses must be related to the work of the people; there should be a record to prove the expenses have already happened.

Claims made for work-related car travel were a big focus as about $8 billion of it is claimed on car travel expenses each year, with many Australian workers claiming that they use their vehicle for work. The ATO would contact employers of the workers to check their claims to see how much the employee uses the car for work, and whether they travel to their destination straight from home. We will cover the vehicle expense in more depth in the coming article.

The other general work-related travel was also under watch. Broadband and mobile phone expenses for work and personal needed to be distinguished. The ATO would also review income taxpayers earn from renting out their homes or driving cars in services such as Airbnb and Uber.

Hence if you want to maximize your tax refund for this year, do come to EndureGo Tax, as we will be able to get more refunds for you.

Most excellent help! John is super friendly and helped me secure a great return on my taxes this year. Highly recommend him and endurego!

Richard Rosendorff

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