If you’re preparing your tax return 2018 and want to maximize your refund, read on.
Maximize tax refund in sydney and ashfield
This year, the Australian Taxation Office (ATO) has turned its audit focus toward individual tax returns, especially work-related expenses.
How to prepare tax return 2018
Following the 2017 budget, the Federal Government allocated millions of dollars to the ATO to strengthen the compliance aspect of the taxation system.
The ATO’s 2018 Focus Areas: Work-Related Deductions and Vehicle Expenses
In 2018, the ATO will focus its audits on work-related deductions and vehicle expenses. If you’re currently employed and lodging your tax return for 2018, take care with the amount of deductions you claim.
Your Trusted Business Allies in Sydney and Ashfield
As one of the most trusted and professional accounting firms and tax agents in Sydney and Ashfield, we help you maximize your tax refund while staying fully compliant. We also identify and rectify any audit or compliance risks.
This year, we will use specialized tax software to compare your claimed work-related deductions with ATO benchmarks based on your occupation, age group, and location.
You must use either the logbook method or the cents-per-kilometre method to claim vehicle-related expenses. If you choose the logbook method, you need to keep a logbook for at least 12 continuous weeks during the income year.
The ATO also focuses on laundry and uniform expenses. To claim laundry costs, you must wear a valid uniform or protective clothing that meets ATO standards.
Feel free to call us. As one of the leading tax agents and accounting firms in Sydney and Ashfield, we will manage your tax affairs, help you claim your full legal entitlements, and reduce your risk of audit or non-compliance.
