When you submit your tax return, you anxiously wait for a refund and for most, they aren’t happy with what they get back. Now, for most, they are more than happy to get something back, even if it’s just a small amount, but thousands believe they’re entitled to more. So, is that really the case? Well, it might be that your refund isn’t high because of something you’ve missed out. Does that mean there are ways to ensure your next refund will be better than last? Read on to find a few things you must know when submitting your returns.
Look at What Expenses Are Legitimate
For most, they make a mistake with their expenses on their returns and it ends up costing them dearly. It is never wise to submit a list of potential ‘business expenses’ as it looks suspicious. You might think you’re submitting legitimate expenses but that might not be the case which is why you have to think about what an actual legitimate expense is and what isn’t. If you have spent two or three hundred dollars on a business lunch then that’s something to add but don’t add it if you had your entire family and you happened to talk about business! That’s not a business lunch so it’s stupid things like that which can help in the long term as it makes room for legitimate expenses you can potentially be reimbursed for. To find out more, check out www.taxreturn247.com.au.
Can You Claim A Deduction For Your Children Or Family Members?
There are some deductions you may be able to claim for depending on your exact family circumstances. If you are a care provider for a family member, you may be able to claim some deductions or expenses back such as installations to the home. If you have had to install ramps then the costs may be added, depending on your circumstances. Also, sometimes there are deductions for children which can often be forgotten about. It’s wise to remember these and you might get better tax refunds.
Have You Missed Any Earnings?
You might be tempted to leave off a few hundred dollars here and there but it’s not worth it in the long run. Also, you might be missing out on a better return! On your tax return, you should look at adding every earning you’ve made throughout the year, even if you aren’t sure if it’s necessary to add. For instance, if you sold an old car or had a house clearance online, you could add it just to make sure you’re covered for all monies earned. It might not be necessary in some cases but you don’t want to take anything for chance nowadays.
Always Check What Information you’ve Provided
If you miss something important from your return then you might end up losing out on your refund. That isn’t good especially if you have big plans for the refund. It would be more than wise to look into the information you are providing to the Australian government. You might find there is something wrong or missed out and if you spot the mistake now, you can correct it. This might lead to a better refund later on. To find out more, check out www.taxreturn247.com.au.
Better Your Refunds
A lot of people think getting a bigger or better refund is impossible but in actual fact it’s not. Now, sometimes you don’t want a biggest refund as it means you’ve paid out more but that doesn’t mean to say you still aren’t entitled to you full refund. It isn’t always easy to know how to better the refund which is why seeking professional help would be more than useful. Enjoy your tax refunds and spend the money wisely. Click here !