how to maximise your tax return 2017 - trak accountants

Australian government has released the Federal Budget 2017/2018 recently, this includes government priorities and plans to be done for a year forward.

Federal Budget 2017/2018

According to the announcement delivered by Treasurer of Australia, Scott Morrison, the Federal Budget 2017 will support several fields which are considered as a main priority to be improved or developed in order to benefit for more people.

Here are some general aspects and public services which will get bigger supports once the Federal Budget 2017 applied next month:

  • Small Business
  • Health Care
  • School Students
  • National Disability Insurance
  • Older people
  • Farmers
  • Traditional broadcasters
  • Western Australia
  • First Home Buyers
  • National Security

Tax Return Tips

With the new legislation, it definitely impacts your tax claiming as a small business operator.  Have a look at the tips below to see how to help yourself to maximise your tax return 2017.

  • Be  well-informed – browse at the Australian Taxation Office (ATO) website and find out about the deductions related to your industries. There are job related expenses you can claim and try to focus on the the deductions mentioned.
  • Be aware of your assets and expenses – understand general work-related deductions such as income protection insurance premiums, business travel, professional memberships and assets such as electronic items or inventories used to support the office.
  • Get professional advice – if you are new to self-employment, you should consult to an accountant in order to maintain and organise the expenses and prepare for the refund.
  • Be organised – organise your accounts will help you to accurately estimate your tax returns and keep a record of what you are claiming.
  • Be aware of the value – check the figures and find out the value of your properties and equipment, also check if there are any offsets or rebates available. Inspect your income level estimation accurately will also help you to see what you will get for your tax return.

The most important thing to do is definitely to know what expenses you can refund and ensure to pay tax deductible expenses that are available before 30 June. If it helps, you can consult to a professional to guide you through the process and receive the refund faster. Trak Accountants is here to help get your return in on time and pay only the tax you should.

Hopefully you found this blog article useful. Get all our FREE tax accounting and advisory news,
tips and information by subscribing to our monthly newsletter.