Here’s THREE things you need to do NOW to maximise your tax refund…
1. ORGANISE your paperwork
Every apprentice – no matter your industry or trade – can get one step ahead in the run-up to tax time by having a system. Disorganised paperwork will cost you money if your accountant or bookkeeper ends up doing your filing for you.
Getting organised for your tax return is pretty straightforward, especially if you have an app that lets you take a photo of the documents you need to keep – simple! Or if you prefer, just organise your paperwork (dated from July 1, 2017 to June 30, 2018) into three files and show them to your accountant at tax return time. You’ll need:
An INCOME file for things like:
- Payment summaries from employers
- Interest earned from your bank
- Centrelink or child care income
An EXPENSES file for things like:
- Receipts for work-related expenses (uniforms, tools, education, fees etc)
- Motor vehicle expenses (log book & expense items)
- Any donations you’ve made
- Any child support payments you’ve made
A GENERAL file for things like:
- Last year’s tax return
- Details of any private health insurance
- If you have a spouse, include the details of their income and expenses
- Details of any government debts (child support etc).
2. Submit EVERYTHING
Your accountant lodges your tax return based on the information you provide. If your information is incomplete or paperwork is missing, you could miss out on tax deductions that can reduce your tax refund. And, if your earnings are above the tax-free threshold, without those deductions you’ll be paying more tax than you need to.
If you’re not sure about what you can claim, just ask us (or your own accountant). There are a lot of work-related expenses that you may be able to claim: hi-vis gear; safety boots; safety glasses; other safety or specialised equipment; and computers and smart phones if you use them for work. If you work outdoors, you may also be able to claim for sunglasses, hats and sunscreen.
3. Get ready for NEXT year!
Developing good tax time habits now while you’re an apprentice will lay the foundation for your future as a business owner. Also, understanding and planning your tax obligations will help you to make good decisions so that your future business can thrive, and you can enjoy the prosperity that comes with success.
Any questions?
If you’re not sure what you can claim, come and see us!
And because it’s tax time, call me on 07 5479 5499 to find out how you can pay 25%* less on this year’s tax return preparation, thanks to Community Solutions. (*This offer applies to Community Services Apprentices and the Apprentices of Community Services Host Employers.)
To find out more about how to save on your tax return fee this year, please contact me today on 07 5479 5499 or info@vbatax.com
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At VBA we specialise in strategic tax advice, offering tax and financial reporting for individual income earners, family businesses, tradies and construction companies.
Victor Bimrose Accountancy Pty Ltd (ASIC No. 1259423) ABN 53 010 957 294 is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361.
General Advice Warning: This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.
