Doing Taxes is agreeably very hectic job which can also be said as the main reason of headache for many business owners. No matter how much experience we have as a business owner, most of us face difficulties due to the dynamic nature of laws and changes included by ATO every year. In 2020, it is not normal as COVID 19 making big finance and health crises. We all want to save our pockets and pay fewer taxes to the Government for carrying out future. To make your life composed and reduce your financial stress to some level, we have created a list of some tips which can lead you to save money in the year 2020 with the help of tax platform accountants and other metro cities of Australia.
Keeping updated records
When you ask for Tax deductions from ATO, they will inquire about all possible tax deduction records of a financial year from you. If you have all the necessary records they asked for, it can help you to save money. All thanks to our busy lifestyle, many of us forget to keep a track of their records which leads to losing too much amount to ATO, which can simply be avoided. To save money, it is important to keep a track of all deductions by simply making a habit of saving all the necessary information. This simple but very crucial habit can save you lots of money while filing your tax return in Perth or anywhere.
You can simply claim Tax deductions on:
- Vehicle Expenses
- Clothing, laundry and dry-cleaning expenses
- Mobile phone, internet and home phone expense
- Overtime meals
- Self-education expenses
- Tools, equipment and other equipment
- Other work-related deductions
Saving Receipts
We know you hate it, but this habit can save you dollars every year. Its practically very hard to save receipts from the inception of the year till its closure, so to make your life easy, you can make a folder and label every single relevant receipt which can lead to saving your hard-earned money.
1. Keeping a track of all official expenses you have done from your end and keep that in a folder.
2. If you donate to a Charity firm, you can keep the receipt with yourself safely.
Taking help of a Professional Tax Advisor
There are various obligations and processes which are included in Tax saving and for many of us, it is an uphill grind where we won’t find ourselves comfortable. It is a good idea to take assistance from a professional business advisory services firm, which can help you to save your hard-earned money. Many people believe that taking the help of a professional tax accountant Perth is an expense itself, but they don’t understand that they are experts in saving tax in many ways. The tax experts are updated with all new rules and changes in the legislature. They will discover deductions in multiple ways and hugely reduce the amount.
Working for Home
Due to COVID-19 pandemic this year, we all are forced to stay in our homes and perform all our professional duties from our habitat itself, many of us were not an ardent supporter of this decision but we all surrendered in front of this ungovernable situation. In terms of tax deduction, you can claim many personal tax savings if you are working from home.
- Phone bills
- Electricity Expenses
- Cleaning Cost
- Office furniture
- Internet Expenses
- Electricity
5. Put Money into a Super Fund
Although, we are a part of the society where the working couple is become normal and become a necessity due to the rise of the materialistic world and increasing competition. This trick of saving taxes is helpful for couples where one member is either not working or earns under $40,000, inclusive of super commitments and incidental advantages, can utilize super commitments to diminish the expense paid by the other accomplice.
The partner having a higher salary can provide up to $3000 to the non-working partner’s super reserve and become eligible for a tax offset of 18 percent, which is equal to $540.
Every Individual wants to save money in any form as we all are adversely affected due to Corona Virus pandemic. By utilizing the above-mentioned steps and using some smart strategies, any individual can save a lot of tax and lower down his burden to a great extent. If you are not comfortable with saving money as you find managing money a stressful and time-consuming task, you can take help from a skilled tax advisor or hire a Business Advisory Services depending upon the size and operations of a firm for more professional and legitimate approach.
