Most Unnoticed Tax Deductions You Are Ignoring

Tax Refund

Year 2017 is here and seems to hold a lot of expectations for so many people. You can actually start now to prepare for your tax process. Because still the beginning, you may find it easy navigating through the year if you find a way to get a hold on your finances and expenditures. One of the things you may want to prepare for is how to file your tax return or tax return online . This may assist you avoid the common practice that is made by so many tax payers, which is the negligence of certain tax claims that can be added to the refund they got. Apart from the reason, getting less than what you are entitled to from your tax refund is not a happy thing for you. As a matter of fact, you want to ensure that you claim everything that you are entitled to while completing your online tax return . Remember, it’s your money that is involved.
It often happens that the things most people miss while preparing their tax returns are things that are very common but due to ignorance or misinformation, they usually do not include it in their tax deductions. You can lose money by missing out on certain tax deductions, which is why it is often a common practice to seek assistance from tax agents when you are filing a tax return. They can assist you resolve some confusion you might have about making some particular claims based on your expenses during the year. If you live in North Sydney, you can search for Tax Accountant North Sydney , tax online , tax return 2019 on Google as an example.

Based on a recent survey, it has been confirmed that there are five common tax deductions that are often forgotten by most tax payers in Australia; we are briefly looking at every one of them.
Cost of managing tax affairs
This sounds rather strange but it is true. You are allowed to claim the amount of money you spent on any tax service you used to lodge your tax return. But note that this may be done at the end of every fiscal year. Thus you can only claim the cost of last year’s expenses when filing your tax return this year. Tax deduction with regards to this amount is usually designated by the ATO as the cost of managing tax affairs. So you may want to look out for it when working on your next tax return online process.
Union fees
Membership fees are also tax deductible when related to your profession. If you belong to any membership or union body where you pay fees, you can claim the amount spent on these fees. It may also happen that you are under compulsion to belong to a union because of the category of your work; any fees paid to such union are also tax deductible.
Work related Car Expenses
If the car you are using for work belongs to you, then you can claim every kilometer traveled with the car for work. On the other hand, the distance you cover between home and work is not included; only those travels that relates to running errands are claimable. It is a professional approach to keep a car logbook for this purpose so that you can easily record the odometer readings every time you use the car for work. Such travels include but not limited to travelling between two companies if you keep two jobs, driving a client of the company and making short business trips. Although you are not allowed to claim the distance traveled between home and work when using your personal car, you can still make such claims when you transport some work related heavy machinery.
Home office expenses
Any work related activities performed at home is tax deductible. Thus if you work from home at any time, then you can claim home office expenses. Such expenses include but not limited to a percentage of your internet cost, telephone bills, in addition to part of the depreciation cost of your PC and any other device that you use in the home for work.
Mobile bills
You can also claim a percentage of your personal mobile phone expenses when you use your phone to make work related calls.
Finally, you can keep an up to date record of all your bills, receipts or any other document that might be required by the ATO for validation.

Learn How To Lodge A Tax Return The Easy Way

Doing things via the web has always been preferred by most people because it tends to be more convenience, easy and eliminate any geographical barrier due to location. Taxation in Australia is no different. Choosing to go by the convention process of skimming and scanning the official website of the Australian taxation body to feel various documents such as invoices and receipts can be burdensome. There are several routes you can take to make the process less demanding and easier. If you are looking to lodge your tax return online next year, then you should take time and go throw this article. The information contained here will help you gain a better understanding of the various ways you can lodge a tax return through the internet. In the end you will be able to choose which method that is most convenient for you.

Simple ways you can your tax return online in 2017

The internet provides a very useful means for everyone to lodge their tax return with less hassle and paperwork. It seems a newer technology is introduced every year to make the process faster and less complicated. The upcoming year is filled with so much expectations and a good way to start is by doing the most important things first. For the purpose of this article, we will focus on 3 simple ways you can lodge your tax as you prepare for 2017.


Apart from online Tax Australia, myTax is another tax return system approved by ATO. It is specially designed for use on computers and digital devices like smartphones and tablets. Some of the requirements of using the system include; residing in Australia for the tax year; being fully employed by the Australian government; having deductions only from donations, gifts and expenses made at work; etc.

Online tax Australia

Online tax Australia is approved by Australia Tax Online (ATO) and offers a simple secure system that is seamless and easy to use. You will be able to lodge your tax return quickly with a rest of mind knowing that the system is reliable. Using online tax Australia allows your return to be checked by experts who are not only qualified but also experienced in handling tax related issues.


You can also use e-Tax to lodge your tax return online in Australia. As an approved ATO system, e-Tax is most suitable if you tax appears to be complex. A good example is when you have to pay a tax on a private holiday apartment. e-Tax is available as a software which you can install on a compatible computer system. Unlike online tax Australia, there is no tax agent to check the accuracy of your tax return, but is is still a good system. Some of its automatic features include taking checks on your behalf and doing some your calculations. There won’t be any need for you to re-fill the tax information from the previous year as the system will easily do that for you. Overall, e-Tax is a seamless system for lodging tax returns; it deserves commendation.

You can learn how to lodge your tax returns on any of the systems discussed above by visiting their websites. ATO has simplified everything, so you don’t have to worry about getting hooked. Just determine the system that is most convenient for you based on your financial position and needs. All three systems are good places to lodge your return online.

What you need to complete the process

Whichever system you choose to lodge your return is entirely up to you. However there are certain documents you will need to complete the process regardless of your pick. These documents are mainly records of your financial transactions. You may also need to present a record of your tax deductions if available. Below are the basic things you should to make the process go on smoothly.

  • File number: Your tax file number is very important. It is almost impossible to lodge a tax return without this number. In case you don’t have yours already, you can apply for it through Australia tax online.
  • Monetary Records: This includes all documents related to your finances. It may include the interest payment you received throughout the year. This must be represented properly on your bank statements in case it is requested.
  • Tax deductions: Your tax deductions also need to be recorded. Every detail regarding such activities must be documented for reference.
  • Summaries or group certificates: These are documents that are used to record your income or revenue summed up through the year. They also reveal the amount of tax that was charged to you based on your earnings.
  • Insurance: You will also need to collate details of your health insurance.

Also remember to enter relevant information and your bank details if you have an outstanding tax refund so that you will be paid by ATO.



How to do Small Business Tax Returns

Completing small business tax returns in Australia often presents a challenge for many upcoming entrepreneurs. The difficulty often lies in the extent of the tax amount payable and the fear of falling into trouble with the Australian Tax office. There are many small establishments that pay only a fraction of what is required in their taxes and also try to escape getting hooked with the ATO. Small business taxes shouldn’t be as rigorous or stressful. Most times the problem comes from an unsteady finance. The absence of a specialist to help resolve the accounting and book keeping of the business often puts the organization in a difficult position. Do you own a small business? Do you desire an easy tax such as one free from complications? Do you want to avoid the risk of not complying with any of the set ATO’s standards? There is only one answer to your problem…you need an efficient tax service.

A tax service makes life easier for entrepreneur and is the best guarantee for the tax affairs of your business. Although most small businesses do not initially welcome the idea of hiring an accountant as they consider the cost to be expensive and quite unnecessary, you can still find a good number of affordable services in Australia. Even if a tax service seems expensive, the benefits often outweigh the cost of hiring. Tax services make small business taxation easier and free from the risk of getting into trouble with the ATO. They are more experienced with tax legislation and executions. Unlike the average tax payer, tax agents are usually in a better position to know when changes are made in the tax legislation of the country and thus can offer you the best financial advice at any point in time. With them, you can avoid the risk of the Australian Tax Office’s penalties and also significantly reduce the amount of tax you pay every year for your small business. Regardless of the industry you operate, there is more you can achieve by having a tax agent by your side than having none.

Most tax services are made up of experts who are specialists in business accounting including Bookkeeping Services, Sydney Bookkeepers or Bookkeeping Services Sydney as an example. However it is important to ensure that you only deal with a registered accountant because not all accountants qualify as tax agents in Australia. Make sure the tax service or agent you intend to use is registered and recognized by the ATO. It is best to deal with a service that specializes in completing taxes for small business ventures in various industries.

What are the benefits of using tax services for small business taxes?

You will get the best financial advice. Small businesses taxes may be complicated especially to the average citizen; having a tax agent by your side will help you gain better understanding of the process. They will make it easier for you to successfully complete your tax returns without any hassle.

You will get to receive better tax refund annually. Tax payment is often a burden for most people because they have to pay more and only get little in their refund. You can save a lot of money from tax refunds by hiring a tax agent. They will help you maximize your tax deductions by claiming all the expenses you are legally entitled to. Some of these expenses are usually hidden to most business owners and as a result, they end up getting less than the actual refund available to them.

Using a tax agent will help you avoid getting into trouble with the Australian Tax Office. The tax system in the country is not a simple one; changes are constantly made in the tax legislature and procedures. You might not be aware of some of these changes. However tax agents are always ahead of things. They will make it easier for you to identify your legal entitlements. You will b able to prevent a lot of trouble common with the violation of the tax law.

You will have a guaranteed security. Most tax services uses the internet as medium for file exchange. They let you submit all your documents and information through safe platforms tax return Sydney online as an example. You can also get in touch with them whenever you need to. This saves you much time for other things as well as all the stress often associated with filing tax returns.

There are some tax agents that allow you to deal with them directly. They get to visit you at home to discuss your tax. This makes the whole process a lot much easier and also puts you in charge.