Get the max from your tax

Cash Back: While anyone can lodge their tax online, an accountant or financial planner can maximise you tax return. Photo: Shutterstock.
Cash Back: While anyone can lodge their tax online, an accountant or financial planner can maximise you tax return. Photo: Shutterstock.

With June 30 just around the corner, it’s the time of year when everyone has one thing on their mind – tax.

While it may not be the most exciting topic discussed at a dinner table or down the pub, it is a simple fact of life that tax affects everyone, so we should all be across how to best manage our tax.

A big issue most people face when getting their tax done is not being proactive about it throughout the year and being organised at the end of the financial year.

To maximise your tax return there are many things you can do to make sure you get the most money you can back in your bank account rather than the Australian Tax Office’s (ATO).

While you can lodge your tax return yourself via the ATO website, people often don’t know what they can or can’t claim along with missing out on benefits that they may be eligible for, which is why it is important to talk engage an accountant or financial planner to ensure you are looking after your money.

Can you claim: If you are unsure what you can or can't claim when it comes to your tax refund, it's best to speak to an expert. Photo: Shutterstock.

Can you claim: If you are unsure what you can or can't claim when it comes to your tax refund, it's best to speak to an expert. Photo: Shutterstock.

Peter Roan from the Roan Financial Group said he is constantly amazed at how many people simply don’t know what is happening with their money and tax. “Everyone likes to get money back from the ATO at tax return time, yet many people aren’t organised enough with their expenses, investments or claims to make sure they are getting back the most that they can,” he said.

There are however many ways to maximise your tax return and Peter said it is about being proactive, “If you wait until June 30 to start thinking about your tax it is too late,” he said. “Whether it is simply keeping a record of receipts of expenses throughout the year or donating to charity, through to making investments such as buying properties or a vehicle, it is in your best interest to know how each of these can benefit you most come tax time”.

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Peter explained that working with a firm where you have access to both accounting and financial planning allows you to maximise your tax return along with any investments and saving such as shares and super.

A major area that people miss is they aren’t aware of everything they are entitled to claim regarding employment. Items such as vehicles, travel and technology, including mobiles and computers, are certainly worth asking your accountant about especially if you do any work from home.

Tax should be something you think about year round and not leave until the last minute if you want to make your money work for you.

While tax can be quite complicated when you look more closely at the different rebates, benefits and deductions that you can claim but by being organised and getting the right information, you can not only maximise your immediate tax return but also help set yourself up for your future retirement.