When doing the tax returns Australia requires, don’t think of it as a headache but your chance to get back some of the 29 percent the government grabbed out of your paycheck during the fiscal year. Getting the tax back Australia has kindly taken from you is something that terrifies some, but doesn’t have to be as painful people make it out to be. There are some simple steps we suggests you follow to make the process of getting the tax returns Australia offers as painless as possible.
One way to get the maximum amount of your taxes back in Australia is to review your expenditures over the year and see what type of things you can write off. Things that you use daily or for mostly work related activities are perfect examples. Be careful not to exaggerate, but items you can write off are things like additional cell-phones or even your car if you have to travel for work. Also, there are more obvious expenditures you can claim on the tax returns Australia offers. things like buying and cleaning your uniform, or any other materials or purchases you had to obtain for work related purposes.
The fiscal year in Australia runs from 1 July to June 30 with taxes due generally around 31 October. About 80% percent of Australian taxpayers use a tax agent, but the government does offer a free and easy sheet called a TaxPack, which can be downloaded off the governments website or picked up at most newsagents, to help with the tax returns process.
Australian Tax Returns Tips
If you do choose to go about getting your tax returns in Australia on your own, you need to try and be as accurate as possible. If you are not, you run the risk
of being audited or getting a bill in the mail saying you owe more money. If you’d rather be like a majority of Australians trying to get their taxes back, we
suggest you consult a private company. These companies make it their business to make sure everything is in order and all your forms are filled out correctly. It’s less stressful to go through these types of companies and costs less to hire them from the get go instead of coming to them later and asking them to fix a screwed up tax returns form.
One step you’ll have to take before all of this is that you’ll have to make sure your records are in order. You should keep all your payment receipts or consult your employers for that year and request a PAYG summary which will show how much you cleared from that company during your time there.
Compared to the rest of the world, the rates in Australia fall about somewhere in the middle. The highest tax rate in the world is in Denmark which is around 60%. Australia’s taxes aren’t the cheapest, but they also aren’t the most expensive.
The trick is to see how much you can get back in the tax returns Australia offers.