April 22, 2024

Trick to get tax return back faster this year

What you need to know to get ready for the end of the financial year (EOFY)
The time for filing taxes is drawing near, and if you want to obtain your tax refund in a timely and accurate manner this year, it is important to hire a tax professional as soon as possible.

Now is a wonderful time to begin getting ready to file your tax return beginning on July 1 because the deadline for the end of the fiscal year, which is the 30th of June, is rapidly approaching.

It is also the ideal time to check in with your finances and make advantage of this as an opportunity to give them a refresh mid-year to see where you may be saving some more cash. This is especially important in light of the fact that the rising cost of living is placing strain on household budgets.

You may make the most of this time of year by following the advice that was provided to us by Vanessa Stoykov, who is an expert in the field of finance.

1. Identify a tax agent or qualified accountant to work with.

“Most people won’t know all the changing tax laws, so it’s really good to hire an expert to do that,” Ms. Stoykov said. “It’s really good to hire experts to do that.”

Seventy-four percent of Australians, as reported by H&R Block, seek the assistance of a tax agent in order to complete their tax returns.

Also, did you know that accountants and tax agents may be able to deduct their costs from your taxes? According to the Australian Taxation Office, you are eligible to make a claim for a deduction for any expenses that you incur as a result of engaging a registered agent to handle your tax preparation.

It is also possible that tax professionals will be able to expedite your claim, which means that you will receive the money back into your pocket sooner.

If you are looking for a reputable accountant or tax agent in your region, Ms Stoykov suggests that you contact your friends and family for suggestions. She also suggested that you examine the websites of accountants and look for their registration number.

There is a website maintained by the Australian government that can assist you in locating a licenced tax practitioner in your specific location.

2. Look for your receipts now.

It is a good idea to begin collecting your receipts and visiting the website of the Australian Taxation Office (ATO) to determine what you are eligible to claim beginning on July 1.

For example, if you use your car for work, you might be able to claim a portion of the fuel you consume, or you might even be able to claim the expenditures you incurred from attending a social event for work.

According to Ms. Stoykov, the Australian Taxation Office (ATO) will be on the lookout for questionable claims once more this year. This is the time when a tax agent or accountant may be of great assistance.

She stated, “It is better to use an expert because they will know everything you can claim because you might do it (make a questionable claim) unintentionally.” This is the reason why it is better to use an expert. Additionally, it is very astonishing how many things you are able to claim.

3.  Shop around to see where you could be saving money

“Because the end of the fiscal year is drawing near, you should think of it as a new year and ask yourself, ‘Okay, where can I save more money?'” As Ms. Stoykov put it.

It is in your best interest to shop about if you have ever been in a relationship dealing with electricity, phone, or anything else of the sort. There is no harm in inquiring about whether or not there is a better deal. In her advice, she suggested that you examine all of your streaming platforms, the applications that you have subscribed to, and other types of entertainment. It is possible that you will discover services that you are paying for but are not even using anymore.

The financial expert suggests that you choose one home expense to tackle each week between now and the end of the fiscal year. This will ensure that by the time you reach the end of June, you will have tackled the majority of your comparisons and achieved a more reasonable level of financial savings.

One option that you might take into consideration is settling your current energy price before July 1, which is the date on which energy retailers in the states of Queensland, New South Wales, South Australia, and Western Australia are scheduled to bring about price modifications. You also have the option of waiting it out until the end of July to see if any bargains that are more favourable become available.

Given that health funds have been adjusting their premiums at varied dates throughout this year, you might also utilise this opportunity to compare health insurance policies. This is because you could still be able to find a way to save money on your health insurance.

It is possible that you will be able to avoid paying additional taxes through the Medicare Levy Surcharge if you have an adequate hospital cover policy by the time the tax year comes to a close.

“There is every advantage to trying to find a better deal wherever possible,” Ms. Stoykov said. “The more you can get your overheads down with those fixed costs like energy and health, the more money you will have in your pocket,” she said.

4. Make efficient use of your tax return.

In light of the fact that many individuals are struggling to make ends meet due to the rising cost of living, it may be more vital than ever before to give some thought to how you will save, spend, or invest your tax return this year.

Ms. Stoykov stated that there is a crisis with the expense of living.

It is one of the most significant sources of stress that we face. Now, whatever it is that you can do to give yourself a sense of calm, you should do it.

“It is possible that people utilise it (their tax return) for life costs; but, I would ask that you save aside some of it for later use with the sole purpose of protecting yourself.

Even if some of the money is put into your emergency savings account, which is a high-interest account, you should still put some of it into your nest egg. Let’s say you get $2,000 back; that’s two thousand dollars that you didn’t have before. Imagine being able to handle an unexpected need with the knowledge that you have the money waiting for you.

Not only do you not require a larger television, but you also do not require those boots or that handbag.

Find out more information by going to the ATO.

If, after completing these procedures, you still have questions about how to get ready for the lodging of your tax return, you can consult the website of the Australian Taxation Office (ATO) for guidance. Additionally, you can inquire about what new information is available for individuals to learn about submitting their tax return this year.

As we approach the end of the financial year, taking proactive steps to prepare for tax time can alleviate stress and ensure a smooth filing process. From hiring a tax professional to maximizing deductions and reviewing expenses, these actions can lead to financial stability and peace of mind. Remember, careful planning now can pave the way for a more secure financial future.