Tax Accountant Ivanhoe
For many of us, doing a tax return is a hassle and a chore, and we only do them because we have to, not because we want to.
While you might think your affairs are fairly straight forward, its important that you don’t overlook something. There could be hundreds or thousands of dollars in refunds available to you, just by understanding what you can legitimately claim.
And this is an important consideration, just because your friend or family member can/can’t claim a particular deduction, doesn’t necessarily mean the same rules apply to you. Different occupations or role descriptions make a difference, so too does your age, health, marital and family status – so its important to make sure that your GNS Group accountant fully understands your situation and to best advise you. At our offices based in Ivanhoe, we have some of the best tax accountants Melbourne has; they’re passionate, knowledgable and can advise you on all your accounting needs.
We find most people fall into one of two categories. The eager beavers who like to do their return as soon as they have all of the required documents in order, or, the tortoises who get around to doing things towards the deadlines.
Either way, its important to make sure a few basics are followed to maximise your return:
- Keep everything (original or soft copy) throughout the year that could potentially be claimed (we have checklists to help)
- Try to summarise all of the documents and records, it will make our life easier & your accounting fees cheaper!
- Book an appointment at our Ivanhoe office and talk to your GNS accountant about what might have changed in your world over the past 12 months (there might be extra things you can claim)
- Ask questions about what might have changed with tax legislation affecting your claims
- Provide GNS with your current contact details; perhaps you have moved from Melbourne to rural Victoria, or interstate, or visa versa. (in case there are some queries)
- Let us know your bank account details for an Electronic Deposit of your refund
- Book a face to face appointment (if you are based in Melbourne) or a phone based consultation (to cover all of the above)
There are three key areas on a tax return – Income, Deductions, Rebates & Offsets.
This could include things such as your salary, bank interest, capital gains, rent received, dividends or managed funds etc.
This could include things such as your car or travel costs, union or subscription fees, rental property expenses, Interest on investment loans, Income Protection Insurance, home office costs etc.
Rebates & Offsets
These are generally things which entitle you to a tax credit, and can include Private Health Insurance, Out of pocket medical expenses, credit for foreign income tax paid etc.
If you would like more information on what you might be able to claim, talk to one of our accountants today – we’d love to be able to help you.