Minimise Your Liabilities By Planning Your Tax Returns Broome – A Tax Returns Australia Guide

We are told that death and taxes are the two inescapable things in life. Though we can’t do anything much about death, we can however make taxes not so scary for everyone. Yes, it’s a fact the you do have to pay our taxes, but there are many ways you can use to minimise your liabilities.

One very important thing to consider when preparing and lodging your tax returns Broome is to develop a tax plan that is strategised not only for your tax benefits, but for the broader context of your overall investment, as well. Here are some tax returns Australia strategies you could use:

1. Superannuation
There are a number of superannuation strategies you can look into, including undeducted contributions, government co-contributions, and personal deductible contributions.

- Undeducted contributions
Also known as non-concessional contributions, undeducted contributions are the contributions you pay to a superannuation fund where a tax deduction in your tax returns Broome has not been claimed. See, as undeducted contributions enter a fund, they are considered to be tax free. But the earnings it receives over time will be liable for a 15% tax.

- Co-contributions
The co-contributions work in a way that the government pays $1.50 every time you pay $1 of undeducted contributions towards your super.

If you’d like to know more about how you can take advantage of the superannuation for this year’s tax returns Australia, talk to your tax accountant about your tax affairs.

2. Prepay expenses
There is another strategy you can employ to minimise your tax aside from superannuation, that is, to prepay your expenses. When you prepay your interest on an investment loan in advance for 12 months, you can reduce your taxable income. You can then claim the deductions against your salary this year.

3. For Individuals And Sole Traders:
If you are an individual taxpayer and you work between two different jobs on the same day, you can claim in your tax returns Broome the travel expenses incurred when you commute. Also, when you pay the uniform you use for work, you will be able to claim it back.

If you operate a business, the expenses incurred carrying on your business can also be claimed in your tax returns Australia. Let’s say you need a new laptop to help streamline your business processes, you should be able to claim it back.

Before you can claim these expenses, you need a proof like a receipt. Also, you need to make sure that this expense is related to your business.

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