It is the end of the tax year and you are wondering:
- How can I maximise my 2013 tax refund?
- What deductions can I claim?
- What rebates I am entitled to?
Worry no more! You can get your returns done by one of our Chartered Tax Advisers (CTAs) by simply calling us or sending us an email with your details.
Tel: 1300 155 459
Fax: 02 9687 9266
E: info@epictfs.com.au or sekou@epictfs.com.au
We offer the following return services:
- Self Managed Super Funds (Returns and Audit)
- Individuals and Partnership Returns
- Company Returns
- Trust Returns
How can I maximise my 2013 tax refund?
The level of tax you pay and your refund is influenced by a number of factors including:
- Your income
- The actual tax you pay over the income tax year
- Your tax deductible expenses
- Tax rebates you may be entitled to
Approaches to minimising tax and maximising deductions are therefore based either on reduction of income, maximising expenses and/or offsets. To maximise your income tax refund, you will need a tax specialist, not just an accountant, with a profound understanding of income tax laws to maximise your refund. At Frontier Tax Services, our agents are all Chartered Tax Advisers. Call us now for an obligation free consultation.
What expenses can I claim?
Broadly speaking, you can claim any expenditure you incur in the process of generating your income. An expense incurred before you start generating the income is incurred too soon and cannot be deducted. The Australian Taxation Office (ATO) provides a list of common expenses for different industry types.Click here to see general deductions you can claim.
For specific deductions applicable to your profession, click here
What offsets can I claim?
A tax offset is like a pseudo-dollar indirectly provided to you through the tax system and used to reduce your tax liability dollar for dollar. The offset never hits your bank account. An offset might be provided to you for any of the following reasons:
- As a measure of equity (e.g low income tax offset)
- To encourage a certain economic behaviour (e.g mature age workers tax offset)
- Because you have paid tax on the subject income in another form (e.g imputation credits).
It is important to know that some offsets are not automatically recognised by tax lodgement systems. Your agent has to know that you are entitled to the offset from the set of your circumstances, input those circumstances before the offset is calculated. Therefore, you should always get your returns done by a person who understands tax law. Click here for offsets you can claim.
