Maximise Your Tax Refund: Tips and Strategies

Claim All Eligible Deductions

Common deductions include work-related expenses, education costs, and donations. Ensure you check for all potential deductions, including those relevant to your industry.

Leverage Tax Offsets

Offsets like the Low and Middle Income Tax Offset (LMITO) can reduce your tax liability and boost your refund.

Review Industry-Specific Deductions

Certain professions, such as healthcare or education, have unique deduction opportunities. Make sure to explore and take advantage of these.

Maximise Super Contributions

Voluntary super contributions may be tax-deductible, reducing your taxable income and potentially increasing your refund.

Pre-Lodge Review

Double-check your return for accuracy and completeness before lodging it to avoid missing claims or making errors.

FAQs

Q: What’s the best way to track expenses for deductions?
A: Keep accurate records of your expenses throughout the year. You can use tools to upload and categorise your receipts in real time, ensuring you have everything ready when it's time to lodge your return.

Q: Can I claim deductions without receipts?
A: You can claim up to $300 in work-related expenses without receipts, but you must be able to explain the claims if audited.