Tax time in Melbourne is often a stressful experience. With the right strategies and tax accountant Melbourne by your side, you can maximise your tax refund and ensure you’re getting every dollar you’re entitled to. Here are expert tips to help you get the most back from your tax return this and every other year.
1. Organise Your Records Early
Don’t leave collating your documents to the last minute. Throughout the year, keep a dedicated folder (digital or physical) with receipts, invoices, bank statements, PAYG summaries, and any work-related expenses. The Australian Taxation Office (ATO) can pre-fill some information, but detailed record-keeping gives you the best chance to claim deductions accurately.
2. Claim All Eligible Deductions
Work-related expenses can be broad and include:
- Home office costs
- Vehicle and travel expenses
- Uniforms and protective clothing
- Self-education and training
- Tools and equipment
In Melbourne’s hybrid work environment, home office deductions are particularly important. Choose between the shortcut method (currently 85 cents per hour) or the actual cost method to find the best outcome. An experienced tax accountant Melbourne, like Nobel Thomas, can help you with the calculations.
3. Understand Industry-Specific Claims
Certain professions, like tradies, nurses, teachers, and IT professionals, have deductions specific to their roles. An expert tax accountant Melbourne who is familiar with local industries can guide you on claims that the ATO accepts.
4. Maximise Offsets and Rebates
Tax offsets directly reduce the amount of tax you pay on your tax return Melbourne. Check if you’re eligible for:
- Low and Middle Income Tax Offset (LMITO)
- Private Health Insurance Rebate
- Spouse Super Contribution Offset
- Senior Australians and Pensioners Tax Offset (SAPTO)
Tax agents in Melbourne often find that many clients miss out on offsets simply because they aren’t aware they qualify.
5. Consider Investment and Property Claims
If you own investment properties, shares, or managed funds, you could claim deductions like:
- Interest on investment loans
- Property management fees
- Depreciation on investment properties
- Accounting fees
Seek expert advice to correctly handle capital gains or losses, particularly given Australia’s complex tax laws.
6. Superannuation Contributions
Making personal contributions to your super (and notifying your fund) can be tax-deductible. You might also benefit from the Government’s co-contribution scheme if you’re a low or middle-income earner.
7. Lodge On Time
Late lodgements can attract penalties and interest. If you engage a registered tax agent to prepare your tax return Melbourne before 31 October, you may qualify for an extended lodgement deadline. This extra time can be valuable for complex returns.
8. Use a Professional Tax Agent
A good tax accountant Melbourne doesn’t just process your tax return — they actively look for legitimate deductions and offsets to maximise your refund. Melbourne-based agents also understand state-specific nuances, like land tax obligations and congestion levies, that may affect your return.
Final Thought
By staying organised, understanding deductions, and seeking expert guidance, Melbourne taxpayers can approach tax time with confidence and optimism.
Looking to maximise your tax return Melbourne? Partner with a trusted Melbourne tax accountant, like Nobel Thomas, to ensure you claim everything you’re entitled to.
