It's never too early to start thinking about tax time 2024 and when your tax return is due. Get a head start and be prepared for tax changes 2024, including the highly anticipated stage 3 tax cuts. To help you get the most out of your tax return 2024, here are some practical tips:
Save and Track Your Receipts:
Get organised right from the start! Keep a record of all your receipts and track your expenses throughout the year so you can easily claim deductions when tax time 2024 rolls around.
Claim Other Work-Related Expenses:
There are more expenses that you can claim than you might realise! Don't miss out on deducting eligible work-related expenses such as professional development courses, tools, or equipment.
Contribute to Your Super:
Take advantage of tax breaks by making voluntary contributions to your superannuation fund. This can help reduce your tax liability and increase your refund at tax time 2024.
Claim Your Work from Home Expenses:
More people are working remotely these days, so make sure you're claiming eligible expenses if you're working from home. This includes your home office expenses, like internet and utilities bills.
Claim Refund on Self-Education:
Investing in your knowledge and skills can pay off in more ways than one! Make sure you're claiming all the eligible self-education expenses that relate to your income.
Get Rid of Loss-Running Assets:
If you've experienced capital losses in your investments, consider selling them off to offset your taxable gains and ultimately increase your tax refund.
Speak with a Registered Tax Agent:
When in doubt, seek expert advice. A registered tax agent can guide you through the process, maximise your deductions, and ensure you're following the latest tax laws and regulations.