Tips to Pay less Tax with a Tax Agent in Hampton Park

There are numerous ways in which you can save your tax money. However, most people don’t know about it and end up paying more than usual. However, you can avoid that by hiring a tax agent in Hampton Park. In this regard, this article will be your guide. So, let’s get started.  

Making Claims for Job-related expenses

As per the Australian Taxation Office’s guidelines, an individual can claim all expenses related to their work. These generally include uniforms, transportation charges, self-education expenses, tools, equipment, computer, internet, books, telephone, etc. However, if your payment is partially related to your work, you need to be careful and only mention the work charges. Mentioning the whole expense might lead to rejection of your claim deduction application and land with hefty charges. You may also be needed to submit electrically scanned copies or paper bills of your expenses within the assessment period.

Indulging in Donations 

Donations are an excellent way to cut-off a hefty taxation charge at the end of your financial year. The new regulations state that a person can claim tax deductions if their donations go above $2, only when donated to a registered charity. But while applying for the claim deduction, it is needed to remember that the donation refund doesn’t come right away as cash. Instead, the amount is converted to a percentage, which can provide a considerable reduction when applied to overall taxable income. So, gather all your charity certificates and attach them with your income tax application for a speedy deduction. If still confused, you can also take the help of your nearest tax agent in Hampton Park.

Proper timing of Expenses 

Another way to pay less during the income tax season is to make all your expenses at the end of June. If all of your work-related expenses and other deductible ones are made within the month, you can claim tax deduction during your current financial year. However, if it is even a month late, you will have to wait for the next financial year before making the claims.

Taking Expert Assistance 

With the constant amendments in the taxation policies, it is tough to stay updated unless you work in the same sector. Thus, to make your work seamless, you can always hire professional tax agents in Hampton Park for your assistance. They can help you claim deductible expenses in the perfect process, without facing any serious issues. However, if you are not interested in hiring tax agents, you can always take advice or book appointments with them and have all your doubts cleared before applying for the tax deductions.

Taking investment insights 

If you want to cut down hefty expenses related to investments without losing the initial income, it is better to take professional help. The professionals are precisely trained and specialize in helping their customers in such cases. Similarly, if you have an investment sitting at a loss, getting legally rid of them can also help you pay less. However, if you are thinking of selling and re-purchasing the asset after the financial year, you should refrain from the practice. This is because the ATO is currently tracking down such involvements and may result in hefty penalties.

If you want to hire an expert tax agent in Hampton Park, consider Rands Financial Solutions as your ideal bet. Hire the best tax agents in town and save more money than ever with their expert advice. Just give them a call and they will carry forward the rest thing for you.