7 Tips for Claiming Tax Back in Australia

 

1) Apply for a Tax File Number

Your tax file number (TFN) is your personal reference number in the tax and super systems. Your TFN is an important part of your tax and super records as well as your identity, so keep it secure. Your TFN is yours for life. You keep the same TFN even if you change your name, change jobs, move interstate or go overseas. Apply online for a TFN

2) Collect your Payment Summary Statements or Final Payslips

These two documents provided by your employer, show your gross wages and taxes withheld on these salary. You’ll need them in order to apply to get your Tax back so It is essential to collect them.

3) Claim All The Deductions

When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income (called ‘work-related expenses‘). A deduction reduces your taxable income, and means you pay less tax.

4) Keep Your Receipts

You must be able to substantiate your claims for deductions with written evidence if the total amount of deductions you are claiming is greater than $300. The records you keep must prove the total amount, not just the amount over $300. If the total amount you are claiming is $300 or less, you need to be able to show how you worked out your claims, but you do not need written evidence. ATO requires you to keep receipts, logbooks and records for at least 5 years.

5) Don’t Leave Your Superannuation Behind

Superannuation, or ‘super’, is money put aside by your employer over your working life for you to live on when you retire from work. Temporary Australian residents who have visited the country under an eligible temporary resident visa can withdraw any super benefits (less tax) when the visa expires and when they leave Australia. For more information on accessing super when a temporary resident see Superannuation Refund

6) Filing Your Tax Return

Don’t get scammed by tax agents charging a percent of your tax refund as their service fee (it is an unethical practice). We at One Stop Tax believe in fairness. We say it is unfair to take advantage of people who may not be familiar with Australian taxation system. Our goal is to provide quality tax return services to our customers for a reasonable fee to just cover our costs.

7) Ask for Help

If you are still confused and need help with claiming your Tax back, feel free to contact us! We here to give you help and advice on anything. Want to know how much tax back you’ll get? It’s easy! For an obligation free tax refund estimate, please apply now!