Coming Up Wed 9:00 PM  AEDT
Coming Up Live in 
Punjabi radio

Tax tips and deductions to help you get a better tax refund

Tax Time - Australia - wooden letters with tax form, magnifying glass, money and calculator Source: Getty Images

In Australia, every income earner needs to file a tax return – be it individuals, families, workers, business owners and even international students. Here are some expert tips that may help guide your tax planning strategy.

Are still lagging behind to file your tax return this year? Do you want to know how you can maximise your tax refunds?

SBS Punjabi spoke to a tax expert who has been working in this field for over 12 years.

Parampreet Singh Rajput, a registered tax agent based in Melbourne, provided some key tips on how to get a tax refund in the best and most time-sensitive manner.

“Taxpayers should plan ahead. Having a tax plan in place before tax time will enable you to make strategic decisions to get a better tax refund,” he said.

According to Mr Rajput, one of the easiest ways to boost your tax return is by claiming work-related expenses.

“There are a whole range of things that you may claim back. Generally, they are work-related expenses and within this, you may also include the money you spent on self-education and career development,” he added. 

"International students and low-income earners should also file their tax returns to get potential paybacks."

Mr Rajput also spoke about the changes that came into effect as we entered a new financial year on 1 July 2019.

Here is a list of things that he discussed in this audio report:

1) Small businesses are entitled to a range of tax concessions at tax time. One of these is the instant asset write-off, which allows eligible small businesses to claim an immediate deduction for the business portion of assets that cost under a certain threshold. But you should check if you are eligible.

2) If you are an employee, you can claim your work-related deductions such as work-related phone expenses, internet usage, computer repairs, union fees, professional subscriptions and work-related study material.

3) Don't claim any expenditure in full unless you have already spent the money.

4) Don't claim private expenses as business expenses.

5) You must report all of your income.

6)  You must keep the relevant records to prove your claims.

7) Being an investor, you cannot claim expenses for assets that were already in the property at the time of purchase.

8) As an investor, you can’t claim any deductions for the costs of buying your property. These include conveyancing fees and stamp duty.

9) If you are a student and if you’ve had tax withheld from your salary or interest and your taxable income is below the tax-free threshold, you must lodge a return in order to get those amounts refunded back to you.

10) As a student, you can set up your myGov account to access government services and get your income statement and superannuation information from your employer.

11) You can claim donations which are not already in the pre-filled information.

For a full list of tips, please listen to the above mentioned audio conversation.

Listen to SBS Punjabi Monday to Friday at 9 pm. Follow us on Facebook and Twitter

Coming up next

Tax tips and deductions to help you get a better tax refund 29/08/2019 15:29 ...
Indian restaurant owner receives Australia Day honour for distributing free meals during COVID-19 pandemic 20/01/2021 12:20 ...
Australian News in Punjabi 19 January 2021: India wins the fourth and final Test against Australia 19/01/2021 09:18 ...
Punjabi Diary: Around 100,000 tractors to cross Delhi border on Republic Day for 'Kisan Tractor Parade' 19/01/2021 09:00 ...
Scam victim warns community to be wary of callers offering fake discounts on household bills 19/01/2021 12:00 ...
Meet the 51-year-old inspiring SES volunteer who risks his life to assist people in emergencies 19/01/2021 11:20 ...
ਕੀ ਤੁਸੀਂ ਵਿਕਟੋਰੀਆ ਦਾ ਡਰਾਈਵਰ ਲਾਈਸੇਂਸ ਬਣਵਾਉਣ ਦੀ ਉਡੀਕ ਕਰ ਰਹੇ ਹੋ? 19/01/2021 04:50 ...
Australian News in Punjabi 18 January 2021: After coronavirus, Cyclone Kimi threatens Queensland 18/01/2021 09:31 ...
WHO team looks out for answers about the origins of COVID-19 in China 18/01/2021 06:15 ...
Kitaab Parchool - Treeh by Jamshaid Sahi 18/01/2021 10:53 ...
View More