Updated: Jul 9, 2021
CATS4TAX – Tax Tip #12
There are a number of ways to improve your tax refund:
Withholding additional amounts of tax - in order to get a bigger refund.
You either have the benefit in your pay weekly or receive a refund of overpaid tax at tax time, like a savings account with no interest. The money will be available at tax time. You don’t miss what you don’t see.
Speak to payroll about withholding a % or $ amount.
Keeping receipts and records of any business expenditure.
There are a number of apps which can assist you with tracking business expenditure, by keeping copies of your receipts electronically via your phone and tracking your business mileage.
Salary sacrificing to super.
Making personal contributions to your super fund.
Using negatively geared rental property.
Using franking credits from share investments to offset your tax liability/improve your refund.
Seek advice on what is best for your circumstances eg. salary packaging/rentals etc, with a financial planner.
Remember: if your employer pays for something, that is 100% reimbursed, rather than at your marginal tax rate (claiming via tax system).
Get in touch with CATS4TAX:
0404 483 685