Over 14.6 million Australians lodged a tax return last year.
Are you confident you claimed everything you were entitled to?
When it comes to tax filing, every dollar counts.
Whether you’re an individual trying to make sense of your deductions or a small business owner juggling compliance and cost-saving, the pressure is real.
Filing a tax return in Melbourne doesn’t need to be tough if you plan and get the right advice.
Here’s what experienced tax agents in Melbourne want every taxpayer to know before the deadline approaches.
1. Prepare Early For Your Tax Return
Why wait until the deadline? Starting your tax accounting in Melbourne early prevents last-minute stress.
Gather financial records, such as income statements, receipts, and expense logs, well before the 31 October deadline for individuals or 15 May for businesses.
Early preparation allows time to identify deductions and address discrepancies. A Tax Accountant in Melbourne can organise these documents, ensuring your tax return is accurate and submitted on time.
2. Understand What You Can And Can’t Claim
Making incorrect claims can lead to penalties. That’s why the best tax accountant in Melbourne will always start by understanding your job role, income streams, and personal or business circumstances.
For individuals, allowable deductions might include tools for work, self-education courses, or work-from-home expenses.
Small businesses need to assess asset purchases, vehicle use, or home office costs under current ATO rules.
Private expenses or overestimated claims will raise red flags. If you’re unsure, it’s best to speak to professionals who offer tax accounting in Melbourne.
3. Keep Accurate Financial Records
Precise records are the backbone of tax accounting.
For individuals, this means tracking income from wages, investments, or side gigs. Businesses must log sales, expenses, and GST transactions.
Disorganised records lead to errors or missed deductions, increasing tax liabilities. Digital tools can streamline record-keeping, but manual logs work too.
A tax accountant reviews these records, ensuring compliance and accuracy.
4. File Electronically For Efficiency
How can you simplify tax filing?
The ATO’s myGov portal enables electronic lodging of your tax return, which is faster and less error-prone than paper forms.
Businesses can use software like Xero or MYOB to sync data with the ATO.
Electronic filing also speeds up refunds, often processed within two weeks.
Accountants assist with setup, ensuring your digital submissions meet ATO standards.
5. Choose An Accountant Who Understands Your Industry
Tax law is broad, and industry-specific deductions or rules might apply. Freelancers, tradies, health professionals, retail owners, and hospitality workers all face different reporting requirements and opportunities.
The same goes for business structures – sole traders, partnerships, trusts, or companies each have their own compliance needs.
Working with a tax accountant who understands your sector ensures that your tax position is optimised according to ATO expectations.
They know what’s commonly missed and how to approach your records accurately.
6. Claim All Work-Related Expenses
Work-related expenses are often underclaimed.
Individuals can deduct costs tied to their jobs, such as tools, training, or home office setups, provided they meet ATO criteria.
Businesses claim operational expenses, like rent or marketing, but must separate personal and business costs.
Failing to claim eligible expenses means overpaying tax. A Tax Accountant identifies these deductions, boosting your refund potential.
7. Review Your Super Contributions
Many taxpayers forget that voluntary super contributions can reduce taxable income. For individuals, contributions up to a certain threshold may be tax-deductible.
Small business owners can also contribute to super for themselves or employees while receiving tax benefits.
Before making any transfers, though, consult a registered tax accountant. Contributions made after the end of the financial year don’t count for that tax period.
8. Stay Updated On Tax Law Changes
Tax laws evolve yearly, affecting deductions, thresholds, and reporting rules. Recent changes, like updated work-from-home deductions, impact your tax return.
Ignorance of updates risks non-compliance or missed benefits. The ATO website lists current changes, but deciphering them takes time.
A tax accountant monitors these shifts, applying the latest rules to optimise your tax outcome.
9. Don’t Forget Offsets And Rebates
Tax offsets directly reduce your tax payable. You may be eligible for low-income or senior and pensioner offsets.
Businesses may qualify for temporary full expensing or small business income tax offset.
These can significantly reduce what you owe, but only if correctly applied.
An expert in tax accounting in Melbourne can review your eligibility and ensure these offsets are accurately calculated.
10. Review Past Tax Returns
Mistakes in prior tax returns can haunt you. Underreported income or invalid deductions may lead to ATO audits or fines.
Reviewing past returns identifies errors, which can be amended within two to four years, depending on complexity.
Correcting mistakes early avoids penalties and interest. Tax agents in Melbourne conduct thorough reviews, ensuring your past filings align with ATO requirements.
Get The Most Out Of Tax Time With KPG Taxation
Need help getting your tax return sorted without the stress?
At KPG Taxation, our experienced team makes it simple for individuals and small businesses to get the maximum refund, fast processing, and clear advice.
With offices across Australia and a 100% satisfaction guarantee, we’re here to make tax time easy and rewarding. Book your appointment today and see why more people trust KPG Taxation year after year.
