Get a tax expert onto your case
THE end of the financial year is fast approaching when income earners face the maze of tax legislation.
Not surprisingly, Ipswich accountant Brad Bulow advises earners to seek out a trained tax agent who's familiar with the law.
"With legislation continually changing, I recommend seeing a professional," Mr Bulow said.
"It's hard to keep on top of all the changes. You could get yourself into trouble."
Ideally, the tax return planning should be started before June 30 to get the best financial result.
"Most people on wages will generally get a refund," Mr Bulow said.
"For every $100 that they claim as a tax deduction, the average taxpayer should get $30 back on their tax."
For taxpayers who lodge their own returns, the Australian Taxation Office cut-off date is October 31.
"If you use a tax agent, you can get an extension of time to lodge," Mr Bulow said.
Of the 12.4 million people who lodged a tax return last year, 10.3 million received a refund.
Tax Commissioner Michael D'Ascenzo said the easiest and quickest way to prepare and lodge a DIY tax return is online using e-tax, which will be available from July 1.
"This year we will be paying close attention to deductions claimed by people employed as plumbers, information technology managers and Defence Force non-commissioned officers," Mr D'Ascenzo said.
"We have found people in these groups are at higher risk of making mistakes with their work-related expenses due to the types of deductions they are entitled to claim.
"We will write to around 90,000 people employed in these occupations about assistance that we can provide."
TAX TIME TIPS
Claim all work-related deductions.
Deduct home office expenses where part of your home has been set aside for that purpose.
Maximise your motor vehicle deductions where you have used your vehicle for eligible work-related travel.