Maximizing Your Tax Refund: Tips for Australian Individuals & Businesses

1. Keep Accurate Records Year-Round

One of the biggest mistakes taxpayers make is waiting until tax time to organize receipts and records. The ATO requires detailed documentation for all work-related expenses and business deductions. Using a cloud-based accounting tool like Xero, MYOB, or QuickBooks can help you track expenses in real time.

2. Claim All Eligible Deductions

The ATO allows individuals and businesses to claim deductions for expenses directly related to earning income.

For Individuals:

• Work-related expenses (uniforms, tools, home office setup)
• Self-education expenses (courses related to your job)
• Car and travel expenses (if work-related)
• Internet and phone bills (if partially used for work)

For Businesses:

• Operating expenses (rent, utilities, software subscriptions)
• Vehicle and travel expenses (business-related travel)
• Marketing and advertising costs
• Depreciation on business assets

3. Take Advantage of Superannuation Contributions

If you’re looking for a smart tax-saving strategy, consider making extra contributions to your superannuation fund.

For Individuals:

• You may be eligible for a tax deduction on voluntary super contributions.
• If you earn below a certain threshold, you may qualify for the government co-contribution scheme.

For Businesses:

• Paying superannuation on time (for employees) ensures you can claim it as a tax deduction. Late payments won’t be deductible.

Maximize Your Tax Refund with Prowess Business Advisers!

At Prowess Business Advisers, we specialize in helping individuals and businesses get the best possible tax outcome. Let us handle the complexities so you can keep more of your money.