Filling out an income tax form can be a pain for many people. That headache can grow into a stress-induced migraine if you’re working so close to the deadline. When you’re short on time, here are strategies to help you file your taxes hassle-free.
Last-Minute Tax Checklist
– Sign up for Professional Indemnity Insurance
Professional indemnity insurance is a type of commercial insurance purchased by businesses or individuals who provide professional services. It is intended to cover compensation claims made by clients against a firm or individual for making a mistake that results in a financial loss.
– Make Superannuation Co-Contributions
Extra payments made from the money you’ve previously paid tax on are known as after-tax or non-concessional donations. Your after-tax paycheck, an inheritance, or a tax refund are examples of them. Super co-contributions assist eligible individuals in increasing their retirement savings. However, be careful in ensuring that the donations you make are tax-deductible.
– Make Contributions or Apply for Other Accounts/Incentives/Schemes
Since the goal is to always minimise your tax liability, it is advisable to make contributions to various schemes or accounts. Even though most schemes have been abolished from tax deductions, there are still few saving schemes that taxpayers can contribute to. However, be sure that the specific incentives or schemes will result in a lower tax obligation.
Also read: What is Capital Gains Tax?
– Make Donations
To be eligible for tax benefits, donations of any type must be made to an approved fund. Gifts made directly to individuals in need without passing via a fund or PBO are not eligible for tax breaks in Australia. Furthermore, such transactions may result in the imposition of estate, inheritance, or gift taxes.
Talk to a Registered Tax Accountant
Since tax laws are complicated and hard to understand, it is always advisable to seek professional help when filing taxes. Perth Tax People is available for all your tax needs and inquiries. Contact one of our experienced tax accountants and file your taxes with zero stress. Not only will we help reduce your liability, but also give you a good deal in terms of our service pricing.
Related post: Common Questions to Ask When Hiring a Tax Accountant