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THINGS TO CONSIDER WHEN USING ONLINE TAX RETURN SERVICE

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24
May

While considering using online tax return service individuals must always keep in mind the following few facts:

  • Don’t miss out any deductions: An individual needs to claim all the deductions that he/she is legally entitled to. Because the deductions help to increase his/her refund amounts. You have to keep the receipts of your work related expenses in order to claim the deductions.

Get your facts right: Individuals sometimes make mistake in reporting their income for tax return. But they have to keep in mind that it is important for them to report all their income, including pay from second job, bank interest, foreign income and any received Government income. It is better to give correct and complete tax return details before lodging tax, in order to avoid any unnecessary delays. Some common mistakes are spelling errors in name, supplying incorrect TFN number, lodging duplicate returns for the same year, etc.

  •   Pre-fill makes it easier: Pre-fill makes it quicker and easier for individuals to complete their tax return.  As they only have to double-check the given information already pre-filled for them, enter their entitled deductions and then submit.
  •  Get organised: Each year during their tax return, individuals spend innumerable amount of time in search for their work related expense receipts. As a result, they lose hundreds or thousands of dollars in their tax return. These individuals are not organised, don’t keep track of their receipts or, don’t fill in car logbooks regularly. So it is suggested that, they spend 5 mins per week to organise their receipts and car logbook, because this will help them not to miss-out any vital deduction that might boost their tax refund.
  • Get the advice of professional tax accountants: In order to claim proper amount of tax refund more that 70% of Australians use a tax agent service like Tax Shark (taxshark.com.au). Along with that an accountant will help you to lessen stress and find extra tax offsets or deductions that you were unaware of. 
  •  Be aware of what’s changed: In many cases most of the taxpayers try to file the same way each year. But life events like – marriage, graduation, etc., do occur. So you cannot assume to file the same way each year, rather you have to consider any changes in filling status and exemptions before filing your tax return. Not only that, as the Tax Code changes every year, so you have to be aware of the changes for the 2016 tax year. 
  • Easy-to-fix accidents: The mistakes made by taxpayers for tax return are mostly accidental, which can be easily fixed by amending your tax return by using the online taxreturn services for individuals.

Tax Shark are Australia’s leading tax accountants, offering expert advice for income tax returns, refunds, and many more. We are transparent accountants and tax agents and ensure to provide you with the best online tax return. So you should choose Tax Shark for your 2016 tax return filing online.  


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