Making EOFY less taxing.

3 handy hacks to max your tax return – legally

For many people, EOFY isn’t the most exciting time of the year. But it doesn’t have to be!
In fact, with a little bit of pre-planning and know-how it could be quite rewarding. So here’s
3 hacks for maximising your tax refund…without getting on the wrong side of the ATO!

1. Know what you can (and can’t) claim

Before you start your tax return take the time to understand what you can and can’t claim, especially if you’re a property investor. While eligible claims can help reduce your taxable income, ineligible claims and over claiming could cost you a fine.

2. Get good at recordkeeping

At the start of the year make a list of the expenses you know you can legitimately claim. Then during the year save your tax receipts and documents as you go so tax time’s less stressful. If you’re a property investor, here’s some things to keep in mind for tax purposes:

• interest paid on your investment loan
• strata costs
• fees paid to an agent or property manager
• repair and maintenance work
• land tax
• depreciation of eligible assets.

3. Find a good home for your tax refund

So you got a tax refund (*insert fist pump here*) but before you go on a splurge think about all the good things you could put your windfall towards, especially if you’re a home owner. Here’s 3 ways you could put your tax return to good use around the home.

• Pay down your loan. Use your return to make an additional repayment on your home loan, so you pay it down faster and own your home outright sooner.
• Improve your property. Use your return to start those long-awaited home renos, so your property is more enjoyable now and even more valuable in the future.
• Save for your dream home. Use your return to boost your next home deposit, so you can make your dream home a reality even sooner.