How to Increase Your Tax Return by Hundreds of Dollars Just by Choosing the Right Accountant – as the Barefoot Investor reveals that the average Aussie gets $ 2,574
- Bestseller author Scott Pape encourages people to email potential accountants
- The Barefoot Investor said their response could be a sign of competence
- Australians with an average and average income receive tax cuts of up to $ 1,080
- The average tax refund was already $ 2,574 before the package of tax cuts was legislative
- That means that a good accountant can help someone more than $ 3,600
Australians can significantly increase their tax refund by taking the time to choose the right accountant.
Australians with an average and average income receive tax cuts of up to $ 1,080 just for filing their annual tax return.
Even before the tax cuts were determined, the average tax refund amounted to $ 2,574, according to data from the Australian tax office for 2015-16.
With the tax reduction added, Australians are on track to receive an average of $ 3,654.
Australians can significantly increase their tax refund by taking the time to choose the right accountant (the photo is a stock image of a bean counter)
Their success in claiming work-related tax deductions, however, depends on finding the right accountant.
Bestseller author Scott Pape, also known as the Barefoot Investor, has urged taxpayers to email a potential accountant with an overview of their needs and questions about their experiences and costs.
Pape suggested that their response could be significant.
& # 39; They will contact you quickly, preferably less than 24 hours, & # 39; he told his Barefoot Investor column readers in the Sunday newspapers of News Corp.
& # 39; They sound polite and professional, and their expertise matches your needs. & # 39;
The tax expert council of the federal government website accountant lists per suburb.
Bestseller author Scott Pape, also known as the Barefoot Investor, has urged taxpayers to send a potential accountant an email with an overview of their needs and questions about their experience and costs.
HOW MANY DO YOU COME BACK?
Those who earn $ 48,000 to $ 90,000 will see their tax cuts double from $ 530 to $ 1,080.
Part-time employees who earn less than $ 37,000 a year will receive a smaller tax credit of $ 255, or just $ 4.90 a week.
Phase one raises the threshold for the 32.5 percent personal income tax bracket from $ 87,000 to $ 90,000 over a four-year period until 2022
Phase twoFrom July 1, 2022, the 19 percent income tax bracket will be raised from $ 41,000 to $ 45,000. It also raises the 32.5 percent personal income tax bracket from $ 90,000 to $ 120,000
Phase three sees the 37 percent tax rate being abolished from July 1, 2024, and a new 30 percent tax rate being created for all individuals earning between $ 45.001 and $ 200,000. The number of tax brackets will be reduced from five to four for the first time since 1984
Pape also suggested word of mouth.
& # 39; In the same way that you find a good hairdresser: ask your friends, & # 39; he said.
& # 39; That said, bad tax advice is worse than a bad haircut, so I'd also suggest going to the tax practice website and looking for a few accountants in your area. & # 39;
Tax accountants H&R Block sell the fact that they are open on Saturdays, but independent accountants can also be flexible with their opening times.
More than 4.5 million Australians earning $ 48,000 to $ 90,000 annually receive the full $ 1,080 in tax reduction announced in the May budget and passed by parliament earlier this month.
It is part of a total package of $ 158 billion in tax relief for 10 million employees who earn up to $ 126,000.
Those who earn less than $ 37,000 will receive smaller tax cuts of $ 255 or $ 4.90 per week.
The tax office advises that tax refunds usually take five days.
Employers with more than 20 employees are no longer required to provide group certificates, which means that taxpayers must obtain them through the myGov website or through a tax accountant.
Online tax returns have already been partially completed by the government to take into account private health insurance data and bank interest.
This chart shows how tax cuts are broken down by bracket: 4.5 million taxpayers receive the full $ 1,080 reduction
HOW AUSTRALIANS MAY GET VERY SOON
Tax accountants H&R Block recommend that Australians find an accountant who is open on Saturdays if they want their tax return processed as quickly as possible.
Mark Chapman, director of the group's tax department, said finding an accountant who opened after hours and weekends made a huge difference.
& # 39; Much better than having to take free time to get it done with an accountant who opens only nine to five from Monday to Friday, & # 39; he told Daily Mail Australia.
& # 39; As a general rule, you need receipts and invoices to prove that you have spent the money, so collect all your papers before you visit your accountant. & # 39;
This year, tax returns have also been pre-filled by employers, banks and private health funds that provide information directly to the Australian tax office.
Many incomes no longer receive group certificates by mail or e-mail from their employer, while employers with 20 or more employees are no longer required to provide a payment summary.
This means that taxpayers who have to make a declaration must obtain it through their accountant or by visiting the myGov website.
Mr. Chapman said that those who work for small businesses may have to wait a little longer to be able to file their tax returns.
& # 39; It may take until the end of July or beginning of August for some slow-moving organizations to fully report data to the ATO, but while we are leaving mid-July, most organizations have reported this & # 39;
From July 2020, smaller employers with fewer than 20 employees no longer have to provide payment statements to their employees.
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