One of the great benefits of hiring a Melbourne accountant is having someone look out for your best interest especially in minimising tax liabilities. Perhaps every one of us is keen on finding ways to pay less tax, right? The same is true whether you are a self-employed individual or one who ones a thriving business.
With the help of your Melbourne accountant, you can explore your options and identify opportunities on how you can save taxes by identifying additional deductions you can avail of.
Here are some commonly overlooked tax deductions you can claim off your personal income tax:
Are you planning on donating certain items to charity such as unused or outgrown clothing? Pr perhaps it’s your living room furniture that you no longer have any use of? When handing donations for charity, make sure to ask of a receipt that will detail how much you have donated. Coordinate with your Melbourne accountant and make sure to include this in your deductibles.
With the economic slump, a lot of people have been inspired to seek refinancing of their residential properties given the low interest rates. Discuss with your Melbourne accountant how you can avail of any deductions on the payment you make every month until the new loan has been fully paid off.
Healthcare costs and insurance premiums certainly come in handy during tax time. This is especially true among the older population and the self-employed individuals. In general, a person can be eligible for a tax relief if medical bills reach a certain percentage of the gross income. Make sure to ask your Melbourne accountant about this option.