Newspaper article The Chronicle (Toowoomba, Australia)

Time to Think of Tax Benefits

Newspaper article The Chronicle (Toowoomba, Australia)

Time to Think of Tax Benefits

Article excerpt

THE beginning of a new financial year is a great time for Australians to get their finances in order and make their money work harder for them.

Mortgage Choice Toowoomba owner Julian Collins said Australians could take significant steps now to help them maximise their tax refund, thus helping them to achieve their financial goals sooner rather than later.

"If you wish to maximise your tax refund, it is really important to know what you can claim and what you can't. Many people have no idea that they can claim a tax deduction on petrol or home office expenses," Mr Collins said.

"You don't have to run a business from home to claim things like stationary. Rather, you just need to have a dedicated place to work at home.

"Similarly, many property investors don't realise that they may be able to claim for a range of expenses, including agents' fees, advertising, body corporate fees, capital expenses, building maintenance and repairs, cleaning, insurances, home loan fees and interest payments.

"Don't forget council and water rates, plus the cost of travel to and from the property for inspections can also be claimed.

"One aspect that property investors often overlook when lodging their tax return is depreciation deductions.

"Depreciation applies to new and existing residential properties and in most cases owners of an investment property or properties are likely to be able to claim something.

"Everyone's situation is different, so it is important to consult a financial adviser to help determine any tax deductions."

Of course, while it is important to do all you can to maximise your tax return, Mr Collins said now was also the perfect time to review your current financial situation and introduce changes that can not only help you to improve next year's tax return, but your overall financial position. …

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