ADVICE ON TAX TIPS

5 ways to maximise your tax return this year

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It’s almost tax time once again! Hence, it’s time to start preparing your affairs. Here are five ways to maximise your tax return this year.

There’s no avoiding it – death and taxes are the only certainties in life, as the saying goes. The good news, though, is that how much tax you pay and how much of a refund you may receive is within your control.

Factor these five points into your preparations this tax season to maximise your return:

1. Lodge your return - promptly It’s easy to get caught up in the everyday hustle and bustle and push back doing your taxes, however, lodging your taxes quickly means your return (if you’re eligible for one) will be paid sooner. With rising interest rates, that is money you and your business could surely use.

2. Claim your deductions Yes, this point sounds obvious. But you would be surprised how many legitimate deductions people overlook.

Among the most commonly overlooked or underclaimed deductions are: