Arrowhead Tax Accountants
Certified Practising Accountant

2024 Tips to Maximise your Tax Refund

June 5, 2024

To maximise your tax refund for the year 2024, consider the following strategies:

Ensure you claim all applicable deductions. Common ones include:

Work-Related Expenses:

Deduct expenses related to your job, such as uniforms, tools, deprecation of electronic devices such as phones, laptops and peripherals. Work-related travel is also deductible and may be a sizable deduction.

Charitable Donations:

If you’ve made donations to registered charities, claim them.

Home Office Expenses:

If you work from home, claim a portion of your home office costs or calculate the deduction using the set rate method.

Education Expenses:

Deduct self-education costs related to your current job.

Income Protection Insurance:

If you hold an Income Protection Insurance Policy which covers you for loss of income and the premium is paid from your earning and not from your superannuation contributions you may be eligible for a tax deduction.

Gather all relevant documents, including payslips, receipts, bank statements, and logbook entries.

Keep accurate records to support your claims.

Remember that seeking professional advice will assist you navigate complex tax laws and optimize your refund, consult Kenneth Chircop at Arrowhead Tax Accountants for an appointment.

Disclaimer: The contents of this paper are for general information only. They are not intended as professional advice, for this you should contact a suitably qualified accountant or other professional. The tax law and ATO position on these matters may be subject to both prospective and retrospective changes.

© Arrowhead Accounting Pty Ltd trading as Arrowhead Tax Accountants 2024