Maximise your refund, don’t miss any deductions

People who lodge their own tax return commonly make two mistakes which will cost them dearly.

The first mistake is claiming personal expenses that are not deductible.

Claiming expenses that are not deductible can be disastrous. Not only do they run the risk of getting audited by the ATO, but if they are audited, they will have to repay the tax refund that was wrongfully received and may also face additional fines and penalties.

The second mistake is not knowing what expenses can be legitimately claimed in their tax return. Not knowing which expenses to deduct will also hurt the hip pocket. The ATO does not automatically include deductions in a tax return, so not knowing what to claim can mean the refund could be lost forever.

Different professions are able to claim different types of expenses. There is no “one size fits all” guide to claiming tax deductions. If you are unsure if your expenses are deductible, its always best to keep your receipts and ask your accountant when completing your tax return.

You can avoid both these mistakes by going to a qualified chartered accountant and registered tax agent. In order to complete your tax return accurately and get the best refund you are entitled to, contact us and we can put you on the right path.

Private Wealth Accountants

Our new office at 1/193 McKinnon Road

To serve our clients better and have a greater presence in the community we have decided to establish a permanent office. We would not have been able to achieve this goal without the support patronage of our wonderful clients.

From the 10th of July we will open our doors to you at our brand new office on 1/193 McKinnon Road, McKinnon.

Where we used to be an “appointment only” firm, we are now operating full time with extended hours. Just like in the past, we still accept weekend and after-hours bookings in addition to the standard business hours.

We hope to be operating from our new office for many years to come and hope to see you there in the near future.

I have shared with you the Top 4 Tax Deductions that Most People Miss. I hope that this article can help you better understand what you can claim to increase your tax refund.

If you have any question, free feel to email us at or call us at (03) 9973 5905. We are here to help.