A leading tax expert has revealed the three things Australians should do before July 1 if they want to boost the amount of money they get back on their tax return this year. In good news for many taxpayers, H&R Block director of tax communications Mark Chapman said the first thing you do by Sunday is head to your local shopping centre for a last-minute shopping spree.
Tax agents say we should do 3 things by Sunday to boost this year’s refund. With impending tax cuts about to decrease the amount you will get back on deductible expenses next financial year, taxpayers should buy now if they want to save more. Typically, taxpayers would get 32.5c per dollar back this year however this will decrease to 30c per dollar next year. “Prepay, for example, a membership or a subscription or an insurance policy,” Chapman said.
Source: News Formal (newsformal.com)
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