Fine Taxation Return Options You Would Like to Have


Posted June 8, 2020 by Actforyou

From 1 March 2019, you can file an income tax return for 2018. Are there any deductions that you can use? Do you get money back at the bottom of the line or do you have to pay tax?

 
In principle, you have until 1 May 2019 to submit your tax return to the Tax and Customs Administration. If you know in advance that it will not be possible to file the tax return before 1 May, you can ask the Tax and Customs Administration for postponement.

Check Pre-Completed Tax Returns

The Tax and Customs Administration will fill in a large part of your tax return for you. You can think of your salary, pension, the WOZ value of your home and your bank accounts. Make sure that this information is correct. You remain responsible for your tax return, even if the tax authorities have included incorrect information in the pre-completed tax return. Also keep in mind that some data may be missing, for example certain receivables / debts and deductible healthcare and study costs have not been entered in advance. The Taxation Return Preparation In Australia is the perfect solution there.

Deductible Donations To Charities

If you make donations to charities, these are deductible under certain conditions. For example, the charity must be registered. You can check on the website of the Tax Authorities whether a charity is registered as ANBI. In addition, donations are only deductible if the total of the donations in a year exceeds 1% of your threshold income, with a minimum of € 60 and a maximum of 10% of your threshold income. If you make a gift to the same ANBI every year, it may be advantageous to classify this gift as a periodic gift, but check whether you meet the conditions for a periodic gift.

Deductible Study Costs

Under certain conditions, training expenses can be entered as a deductible item in your income tax return. When are training costs deductible? Firstly, you must not receive or be entitled to any student finance. In addition, the study must train for a future profession and must be a learning trajectory. The plans to scrap this general tax deduction from 2019 have been postponed for the time being. Until the introduction of an alternative is complete, you can - if you meet the conditions - continue to use the deductible item.

Include Child Savings In Tax Returns

If you have underage children, you must include their bank and savings balances in your income tax return under your assets in box 3. If your underage children have a job, you do not have to declare this income in your tax return, so your children to do in their own income tax return.

Include Inheritance Account In Declaration

Heirs regularly forget to include an inheritance account in their income tax return. The heirs account is part of the total (undivided) estate. Heirs must therefore declare the heirs 'account as possession in box 3. In the year of the deceased's death, the balance of the heirs' account is still included in the deceased's declaration. In the year after the testator died, you must include your part of the heirloom in your tax return.

About the Company: Act for You happens to be the best option for the best taxation related information. Here you will be getting the most professional and personal options for the taxation process.
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Categories Accounting , Business
Tags taxation return preparation in australia
Last Updated June 8, 2020