QLD, Australia, Jan 7, 2020 -- Sapphire Accountant & Tax Agent is a leading independent company that provides accounting and taxation services in Australia. With this, self-managed super fund, Xero, insurance and growth planning are other superlative services provided by the experts' team. The company offers a safe, secure and trustworthy solution to clients for saving tax and managing funds.

According to sapphire accounting, there is no short cut to avoid taxes. And manipulating with financial facts and figures can let you in trouble. Therefore, Sapphire shared a complete guide for filing tax returns and help you to reduce the gross tax amount.

What are the essential documents for Filing Tax?

- Income statements or Payment summaries from employers or other super funds received from government departments.
- A detail bank statement that contains interest earned during the period and fees paid.
- Attach unit trust or other managed funds information like dividend received during the month.
- Buying and selling details of all investments that include capital gain and losses.
- All records from a rental and owned property like income received and expenses paid.
- Detail information regarding foreign income like a pension or other income.

Incomes Must be Declared

You can pay tax online by myTax and access myTax through myGov.

Most information via employer, banks and other government or non-government agencies are filled in myTax by mid-August. You just need to check and verify the information before adding deductions or submitting. Some of the important details are:

- Job income
- Pension, annuities and other governments receipts
- Investments in the form of interest, dividends, rent, and capital gains
- Income from business, partnership or other sources.
- Foreign income
- Insurance, prizes and other income received.
- Income from sharing economies.

Tax Deduction

While filing tax, individuals or businesses are entitled to claim work-related expenses deductions. These deductions directly reduce your taxable income and tax amount too.
- Expenses paid on traveling or vehicles if operated for office use can be claimed for deduction.
- Uniform cost including safety vest are also entitled to deductions up to a certain amount or full.
- Gifts and donations amount can be deducted from gross taxable income.
- Deduction for electronic devices such as a computer, phone can be claimed if used for office use only.
- Fees paid to an accountant, interest, internet access, depreciation on fixed assets etc are eligible for deduction.
- Self-education expenses such as student union fees, stationery, internet, professional journals, course fees, textbooks, etc can be claimed.
- If you work outside, protective gear, including sunscreen, sunglasses, and hat are essential expenses and can be claimed

Important Thing to Remember

- Claim only work-related deductions.
- Keep all written records ready to claim for deductions.
- Amount spend on yourself is not reimbursed.

Ineligible Expenses For Deductions

The Australian Taxation Office created a red flag list for certain expenses that are not eligible to claim deductions. Some of them are:

- Private travel or travel between home and work.
- Expenses paid in a personal car.
- Expenses incurred on the meal, except pay for a business trip and staying in another city overnight.
- Everyday clothes are not eligible for the deduction, even if an employer demands to wear them.
- Phone or internet charges, if used for private use.
- Equipment cost above $300 cannot be claimed once, but the company can claim deductions over a number of years.

Filing Tax in 2020

It's an easy way to file tax by using ATO online services. You can log in to myTax website. Users who have already myGov account, or if not create one and link to ATO. once you log in, you can view all income-related details in the inbox.

Note:
If you are filling return for yourself and married. You need to add details to your spouse too.
If you decided to fill tax return on your own you need to complete all details before 31 October every year.
Otherwise, it will be better to take assistance from the Sapphire Accounting firm to file tax with all the attached documents on or before time.

Sapphire Accountant & Tax Agent
Suite 12, 90 Days Road
Upper Coomera QLD 420
Office: 1300 728 704
Fax 1300 783 325
Website: https://www.sapphireaccountants.com.au/