Thursday, June 23rd, 2011 - Your Money Magazine
Tax season is upon us, bringing with it the tedious and often complicated process of filing a return. But instead of groaning at the thought of the task ahead, consider this the perfect opportunity to boost your bank balance with a hefty refund from the ATO.

Your Money Magazine managing editor Jackie Pearson says it’s well worth spending a couple of hours preparing a tax return to reap the financial rewards.

“Even everyday wage earners can usually claim some deductions on their tax returns, and with some basic knowledge you can work it out for yourself and avoid a tax agent’s fees,” said Pearson. “Your Money Magazine came up with 20 great strategies to help you get the most out of the tax man.”

Your Money Magazine’s top tips for maximising your tax rebate include:

• Hold onto your receipts - As long as you have records, you could claim a range of expenses from getting your work uniform dry-cleaned to the cost of your children’s school textbooks and stationery, even donations to charities

• If you earn over $77,000 per year, get private health insurance with an excess of $500 or less and avoid paying the Medicare levy surcharge. To find out which plan offers the best value, check out the comparison feature in the current issue of Your Money Magazine

• Work-related expenses – Eligible tax deductions vary depending on your job and industry but could include the cost of tools and equipment, travel and uniforms

For the full list of tax-saving strategies and over 100 pages of tips on how to make smarter spending, saving and investment decisions, pick up a copy of the current issue of Your Money Magazine or subscribe online at www.yourmoneymag.com.au

-ends-

Contact Profile

Your Money Magazine


Your Money Magazine is for all Australians looking to increase their personal wealth and achieve the lifestyle they desire. Your Money Magazine’s key focus is to educate the Australian public about money management by providing down-to-earth, easy to comprehend content, detailed product comparisons across a range of categories, and recommendations from some of the country’s leading industry experts.

Combining in-depth research and product comparison tools with shrewd financial education materials, Your Money Magazine takes a unique place in the Australian market allowing readers to not only compare existing products but to educate themselves and take decisive action all in one place.

Like us on Facebook: www.facebook.com/YourMoneyMagazine
Follow us on Twitter: @YourMoneyMag

Lisa Narroway
P: 02 8437 4726
W: www.yourmoneymag.com.au

Keywords

your money magazine tax return refund saving claim deduction expense ATO

Categories

Sharing

More Formats