The 2021 tax return will see most taxpayers enjoying a larger than expected tax refund due to a combination of two factors; the $1,080 Tax Bonus and the ability to claim ‘working from home’ expenses.
Don’t forget your Tax Bonus!
Recent survey results have found that more than three-quarters of Australians who don’t lodge their tax returns every year stated that they had nothing to claim. This could mean that millions of Australians are missing out on the $1,080 Tax Bonus that is only available by lodging a 2021 tax return.
So how do you know if you are eligible? The $1,080 Tax Bonus is calculated based on your taxable income as follows:
Lodge ‘working from home’ tax deductions
The 2021 financial year saw many of us working from home for much of the year and as a result, our tax deductions in this area will be much larger than usual. You should be able to claim around $1,500 using the shortcut or actual cost methods.
Need help with your tax return?
If you have questions about your tax return this year, the team at APS Tax & Accounting would be delighted to assist you. With APS tax returns, we will help you maximise what you claim so that you can keep more money for yourself. Click here to learn more.