Top Tax Hacks To Get The Most Out Of Your Tax Return – H&R Block | Mark Chapman | Ep 67

As hard as it is to comprehend (with the year that has been 2020 so far) we have just commenced the start of our new financial year.

Everyone loves the opportunity of a considerable tax return, no-one really ever enjoys the arduous ordeal of having to prepare all the information to submit the tax return.

Considering Australia is in the midst of a recession, every dollar we receive back in our tax return counts.

But what are we entitled to claim?

How can you ensure you’re prepared to get the most out of your return?

Well, lucky for us we welcome our special guest Mark Chapman, Director of Tax Communications from H&R Block who is here to tell us all.

We ask Mark questions including:

What are the big new changes that will affect Aussies tax returns this year?
What are the biggest mistakes normally made when filing your return? And the percentage of people missing out on money?
Do you think Aussies will be facing added stress at tax time due to the changes associated with COVID-19?
What are some of the common deductions that many taxpayers can claim?
When and how can we claim deductions for working from home? What items can I claim and what can’t I claim?
Do we need to have kept a record of the number of hours we have worked from home as a result of COVID-19?
How can we calculate the percentage of our utility bills?
What is the 80 cents per hour method, what and how can we claim? ,
Is there another method we can claim on, doesn’t the ATO have an existing flat-rate allowance for working from home based on a 52 cents per hour?
What about claiming on the work proportion of items such as home internet, mobile phone, printer ink etc? How does this work?
What about claiming on the actual costs we’ve incurred? What do we need to have done here?
Do children need to lodge a tax return?
What if children receive income in the form of interest on a savings account or dividends on shares? Do they need to lodge a tax return to disclose that income?
What impact do JobKeeper and JobSeeker payments have on my tax return – will I pay more tax or less?
How can Aussies determine whether they should lodge their return; either online via, myTax, or via a professional tax agent.