How to Maximise Your Australian Tax Refund 2023

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I can't wait until after 30 June 2023 so I can lodge my 2023 tax return and get my long-awaited tax refund from another year like no other. Why am I expecting a larger than usual refund this year?
In this video I am going to share why I think most Australians should be planning to get their tax return lodged as soon as possible.
The main reason why I think many Australians could be owed a tax refund in 2023 is because there have been so many changes again and you may not know how this impacts you. I am going to share two way I am planning on reducing how much tax I need to pay in 2023.
💰 My Excel Template that I use to track my taxes can be found on my online store here: www.etsy.com/au/shop/MoneyWit...
💰 Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/
(BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to advanced plan and I may get a small my commission at no extra cost to you, so we both win!)
💰 Get Microsoft Excel here: click.linksynergy.com/deeplin...
OTHER VIDEOS
✔️ Uncovering Tax Savings for Work from Home Deductions in Australia | 2023 Updates • Higher WORK FROM HOME ...
✔️ Link a MyGov Account to the ATO in 2 minutes! • Link a MyGov Account t...
✔️ ETF Capital Gains in MyGov: How to Add Them Without Pre-Fill | 2023 Australian Tax Return • ETF Capital Gains in M...
✔️ Tax File Number (TFN) Declaration Form | Explained | AUSTRALIA only • Tax File Number (TFN) ...
✔️ How to track expenses for TAXES automatically | less Excel data entry work for SMALL BUSINESS • How to Track Expenses ...
✔️ How to Enter ETF Tax Statement in MyGov Tax Return with no Pre Fill | 2023 Australian Tax Return • How to Enter ETF Tax S...
✔️ Capital Gains Tax (CGT) on Shares and ETFs for Beginners | Australian 2023 Tax Return • Capital Gains Tax (CGT...
ATO LINKS
🔗 Work from Home Expenses instructions and COVID-19: www.ato.gov.au/general/covid-...
🔗 Carry forward unused concessional contributions www.ato.gov.au/individuals/su...
🔗 Claiming deductions for personal super contributions www.ato.gov.au/individuals/su...
DISCLAIMER: it is important to note that the information in this video is for general information and entertainment purposes only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances.
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Опубликовано:

6 авг 2024

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Комментарии : 13

@MoneywithDan Год назад

What was your favourite tip? Which tax deduction will claim this year?

@dfpca2007 Год назад

Thanks for making these. I got nothing from this budget so looking forward to my tax return

@MoneywithDan Год назад

glad they are helping!

@southcoastdreams75 Год назад

Thanks for the tips!

@MoneywithDan Год назад

you’re welcome!

@JPLowe Год назад

Exciting stuff Daniel.

@MoneywithDan Год назад

thanks for watching!

@Ramin-Habibi Год назад

Thanks for your video. If I started my first job in Australia in February 2023 and my taxable salary until July 2023 is less than $18k, should all of the tax deductions on my payslip be refunded to me? Is it the maximize amount of tax return? or can I lodge other thing like cloth and etc?

@MoneywithDan Год назад

Thanks for watching. If you have no other taxable income for the year then yes, all of the tax withheld by your employer should be refunded to you. Yes, that would be the maximum tax refund in your position, since you are earning less than tax free threshold. I agree that claiming work related tax deductions to lower your income further will not increase your refund. It’s up to you if you want to still declare them on your return.

@LW_-qk7ze Год назад

Are the tips also apply for people with a working Holiday visa? And if you can can claim 150 for workclothes without any bills than everybody can basically claim those 150 right?

@MoneywithDan Год назад

Many tips do apply for working visa too. No, many people can’t claim laundry for work clothes as they need to be a uniform with a logo on them or are clothes that protect in your work duties like metal capped boots or sun protection if you work outside as part of your job like tradesman. Most office workers could not claim laundry expenses which is at least half the work force in Aus for example.

@LW_-qk7ze Год назад

@@MoneywithDan thanks for the response. I get your point, but if you don't have to show evidence like bills etc up to the amount of 150 dollar how can the ATO check it if you really had those clothes or not?

@MoneywithDan Год назад

@@LW_-qk7ze they can’t. But if your total claims are greater than 300 per year then you must keep all receipts including for laundry. If your claims are really high for your listed occupation the ATO may audit you using sophisticated data matching technology which can lead to fines and penalties. Best not to claim unless you are really entitled.