DIFFERENT WAYS TO MAXIMISE YOUR TAX RETURN

 As soon as we will reach the new financial year, there will be many small businesses that will start looking forward to indulging them so as to reduce their tax bill or else increase their tax refund. So eventually it is now high time to sag a tax-deduction bargain and reduce the cash flow outcome before placing the tax return after July 1. Customer can reduce their taxes in many ways like by installing solar panels, by working from their home or using mobile phones and etc.

To claim these deduction options, one should keep in mind that you just do not need to purchase the asset but these assets should be installed and ready to use by June 30. So please make sure that you don't leave it for the last minute and then never buy something which is out of stock and won't come back in store until July.

Different types of deductions that can be claimed

Solar Panel Installation:

Investing in solar panel installation could be the best way to reduce your taxes. The solar panel generates a tax-free and provides a reliable return that is considerably way higher than those of government bonds or any bank interest rates at the time of purchase. Generally, people purchase a solar panel with cash. So, if you are debt-free and have cash with you then you can invest in a solar panel system. 

At Future Solar WA, we provide our customers with the best quality solar panels. You will experience the best installation services with us. We have the CEC accredited team having experience of more than 15 years of working and contributing their part in the growth of the business.

It is very easy to contact us, we are just one click away. We will be there at your service and discuss your solar requirements. We will handle and sort out all the paperwork along with the permits. The retailer will change the meter and then we will suggest your solar system according to your preferences.

The next process is monitoring the system setup and checking all the warranties, then the solar expert checks all the designs before the installation starts. After that, the system is tested and if you approve then we provide a lifetime of support. Also, you can add on a Battery Storage Solution along with a solar panel system and this will also work as an asset that help you to get a tax reduction for the future. 

Working from Home deductions

Some share of the home or office expenses can be claimed as a tax deduction if you take out all or some part of your employment activities from your home. The best scenario would be if you set a room for your office work and make it a proper office space for you. 

If you are using a room for multiple purposes then you can claim the deduction only for those hours when you had actually used that area for your office work. 

Professional associates, trade union memberships, or magazine subscriptions

You might be a member or become a member of an association, so as a part of your profession the best part will be that you can lay claim to your subscriptions. If you are a part of any trade union, your fees will also deductible and will enjoy several other benefits along with it. 

A magazine subscription can easily make a big impression on your pocket money. You will be glad to know that all the investor, financial researches and publications services are claimable. So it’s time to preplan the following year's fees before June 30 and claim all the deductions by thinking before time.

Mobile phone usage

You can also claim a deduction by using your mobile phones for all the office work and hence you will get paid for these expenses. All you need to do is keep a record of all the expenses so as to support your claim. Also, if you are doing both professional and private work from your mobile phones then you have to carry out the percentage of work you are doing for your office. Always keep in mind that you can't double-dip and claim the expenses.

So, if you have any kind of enquiry related to solar panels, just reach out to us and we will be available for you. What are you waiting for then? Just grab your solar panel installation as soon as possible so as to enjoy tax deduction and peace of mind at the same time.

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