Getting The Most Out Of Your Tax Refund

Studies show that on an average, Australians fail to claim about $436 worth of their deductions from their taxes. This figure translates to about $131 extra cash on their pocket at the end of their financial year. They miss all these deductions because they fail to claim what they can claim.

The tax system in Australia is quite complex and this could lead to most Australians just wanting to get things over and done with. They also turn to tax agents to ask for help, there are a lot of reputable and reliable agents out there such as those you can find in Factors such as poor records and lost receipts all affect the failure to claim what should be theirs. There are some common unclaimed deductions that Australians fail to claim. Here are some of the most common ones.

1. Log Books – Log books are the best way to keep track of your expenses when it comes to traveling to your workplace. If you want to have your claim approved, you should keep your log book for 3 months or longer if you want it approved. This covers those whose work place is greater than 5000 kilometers.

2. Home Office Expense – Some people literally bring their work home. There is nothing wrong with having a dedicated home office and you can actually claim 34 cents per hour as your expense. Some may think that this value is very low to consider but if you add up all the hours that you spent in your home office, you can surely get a lot.

3. A Diary – When your workplace is not as far as 5000 kilometers away from your home, you can still file a claim for it using a diary. You can have 63 cents for every kilometer distance that you travel. To give evidence to your claim, a diary should be kept.

4. Uniform Expenses – Did you know that you can claim the expenses you have regarding having your uniform cleaned? You can actually claim up to $150 annually with this expense.

5. Hiring An Accountant – An accountant or a tax agent can help you to make your tax return for the year and the fee or payment you give to them can be used as a deduction to your next year’s tax.

6. Investments – No matter what your investments are, you can get a tax deduction out of it. A lot of tax payers have investment properties that they don’t claim for a deduction but they could.

7. Income Protection – Income protection is a type of insurance in which you can claim for as a tax deduction. The premium you pay for this insurance can be used as a tax deduction.

8. Gadgets Or Computers – Your computers, mobile phone or other technological tools are bound to depreciate over time. The depreciation of these can all be claimed as tax deductibles.

These are just some of the most common things that can be used as tax deductibles, which most Australians do not claim. If you have any of these, you better take a look at your deductibles claim again to see if you are missing out on any claims you are getting.

Education for a Single Mother

As a single mother already has plenty to deal with, they do not always consider furthering their education as a way of helping them in the long term. Although they are busy though, many single moms do find the time to advance their education and for those, not only does it lead them to a better life but, it can also assist their children to get one as well. Many single mothers of course, think that they can’t afford the expenses of more education and wrongfully think that because they are a single mother, no one will assist the, which isn’t true. If they go to the internet and find scholarships for mothers, they will see that as well as being many scholarships that are specifically for mothers, there are also plenty that are specifically for single mothers and so single mothers are the only ones that are eligible to apply for them.

There are several types of scholarship available once you look and some of them may be national whilst others may be local but where ever you live; there will be at least some which are applicable to you and your situation. Some examples of scholarships which are available are; the Jeannette Rankin Scholarship Fund which is an organization that specifically helps women that are over 35 years of age and it has over the years, given over $2 million to assist some 750 to get associate degrees. The Shawn Carter Scholarship Foundation is a foundation which was set up to assist with expenses like books, lab fees, food and travel for students that are struggling due to socio-economic hardships and they too have assisted 750 people to the tune of $1.7 million. The James E. “Pete“ Petersen Scholarship was set up in 1985 with a view to helping non-traditional female students which means that they give single mothers special consideration when they apply.

Certainly a better education can assist a single mother in the long term but there are things that they can do that will help them in the short term as well as the long term and among them is having the ability to laugh. Laughter is good therapy but far too many mothers are too busy to do it regularly but they should find that little bit of time. Laughter will not only make the single mother feel better but it will also help their kids if they hear their mother laugh on a regular basis, it will teach them that although there may be difficulties in this world, there is always a lighter side too. If a single mother ever wonders what there can possibly be in their situation which warrants a laugh, they only have to look back over their previous week with laughter in mind. Many a situation that they would have found themselves in may have been very dramatic at the time but now the drama is over, there would often have been a funny side to it.

Self Managed Superannuation Fund And How It Can Help Us

A man was driving home from an out of town project with his boss. He looked okay all throughout the trip, discussing with his boss stories about his family- his wife, three daughters, one in college, one in high school and one in grade school. He was even singing to his favorite song, the week was finally ending and it was time to go back home to spend time with the four women whom he considered are the love of his life. Today was just like any ordinary day, but that was what he thought. Nearing the city his boss observed that there were changes in the he was driving. The car started to turn left and right then he slumped in the steering wheel, unconscious. The boss had presence of mind and pulled the hand brake. He was a big man, so it took six people to carry him out of the drivers seat and bring him to the hospital. The doctors checked him and pronounced him dead on arrival.

Life is very unpredictable. In just one snap, your life can change. In the story narrated above I am pretty sure he too never imagined that he will die that way. All along, he thought that everything was okay. It was just one of those ordinary days, that he was driving on his way to go home to see his family will be the last day of his life. No one in this world knows when he or she will die. So we all have to be ready when our time comes.

As parents, our main goal is to secure our children of a good future. We may be very healthy and strong today, have an overflowing bank account and is living in a mansion. Nevertheless, we can never really tell what will happen tomorrow, a few months or years from now. So it is best to be ready and start saving and/or investing. Aside from properties and expensive accessories which increases its value overtime, we can also put our hard earned money into a self managed superannuation fund . By doing this, we can go beyond our prime years and retire peacefully knowing that you will be secured in the coming years. After working so hard for more than half of our lives, we all look forward to living and relaxing not thinking where to get money to pay for all our needs such as our rent or mortgage, food, gas, car, clothing and other everyday necessities.

Our life is like a wheel, sometimes we are up, sometimes, we are on the other side. That is why whatever happens, regardless of our level or situation in life, we have to always be ready of the events that we might be faced with. Being financially ready will help secure the future of our children in terms of getting their needs. However, mental, spiritual and emotional guidance is another topic that should always be at the back of our minds because it also plays an important role

Loan Only When Needed: Using Loaned Money For Expansion

As you start reading this article, whatever you maybe, weather in college, highschool, or even nearing your retirement, this will totally change your course and status of your life. Let’s face it, we all want a more productive business while you just sit at home with criss-crossed legs while watching the television. Sound pretty far fetched? But everything is possible if you just educate yourself or just simply apply discipline.

The best thing to do right now is to start saving, while as for the ones who are ready fire it up (build a business) you must take the following tips seriously. You come to think of jump starting a business. To do that, you need to loan some cash and use it to expand or start building your business. To do that, you need to have a stable income, companies depend on how much income you produce a month so they can calculate how much they can get.

Right after securing and getting the money, you must think deeply on what to do about it. As an experienced entrepreneurs would do, the money will be used to setup expansions of their business. And to allocate that area much more, they tend to make it another field of department. For more info, you can watch the video below for much more details.