Parents should be financially savvy to show their children how they should manage their finances as adults.
It is important for parents to oversee their family budget and manage their household finances. Tax refunds are one of the things that can help parents meet the extra expenses they may incur.
As parents, you can declare your bank interest that you earned from your bank on your annual tax return. By doing this, the ATO can view your bank interest and won’t cause further delay on the refunds.
You should also keep a log book where you can keep all business expenses that were accumulated for the year. This will give you the chance to choose the best method in claiming the expenses of running your car for company usage.
Remember that you can claim 30% of child care tax rebate for costs paid by an approved child care center. There’s a rebate of up to $4,000 per child a year. Meanwhile, there are some medical costs over $2,299 that entitle you to a 20% refund of the excess as well.
What can you do?
If you would like to know more about tax deductibles and how to manage your household finances, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
Whether you are a beginner, seasoned investor or business owner, we can give you guidance to maximise the financial areas of your life. We can give you an integrated and tailored solution of your superannuation, taxation, property investment, asset protection, estate planning and more.
Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.