Does tax time fill you with dread?
The end of June is almost here, is the thought of sorting through the piles of paper and receipts seem daunting and uninteresting ? Does tax time fill you with dread and make you anxious ?
I heard a saying the other day – Eat the frog first !
Quite simply, it means put the hardest job at the top of the list of “To Do’s” and the rest will seem like a breeze. You will be amazed at how quickly you can become organised when you tackle tasks this way.
Start with a simple system as it will be easier to manage – use coloured files for different categories, visual identification is quick and effortless.
You need two main types of records for your tax return, those that show income you have received and those that show any tax deducible purchases you have made.
For more complex returns, ask your accountant for their preferred way to receive your information which will cut down the costs of paying them to sort it out.
Documents showing income received are pay summaries, Centrelink or Veterans Affairs, dividends, investment income, bank statements showing interest received etc. Documents for tax deductible purchases include, work & study expenses, health insurance and charitable donations.
In addition you may have papers relating to the sale or purchase of an asset where you may be subject to capital gains tax.
For more information see the Australian Tax Office website.
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