A New Financial Year is just around the corner!
Organising your tax documents probably isn’t your #1. priority, however, it can make the entire tax process much easier and ensure you get the maximum tax deductions.
If you feel this is quite a tedious process here are a few organisational habits you can form now to alleviate your stress later.
Remember your accountant can only claim what you have provided so if you miss anything you are missing out on valuable tax deductions.
Generation Private Wealth’s Tax Tip 1:
Download the ATO App
Get it on your Google Play or download it on The App Store.The ATO app has a range of features and tools to help you keep on top of your tax and super. To take advantage of all the available features and personalise your experience, link your myGov account to ATO.Once you have downloaded this you will be able to access the “MyDeductions” section from your mobile phone:
- Choose add Expense
- Then enter the expense and upload the receipt image (if required).
MyDeductions can help you keep and organise your tax records throughout the year. It’s a fast, easy way to capture information on the go. Once you finalise your records for your tax return, you can email the data directly to yourself or your tax agent.
Records you add are stored locally on your device and are only sent to the ATO or your accountant or yourself if you upload your completed records to your tax return. (You should back up your data regularly in case your device is broken, lost or stolen as this isn’t an automatic process).
Generation Private Wealth’s Tax Tip 2.
Designate a tax space
Buy a binder or file folders or find an empty drawer to keep all of your important tax documents. You can even buy a basket to keep your receipts in. If it keeps your tax in the forefront of you mind then place it all in a basket on your kitchen counter. You could create a tax space anywhere in your home, as long as it is somewhere so you won’t forget it’s there.
Generation Private Wealth’s Tax Tip 3.
Organise your receipts
Organising your receipts into their appropriate categories makes it easier for you to distinguish where you are spending your money throughout the year so you’re not scrambling last minute to organise that huge pile of receipts in front of you.
Generations Private Wealth’s Tax Tip 4.
Don’t forget your logbook
Don’t forget to keep your logbook updated if you’re claiming home office or vehicle expenses. A logbook is part of how you’ll prove your expenses and works in tandem with your receipts. Updating this as you go ensures you log every expense and are claiming the maximum amount possible.
Get Expert Advice at Generation Private Wealth.