Tax Tips – What does June 30 mean for you?
Tax Tips – What does June 30 mean to you?
What does June 30th mean to you? Does it mean a time for bargain hunting, or time to snuggle up with a good book next to the fireplace/gas heater?
For some, particularly the Government, it is tax time, time to raise some more revenue to support the country. Do you claim all that you legitimately can off your tax bill?
This is an excellent time to see how the year went and where to focus your goals for the next financial year. Of course this takes some planning and using a system so that you can keep up to date throughout the year.
If this is not happening for you and tax time feels more like walking into a mine field set with potential unpaid bills, late fees and further expenditure of cash read on.
Passing on your pickle of records to the accountant/tax agent is one way to deal with the problem. While your tax agent might complain about the mess of your records and you DO have to pay the extra for them to sort and collate, it may prove worthwhile just to clear the desk.
Are there missing invoices, dockets, records and receipts and therefore more unclaimed deductions to add to the pain and financial suffering for the year?
Want to change this outcome? If yes then follow the basic steps below so you can avoid the stress and hassle surrounding tax time and enjoy the benefits.
Tax Tips
Heaven in Eight Easy Steps:-
$ Implement a simple system
$ Know what to keep
$ Know what to photocopy/collate
$ Take time to organise
$ Seek advice
$ Work on the backlog
$ Don’t forget an archive system
$ Enjoy returns
“Getting organised at tax time is so important, not only in ensuring that your tax records are accurate, but also that you claim all the necessary deductions and receive the best possible return,” said AAPO Past President Angela Esnouf. “Sorting your tax paperwork could certainly mean money in your pocket,” she said. Many people work 78 days a year or more to pay the tax man so don’t you think it’s time to take action!
Written by Noela Collins from Organise Your… | Facebook | Email | 0487 637 050
