Tips for Getting Organised for Tax Time

Wish you could just sit back and wait for a nice fat cheque to arrive? You’ve got your eye on a pair of fabulous shoes and if Mr Rudd is feeling particularly generous you might take the matching bag!

Wake up now, this fantasy is has just been rudely interrupted by reality. The reality is that we may not have implemented our New Year’s Resolutions to be more organised at Tax Time.

This is then followed by the impossible task of trying to find a year’s worth of documents and receipts and then the sad realisation that we probably won’t be able to claim everything we are entitled to.

Poof! The shoes and bag, gone in a puff of smoke!

I’m no tax expert, but I am obsessive about organising and filing. The key to being organised at Tax Time is to have every single piece of paper ready to be called into action at a moments notice, and to do this you need some foolproof systems in place.

I know it sounds as dull as dishwater, but here are some tips on how you can be organised for tax time this year, even if you don’t have systems in place:

1. Find yourself a reputable accountant. I prefer to use someone who has been referred, so perhaps ask around.
   
2. Chase up group certificates if you haven’t received them by 14 July. If you have moved house make sure all employers during the current financial year have your new details.
   
3. Find as many receipts as you can, hopefully you have a central place for these, otherwise try handbags, wallets, car, bedside table etc. Your accountant will be able to tell you what receipts you need for tax purposes.
   
4. Make sure you have all your Bank Statements up until 30 June.
   
5. Ensure you have all correspondence and statements relating to shares and/or investments.
   
6. You will need your end of financial year statement from your Private Health insurer.
   
7. Have a quick look at the ATO website to make sure you are aware of everything you can claim. Visit www.ato.gov.au for full details.
   
8. Gather details of any Income Protection Insurance that can be claimed.
   
9. Make an appointment with your Accountant, let them know what documents you already have and ask if there is anything else they require before you see them.
   
10. Fingers crossed your return will cover the shoes and hopefully the bag.

So what about next year?

Let’s get organised now! Grab a Concertina File and simply pop all your receipts in each time you empty your wallet or handbag.

You can also use this to file your bank statements, investment information and any other documents relating to tax.

Your accountant will tell you what you need to keep, however if you are ever not sure, KEEP IT, your accountant can work it out.

This time next year you can just take the file along to your Accountant and it’s all done.

Now, back to those shopping fantasies