Budgeting
Organize for Tax Time with These Simple Tips
The End Of Financial Year is looming, but it doesn’t need to be a frantic time of self-guilt or wishing you’d been more organised. We’ve put together this straight-forward EOFY checklist to save you time and stress.
- Get your paperwork up to date
Having important paperwork in one place helps to smooth the EOFY process. Your records should include:
- Receipts for purchases relating to your work
- Records relating to previous tax returns, activity statements and super contributions
- For business owners, any GST returns and Business Activity Statements (BAS).
- Manage your deductions
Some expense claims may reduce your taxable income. Not all deductions can be claimed so make sure you think through what you can legitimately claim in your tax return. It’s easy to overlook some of them. Take a look at MYOB’s great article “18 commonly overlooked ATO tax deductions and more” for more information.
It’s also a good idea to go through your bank and credit card statements to help refresh your memory.
Don’t forget that you can claim a deduction for self-education and study expenses (if the education relates to your current employment activities), as well as a deduction for the cost of tools, equipment and other assets that help earn your employment income.
- Be aware of due dates
Make sure to put all the required dates in your calendar to give yourself a reminder that will help you avoid ATO penalties. For more information, visit the ATO website here.
- Make additional superannuation contributions
If you’re planning to make additional super contributions, consider making them well in advance prior to 30 June to ensure they are received by your super fund in time.
Sometimes with the best intentions, we end up pushing our EOFY tax planning aside. But, with early planning, you can reap the benefits of being prepared early and alleviate tax time stress.
General advice warning
This article contains general advice and does not take into consideration your personal circumstances. All strategies and information provided on this website is of general advice only. We recommend you seek personal financial and taxation advice prior to acting on this information.
