Improving Your Tax Refund
Have you ever found yourself searching through your bags, wallets, purses and folders for all your receipts?
Well, if yes, you are not alone. This is a common scenario in many households when tax time approaches. You not only spend hours in search, but may also miss out on hundreds or thousands of dollars if you don’t find the receipts.
This is why it’s super important to find a system of organising and maintaining your records as the year goes on. Once you establish a way of organising, being able to create a habit will make things a lot easier when it comes to tax time.
So, here’s a quick and easy record keeping plan for you to help you save your time and money, and most importantly, maximise your tax refund. Following these simple tips would really help you.
- Remember that the ATO requires you to keep records for at least five consecutive years and thus, buy five separate folders for keeping all your expense receipts safe therein.
- Label the folders year-wise and place the file in the same place.
- Collect every relevant receipt; it includes work-related traveling, work related purchase, work calling bills, work-related investment, donation to charity, and also electricity, Internet bills if you work from home.
- Even if you are not sure about any receipt being deductible or not, do keep it! Take advice from your accountant about it later on.
- Never use a highlighter on any receipt.
- Open the year’s folder when your tax time comes and you will find all your expense receipts supporting tax deductions at one place together! Simple!
Numbers Talk is a trusted accounting firm in Melbourne that provides some of the best accountants and tax accountants Melbourne CBD.
To know more please contact us
