How to Get Ready for Tax Time

It’s nearly a new financial year in Australia, which means for many people, it’s tax time. Getting everything ready doesn’t have to be a huge task if you have the right tools and systems in place to stay organised. Here are our top tips to help you out.

Start as you mean to continue

Whether you work for an organisation or work for yourself, it’s so important to set up a system so you can keep track of all your paperwork as you go. Save time by storing all of your invoices and important documents in your Binder so everything is in one place for when you need it. If you have a lot of paperwork, you might want to keep it all tucked away in a Storage Box.

Receipts Folder

Keep track of your expenses

Our Receipts Folder has customisable tabs as well as envelopes for each month of the year. Store your receipts in the envelopes and then write down the amount on the front. That way when it’s time to work out your outgoings, everything will be in one place for you to instantly reference.

Do little and often

Rather than leaving everything to pile up for when tax time rolls around, make a regular appointment with yourself in your diary to maintain paperwork. Once a month, note down all of your expenses and sort through your paperwork. And don’t forget to reward yourself for all of your hard work afterwards.

Understand what you can claim

It’s a good idea to talk to an accountant who specialises in tax for your industry so you have a good idea of what deductibles you can claim. That way you can be sure to only keep the receipts that you really need and not keep hold or excess papers.

While you’re thinking about tax time, now is a great time to think about your budget and expenses. By having an efficient system and a clear overview of what comes in and goes out, you’ll be much more motivated to save more each month. Our Budget Book is a great tool to help you get started.

Get organised for Tax Time

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