In anticipation of a new financial year, we chatted to one of our Personal Organisers to get the lowdown on how to get your tax paperwork organised and under control, minus the stress.
1. START NOW
If you’re new to setting up an effective tax paperwork system (effective being the key word), start getting organised now, so when the new financial year arrives, you’re not left anxiously searching for lost documents late at night when you should be sleeping.
2. STORE DOCUMENTS IN ONE PLACE
Save time searching for paperwork by keeping all relevant documents in one spot. If your tax is relatively simple, keep all paperwork together in a Manila Folder in your Step File or, if you have a larger quantity of tax-related paper, store it in an A4 Storage Box.
3. SET UP A TAX FILING SYSTEM
Take the time to set up a system now and you’ll save time down the track and reap the benefits for years to come. Learn how to set up an effective and efficient tax filing system here.
4. DO A LITTLE, OFTEN
Rather than spending all weekend (or longer) sorting documents when tax time rolls around, make a regular appointment with yourself in your diary to maintain paperwork. You could even use the arrival of your bank statement as a prompt to yourself to sort through the receipts from that corresponding time period.
5. ORGANISE RECEIPTS
This might seem simple, but it can be a big task if you leave it too long. Use a My Receipts Folder or Receipts Book to keep receipts organised in one spot. For individual tax returns, sort your receipts by category. For businesses, you may prefer to sort by month, especially if you have to compile BAS statements throughout the year.
Note: Only keep receipts that you may need to refer to in future. As yourself, ‘What are you tax deductable items/allowances?’ Discard the rest. If you don’t know what you’ll need, ask your advisor. One quick phone call can save you years of filing paperwork ‘just in case’.
6. ASK FOR HELP
If you’re feeling overwhelmed, don’t know where to start, or need hands-on help for your specific needs, book a private Organisation Workshop with one of our Personal Organisers or come along to a group Organisation Workshop to learn how to implement a system that will help you to get your paperwork organised once and for all. For a lot of customers, the cost of this session is tax deductable. Say goodbye to unnecessary anxiety surrounding this time of year and let us help you make beneficial lifestyle changes. Find out more here.