1) Know what you need: Keeping everything ‘just in case’ creates unnecessary paper piles which can be very overwhelming. Talk to your accountant to find out what records and receipts you need to keep.
2) Keep it simple: Set up a simple system for your paperwork and keep everything in the same place. Use lever arch files or a section in your filing cabinet to broadly categorise your tax related paperwork such as deductible expenses, pay slips, health expenses, donations and investments. Make sure each category has an envelope or folder to hold receipts throughout the year.
3) Organise your receipts: Keep a separate section in your wallet or handbag for tax deductible receipts as you collect them. Make a note about what the expense relates to on the back of the receipt.
4) Make time to get organised: Schedule a regular time in your diary to keep on top of your tax and household paperwork. It’s much easier to file as you go, than try and tackle it all at the last minute. One hour a week is all you should need.
5) Archive it: Once you have received your Notice of Assessment, attach it to your tax folder and archive the records in a safe place, so that you can easily retrieve your documents if you are audited. Talk to you accountant to find out how long you should keep your records.
6) Beat the backlog: If you have more than three years of returns to complete, dedicate a lidded plastic box or an entire filing cabinet drawer to the job. Label a new foolscap envelope for each financial year you are missing a return. Round up all your paperwork and place in the envelope for the relevant year. Then hand the envelopes to your accountant.
7) Seek advice: Speak to your accountant, and visit www.townsvilletaxaccounting.com.au to find out how we can help you put simple systems in place to keep your paperwork in order.
If you need any assistance with your tax or accounting matters, please feel free to enquire or arrange a consultation.
0407 577 955 www.townsvilletaxaccounting.com.au
No comments:
Post a Comment