When the time rolls around to lodge your tax, sifting through paperwork can be a daunting prospect.
Managing your taxes can become a less time-consuming and relatively hassle-free process if you take an organised approach to organising your taxes throughout the entire financial year. Determine the best taxation method to suit your life. You can lodge your tax online, over the phone, manually, or in conjunction with a tax agent or specialist.
Annually spring clean your home office to allow for an appropriate amount of space for your taxation documents. Clearly label files by monthly increments for easy access. You could ask your employer to email your payslips and group certificates to your home email address, so you have an easily accessible electronic documentation. It is also useful to create a spreadsheet in Excel to keep track of your receipts throughout the year. If you make sure that you update it once a month, you hopefully will not be faced with a mountain of receipts come tax time.
Familiarise yourself with the Australian Tax Office (ATO) website, to ensure that you are familiar with tax terminology and up-to-date with legislation changes. The current E-Tax option helps you to prepare your income tax return, and lodge your claim online. The ATO is currently revising the method for lodging tax online for the next financial year.
