Lifestyle tips



Getting Yourself Organised for Tax Time

Posted in 'Organising' on June 15, 2015

It’s coming up to that time of year again — tax time, and if you’re among a large proportion of Australians, you may not  quite be claiming everything that you're entitled to. With the 30th of June creeping up, it’s a good time to retrieve the shoebox full of receipts you've accumulated throughout the year and consider what you can and can't claim.  

The ATO website provides a comprehensive list of deductions you're able to claim - and you might be surprised what's on the list that you may not have been claiming to date. For instance, if you work from home (even if you don’t own a business) you may be able to claim some of your workspace expenses including heating/cooling, cleaning, lighting and even office repairs. 

Of course to claim most of these deductions you will need to have maintained clear records including receipts of purchases. Whilst receipts and tax invoices from people  and businesses supplying the goods and services are some of the best evidence to use for your tax deductions, you can also use a combination of other documents to support your claims including:  
  • Bank or financial institution documents
  • Credit card statements
  • Email receipts
  • PAYG summaries
  • Handwritten evidence in a diary or similar - so long as the individual claims are no more than $10 and aren't collectively more than $300
  • Paper or electronic copies of documents that are a true representation of the originals are also acceptable. 
And whilst it might not help for the financial year just passed, there are a whole range of apps that can help you record and track your receipts on the fly like Shoeboxed AustraliaReceipts and Expensify that you can start to implement and use for the coming tax year. All have different functionality that allows you to capture and store relevant tax info on the run and some apps will even consolidate that information with your accounting platform. 

You can find out more about claimable tax deductions  on the ATO website. And don't forget you need to retain your evidence for 5 years from the day your tax return is due or the day you lodge your tax return (whichever date is the latter). 
 
PS: if the thought of getting yourself organised for tax time makes you nauseated then you know where I am


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