3 Simple Recording Keeping Tips for a Stress-Free Tax Return
As Accountants you don’t have to tell us twice about the stress induced panic during tax season. Working with clients each tax season we know that there are two kinds of people when it comes to lodging your tax return, the people who have everything filed and ready to go and others who have a handful of receipts in their glove box.
With the ATO cracking down on tax deductions it is vital you are keeping as much documentation as possible to ensure you can receive the highest return you are entitled to. If sufficient proof for your deduction is not supplied the ATO can audit your tax return. Plus you don’t want to forget about things you could potentially claim back.
Did you know Australian’s lose millions in unclaimed tax deductions every year? Don’t want to miss out?
Here’s our top 3 tips to getting a better refund stress-free:
1. Create a list of tax deductions - Keep a running list of all of each type of expense and their totals.
2. Get organised - Keeping your tax deductible expense records (newest to oldest) to avoid frantically rummaging through mountains of receipts, plus there's less chance of losing receipts.
3. Back up your receipts - it’s always a good idea to scan your receipts when you receive them to avoid fading, losing them and makes it easy to upload. We recommend using the ATO app.
Are you prepared for this year’s tax return? Download our tax time checklist now! Still need assistance? Book an appointment with our professional team today!
(03) 5021 1110