Tax time is like a birthday – you know it’s coming around, but somehow we’re not always prepared for it!
We are just a week shy of tax time! For some, it can be a time of excitement as they await their refunds.
For others, it can be a taxing time as they sort through receipts, bank statements and mountains of paperwork.
So do you make the best of tax time? We have found that the next few tips can make tax time a breeze:
• Review your tax status annually. Are you using the appropriate business structure? Do you understand your current business structure? Is the Tax File Declaration that you provided to your employer still relevant?
• Get organised. Whether you use the pen-and-paper method or a mobile app, get into the habit of tracking your business and work related expenditure. Another useful tool is to keep a tax checklist to ensure you have all the information ready to ensure speedy tax return preparation.
• Your tax situation is as unique as you are. Your line of work may entitle you to a range of deductions not available to others. An investment property tax depreciation report from a professional may maximise your tax deductions. Get to know the specific deductions you are entitled to claim in your tax return. Most importantly, avoid corridor conversations and google on tax matters – get it straight from the horse’s mouth – a trusted tax agent.
If you require any assistance, don’t delay – contact Australian Tax and Accounting for a free tax health check! They are skilled and experienced tax advisers and will provide you with the tax advice that best suits your personal situation. Here’s to a stress-free tax time!