Use technology
“Take a photo of each receipt and save it on your computer,” advises Collins. “It saves you trying to decipher faded bits of paper when it comes to working out your claim.” Create a spreadsheet where each month you sit down and input your receipts under their correct category. “When tax time comes, it’ll save you time and money because you or your accountant will be able to easily see what your claims are.”RELATED: How To Get Credit Savvy
Know exactly what you’ve earned
“The tax office is very good at finding undeclared income. Collect all your payment summaries, any interest you’ve earned from savings, trusts, dividends and investments,” warns Collins. If you’re unsure about what to declare – what about that cash gift from Auntie Doris? – call the Australian Taxation Office (ATO) for advice or visit www.ato.gov.au.Decide who’s doing your tax
“There are pros and cons of doing your own tax or getting some help,” explains Collins. “If you’re in a bit of a mess, employ a tax specialist. They’ll be able to educate you about what you can claim and enable you to do your own returns in the future.” Collins says to expect to pay $150 to $300 for an accountant, while a service such as H&R Block will be less. The ATO provides a lot of information online and you can do your own tax return, but if you make mistakes you could end up paying tax when you’re really owed a refund. Always keep a copy of your return, in case you want an expert to check it later.Don’t panic!
Even if you owe money, it’s not the end of the world. “The tax office is usually very reasonable with payment options,” assures Collins. “Just contact them before the due date and discuss how you can pay. They may not even charge you interest if you handle it properly.” Also, don’t worry if you’ve skipped a year – just get it sorted as soon as possible.RELATED: How To Make The Most Out Of Your Tax Return
Tools we love
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14 Comments
Why is Ofail raising the price of electricity?..whats HIS excuse?And if he is SOOO concerned about it rising why doesnt HE do something to help?..he wont even take 50 cents off our bill!!
ReplyIt is a pity that opportunities for comments on more deserving topics have been drastically reduced, but the upside is that the morons who were using these sites for their interpersonal absurd,infantile and downright offensive exchanges, have been shipped off to another site where they can espouse their nonsensical diatribe among themselves.
2 Repliesamazing, we can comment on this tripe, but not on comment-worthy stuff, like another article on the Yahooi homepage - in "Five expensive things that can happen to your home", they forgot teenagers
Replytake a photo of each receipt? way cool technotip. Why not line a full days receipts up on a scanner and scan a full day's receipts, to save trying to name 20 receipts files per day??? There's a lot more facts to tax than they've mentioned here - think I'll take a snooze.
Replychristopher j you are nob.less tax you reckon .what do you think all these future- carbon -electrical gas water- rates - new taxes on everything are about.take it off in one hand and grab twice as much in the other.
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