However, much of the stress we put ourselves through at the 30th June could be avoided by undertaking some simple steps through the year.
One way might be:
- Have a A4 Display folder and mark it for the financial year.
- within the A4 mark each pocket with what receipts you wish to keep. For example - donation receipts; rates; telephone/mobile/internet; health fund; superannuation; fuel; work expenses; school/education expenses. You can keep the file for all expenses or just claimable expenses.
- File in your folder bank statements (if you still receive them by post)
- When you have a receipt/paid invoice put it into the folder that day, or empty your purse/wallet weekly and file.
A few simple habits will take a lot of stress out at the end of the year. You don't have to use an A4 folder; find the system that works best for you and make a habit of regularly adding receipts. Then when the end of financial year comes you are ready to go to the Accountant/tax agent with all your claimable receipts once you have received your payment summary and you're not having a meltdown finding documents in your purse/wallet/car/drawers.
Some links to help (for Australians):
ATO - click here
Deductions you can claim- click here
Records you need to keep - click here
The information above is for general views only. You should always check with the Taxation Office in your state/territority/nation and an authorised taxation agent about your particular set of circumstances.