Monday, March 26, 2018

Living Life - Being organised for EOFY

The 30th June will be upon us before we realise.  Many people stress at this time of year as they dig for receipts, invoices, health claims, fuel dockets, donation receipts.

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.  

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