Make this tax time an organised one!

The end of the financial year is coming up so I thought I’d throw together a few tips for managing your paperwork so that tax time is stress-free moving forward.

  1. Have an easily accessible file for your taxable receipts and make sure they’re separate from non-taxable receipts (an envelope in a drawer works just fine, just label it well with the year)
  2. Keep all your tax stuff together in the one storage type – don’t stash them in different places such as portable files, tubs ore piles on the bookcase.
  3. Always have a “current tax year” folder at hand to drop anything relevant in there as it arrives (no more asking for a replacement group certificate!)
  4. Ask your accountant to send you a detailed list of what you need to keep and for how long so that you can refer back to it when filing, organising and culling
  5. Digitize as much as possible and sort the files with folders by financial year
  6. When you’re sorting through your piles, have one for “current tax year” and the rest can go in one pile for now – it’s the current one (and any not lodged yet) that are important at the moment
  7. Don’t let it build up – work on it throughout the year and it won’t be a) lost or b) overwhelming when the time comes.

If you struggle with paperwork, perhaps setting up a proper household paperwork system that suits your personality might be worth the effort? Make next year’s tax a breeze!

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