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Posted by Susan Whelan Jun 14, 2008 |
The end of the financial year is looming in Australia. Only a few more weeks and it will be time to gather together all the tax-related paperwork and trek off to the accountant in the hope that the Government will kindly return to you some of the money that you have generously shared with it over the past 12 months.
Many accountants charge according to the amount of time it takes to complete your tax return. It is in your own best interests to simplify the process for them as much as possible. Turning up with a shoe box full of receipts for everything from work stationery to the coffee you picked up on your way to their office is a costly way to go about things.
Organise and Declutter Paperwork
The best way to avoid frantic searches for important documents at tax time is to keep track of them throughout the year. Regularly filing receipts, warranties, insurance policy details and other important documents means that you will know exactly where they are when you need them, saving you time and effort when it counts.
Paper clutter can quickly take over a home – a few pieces of junkmail, a few school newsletter, some unopened mail and before you know it, the entry table is overflowing with paper. Sort through papers as they enter your home and file them as soon as possible to prevent paper clutter chaos.
Household Budgets
Tax time tends to remind us that we really should be more responsible with our money. Put some thought into setting up a household budget or looking for ways to economise with everyday expenses.
Task for the Week: Gather Tax Paperwork Together
Start getting relevant paperwork organised so that it is ready to go to the accountant when you are.