Five simple steps to succeed at tax time
As the end of the financial year approaches, it’s time to start preparing for tax time. Getting organised early can save you time, money and stress.
Here are five simple steps to help you minimise your stress and maximise your deductions:
- Gather your paperwork: This includes income statements, loan documents, interest summaries and any receipts for deductible expenses.
- Update your personal details: Make sure your contact information, bank details and myGov account are current – this helps the ATO process your return without delays.
- Check for eligible deductions: If you’ve incurred costs related to income-earning activities – such as working from home or investment property expenses – these may be claimable.
- Speak to your accountant: They can help you understand what you can claim and ensure your tax return is accurate.
- Plan ahead: Tax time is a great opportunity to review your financial goals and set yourself up for the next 12 months.
Taking a few simple steps now can help you finish the financial year strongly – and start the new one with confidence.