Don’t get caught unprepared at tax time. We’ve all known that the end of the financial year is at the same time every year, yet many people seem really surprised that it’s upon them again.
This year, take a little time to prepare yourself for tax time and you’ll find it much easier.
Besides, when you have all your documents in order and add up all the receipts you have accurately, you can even reduce your accountancy costs a little.
Collating Your Income Paperwork
Your first step should be to collate your income documentation. This means putting together all your payment summaries from your employer showing your salary, benefits, allowances and tax paid. You should also put together any other documentation you have showing any other income earned.
This can mean Centrelink benefits or any statements you have showing income earned from interest on savings, dividends earned from share holdings or rental income received from investment properties.
If you sold an investment property or any shares throughout the financial year, you’ll need to include documents verifying these too.
People often forget about foreign pensions and other income outside of Australia- make sure that you include ALL income- even that from overseas.
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