Tax returns can be a real pain, especially around the end of the financial year. For a lot of people, the end of the financial year can mean one of two things: a tax return or a tax bill. However, you won’t know the answer to that question until after you’ve filed your annual tax return.
Now, for most of us who are employees, our tax return process usually starts with when you receive your Group Certificate (PAYG Summary) for all the companies you have worked for during the year. The end of the financial year isn’t until the end of June, and the Group Certificate for the employees are usually distributed in the first or second week of July.
But you don’t need to wait for your Group Certificate(s) to arrive before getting started on your taxes. Take the time to do everything early, so once your certificate comes, all you need to do is wrap everything up for easy submission. Here are a few things to do:
First, it is essential to have all of your paperwork in order. That means having all of hour receipts and documents in a safe place you can call your portfolio so that when it’s time to crunch the numbers, you don’t have to go around your home checking between couch cushions for missing receipts and more.
As soon as you get a receipt, store it away with the others and make your filing process a lot easier on yourself and everyone else.
Getting organised is just half the battle. The next step is to make sure that you have all of your deductibles listed down and ready to go. These deductibles can include tools of the trade, as well as clothing, laundry and dry cleaning expenses, and home office expenses to name a few.
There are plenty of deductions you can file, and to know more, you can check out the Australian Taxation Office website to see a complete list of deductibles you can register.
Take the time to know when the taxes are due to stay on top of everything and not to procrastinate. The best way to do this is to mark it on your calendar months in advance, or even your planner. While you’re at it, you can then mark the date on when you plan to submit everything.
Remember, it is better to get everything out of the way to avoid conflict and to make sure that you will not overlook everything. What’s more, it is more relaxing to go over everything and make sure that everything is done before the actual deadline because that means you won’t have to join the crowds and be caught in the confusion that is sure to ensue.
Filing taxes can be a tricky job, but if it’s just for a single income and with not too many deductibles, you can learn to do your taxes and get everything done yourself with no hassle.
However, if you are running a small business and have a few children as well as assets, it might become too much and make it harder for you to keep track of everything even with your organised files.
That is why you should never be afraid to ask for help when you need it. Accountants will be more than happy to help you with your taxes to make sure that nothing is out of place and everything is in order. Of course, like any other service, hiring accountants or any finance professional will need you to pay them a set amount that will range somewhere between $70-$200 depending on where you ask.
Getting ahead of your taxes is rewarding. If you want to know more about the other documents and what else you need to do, there are resources online that has everything you need.
Once everything is said and done, and you get your tax refund, it’s finally time to get that new car for your family. Use it for a down payment with us here at Alpha Finance. We can then set you up with a payment plan that will suit your budget.