4 tips to make doing your personal tax return as simple and pain free as possible!

4 tips to make doing your personal tax return as simple and pain free as possible!

With the end of the 2020-2021 financial year approaching, now is the perfect time to start getting your tax return ready. For some, this is a straightforward part of running our business, but for the rest of us, this is a daunting headache that rolls around fast each year.

Keep reading for (our Finance genius) Bridgette’s top 4 tips to get ready to lodge!

  1. Find those receipts! Keep them safe in a plastic sleeve or folder and make sure they are legible. Tip: keep a photocopy of them and staple the original receipt to it.
  2. Don’t forget to claim all those work-related expenses (including working from home!)
  3. Did you know that if you wash and iron your work-related uniform you can use a reasonable basis to calculate a tax deduction
  4. Remember if you’re submitting your tax return yourself, it needs to be lodged before 31/10/2021 in order to avoid penalties

The key message here is prepare and plan! Make sure you know when to lodge, how to lodge and where you can go to for support or advice if you are unsure. Be organised, and most importantly, only claim expenses that are relevant to your business, home office or personal circumstances.

Did you know there is now an ATO app that keeps track of your travel kms, all your receipts and expenses AND you can upload all your data for your tax return straight into your mygov portal during tax logement? Not only will this save you time when lodging your tax return, but it’s simply a click away. If you’re an individual taxpayer, small business owner or self-managed super fund trustee, you can access relevant tax and super information and tools in one place. Visit the app store today to save your time!

For more information on income to declare or what you can and can’t claim in your tax return, head to the ATO website or seek independent financial advice.

Written by Bridgette Dederer, Assistant Finance Manager