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How to get the most out of your tax return

For every working and organisation in Australia, the end of financial year is a busy time. And for many income earning individual or business, it is often a time when all the information you need for your tax return appears to have “gone missing” over the past year. Understandably, a year is a long time to keep something up to date and stored securely in a busy work environment, but keeping yourself organised throughout the year will ultimately lead to efficiency and greater benefits during tax time. Some of these changes are are simple organisation habits you can apply right now, while others will require a bit of effort, but will be well worth it in the long run.

 

  • Keep your paperwork intact

 

Did you make a small donation, or buy a book for work or business? While these purchases seem minuscule at the time, just think of how many small purchases you actually make in a year. You may realise that over the year, it adds up to hundreds of dollars in expenses. If you are diligent, you would keep your invoices and receipts for any transaction relating to your employment or business so that you can claim back the tax on those expenses.

 

  • Label your paperwork

 

Having the relevant paperwork for tax return in your possession is a great first step. But keeping your documents organised throughout the year will help you a lot at tax time. It is as simple as making sure all your documents are labelled and organised in an orderly fashion. Do your best to separate documents by accounts, and ordered chronologically or alphabetically – whatever makes the most sense to you, your accounts manager or accountant.

 

  • Get to know your tax accountant

 

Who would know the Australian tax system and your individual account standings than your trusty tax accountant. From corporate accountants in Sydney to your friendly Melbourne’s tax agents, they know the ins and outs of maximising your tax returns. They can help you check for errors and accuracy in your claims as well as point out any missed claims you are entitled to. You can also have them help keep accounts organised for you – leaving you with the time and energy to concentrate on your business, not your books.

Doing data-entry, bookkeeping and accounting is not everyone’s cup of tea. But at the end of the day, keeping your accounts organised is essential for business efficiencies and planning for growth. If you’re not sure about the gaps you may have in your business accounting practices, consult with a reliable business accountant for expert guidance. They can help you maximise your tax returns as well as help you improve your accounts management on the whole.