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How to prepare for the upcoming end of Financial Year?

How to prepare for the upcoming end of Financial Year?


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21/06/2022

The year has come around quickly again. As they always do! We are looking down the barrel of June 30, 2022. 

So how do we best prepare for this?  For some of us, we have been doing this for a long time and we just cannot seem to master it.

This blog requires commitment, organisation, a stationery shop and a can-do attitude so this time next year is a walk in the park.  Tax time is a chore because we have not done what we need to do to be organised.  If you are one of those people who store all your receipts in a shoe box then we need to make changes NOW!

Please note this is not tax advice is general advice on how to best prepare (in my opinion).

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Tips and Ideas for preparing for that day (EOFY)


Make sure all your receipts and records are updated.

Were you generous this year?  Did you donate funds to a worthy cause?  Did you buy a donation bag at Cotton on?  Did you donate to the world's greatest shave to support someone you know?  Did you work from home and have to pay electricity and phone and internet expenses?  Did you use your car for work? Have you kept a logbook? You will need evidence of this to be able to lodge your claim. Hopefully, you will have these receipts somewhere on your computer so it's just a matter of collating them.

  1. Google what tax deductions and concessions we can claim this year then go back to the computer to look again at what receipts you need to find.
  2. Check that your tax agent is a reputable one.  If you are keen to get your return to remember this is the busiest time of the year for them so call now and make an appointment.  If you are one of the clever ones who does your tax return by yourself – preparing is the best way to be efficient when you commence the tax lodgement.  Remember that all of your documentation is sent to the tax department and can be found on your my gov account.  Your tax agent will have access to all of this.  Also, important to note that your employer has extra time to complete your tax returns and sometimes this can take up to a month for them to be lodged.
  3. Stay patient, sometime things take time so don’t let this process get the better of you.

For some of us, we get a return that is like a tax bonus- spend it wisely – we have a tough year ahead.

If you need to pay – remember you have time to do that, and this may be the time to talk to your payroll team as to why this is.  Perhaps your preparation for next year involves paying a little more tax each week to avoid this situation next year.

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GO now and get a folder that you can put these same receipts in for the next financial year. The next financial year starts today!

 

I hope your tax return bucket is filled with lots of notes.

 

WRITTEN BY
CHRIS SACCO


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