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For many, the mere thought of preparing our tax return or BAS is enough to break out in a cold sweat. However, getting your paperwork in order can avoid headaches and save you money and a whole lot of that very precious commodity called TIME.
If you want to ensure that your tax records are accurate and not miss out on claiming deductions, follow these tips and steps on how to set up your own easy and efficient tax system.

Sorting and organising your tax paperwork quickly and easily. As easy as 123....
1. File
2. Process
3. Archive

Keep it simple

For personal use: Use a broad heading and label TAX. Within that file, make other files and labels such as TAX CLAIMS, TAX RETURN (Year) and TAX REF.
Place all claimable receipts into the TAX CLAIMS file.

For Business Use: Use heading such as BAS APR-JUN, BAS JUL–SEP etc. Within the BAS file (or just “Tax Claims” if not GST registered) place all receipts for that tax period.
For other claimable items such as health care, investments, bank interest etc, these should have their own separate hanging file and the information will be easily accessible.

Tips to organise your receipts

• For those receipts that haven’t quite made into the filing system yet, keep a separate section in your wallet or handbag or a small file in your car for tax deductible receipts as you collect them. Transfer these receipts into the main TAX file at the end of the week. It’s much easier to file as you go, than try and tackle it all at the last minute.
• Make a note about what the expense relates to on the back of the receipt and circle the date for easy reference later on when you process.
• Receipts can fall out of manila folders, as an alternative use document wallets or envelopes. Make sure they are clearly labelled with the relevant dates.
  

Make time to organise your paperwork

Schedule a regular time in your diary to process the receipts into your accounting system. Do this weekly or at least monthly even if you complete your BAS quarterly to avoid the task becoming overwhelming. If you use the services of a bookkeeper, your files will already be in order and all you need to do is hand over the files.

Archive

Once you have received your Notice of Assessment, attach with it all the related receipts and archive the records in a safe place, so that you can easily retrieve your documents if you are audited. Talk to you accountant or the ATO to find out how long you should keep your records.

Want an alternative to paper receipts? Next time we'll cover how to convert these to electronic copies.

Need Help?
If you're looking to get ready for tax time, get your Inbox to ground zero, stay on top of your action items, stop wasting time looking for information and take your productivity to the next level, then take action NOW! Call Wendy on 0407 967715. Full and half day office organising sessions available, initial consultation is complimentary - so what are you waiting for?
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