The ultimate guide to preparing yourself for tax time
If your tax planning usually consists of last-minute rummaging through receipts and files, it might be time to think ahead.
Whether you like it or not, mostly everyone must deal with tax time once a year and it can be a huge burden. Some deductions require more forward planning, particularly as the EOFY falls on the 30th of June and you’ll have until 31 October to lodge your return.
We have compiled a few Savvy tips to help you better prepare for financial year-end.
Remind and Remind Yourself Again
First, put a reminder in your calendar a few weeks ahead of the tax return due date, 31 October.
Essential Tax Tips
Keep up to date with tax changes
Not in the headspace to do your tax return yourself? You can choose to lodge your tax return with a tax agent instead. MoneySmart has a useful guide to help you choose a registered tax agent.
If you’re using a tax agent for the first time, or using a different tax agent, you need to contact them before 31 October to take advantage of their lodgement program due dates.
Tax Help Program for eligible individuals
Unsure if you are completing your tax return correctly? Don’t worry, you may be eligible for the Tax Help Program, which is essentially a network of ATO-trained and accredited community volunteers who provide free and confidential service to help eligible individuals to complete their tax returns online using myTax.
We can all agree that tax returns are tedious and infamously time-consuming, however, it provides a good opportunity to revisit your savings, budgeting and investing plans to help you prepare for the new financial year.
Not sure how to kick off the new financial year? The below articles can help you with a smooth financial start.
Don’t forget, you can read all the latest tax information on the ATO website.