{Organise} Tips for tax time

The end of the financial year is fast approaching, do you have everything organised and ready to claim?

Scott, from Springer Accounting and Tax Solutions (aka, Mr Organised Housewife) has been so kind to put together his top organising and tax tips for year end 30 June 2011.

Collect the following information required to prepare individual tax return together in a folder:

Income

  1. Copy of PAYG Payment Summaries from employers
  2. Eligible Termination Payment Summaries from redundancies
  3. Interest earned on all your bank accounts
  4. Dividends received on any shares you held
  5. Distributions from Trusts or Partnerships
  6. Details of any capital gains events throughout the year, eg if you sold shares or a rental property
  7. Rental income on all rental properties

Expenses

  1. Work related car expenses
  2. Work related uniform expenses
  3. Work related self-education expenses
  4. Any other work related expenses – union fees, seminars, home office, telephone, subscriptions etc
  5. Interest expenses on loans for investments such as shares
  6. Gifts or donations to deductible gift recipients
  7. Tax agent fees for last year

Other information

  1. Private health insurance information
  2. Education expenses for Education Tax Refund
  3. Net medical expenses if over $2,000 spent during the year for you and your dependants

Tomorrow Scott will be sharing his top tax tips.

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12 comments

micknjan June 16, 2011 - 10:33 PM

I keep a file beside the computer for all accounts paid, and when anything comes in the mail e.g. dividends from shares I put them straight into my tax sleeve in the filing system. Simply have to pick up this file when its time to do tax.

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Katrina June 18, 2011 - 3:46 AM

that’s such a great system!

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Shibby June 17, 2011 - 12:18 AM

[email protected] “mr” organised housewife. Thanks scott for that very neat summary 🙂

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Katrina June 18, 2011 - 3:46 AM

lol, he loved that name.

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Kathryn June 17, 2011 - 1:49 AM

Many thanks!!!!!

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Katrina June 18, 2011 - 3:47 AM

I’ll pass it onto Scott for you Kathryn 🙂

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Zarna June 17, 2011 - 6:10 AM

http://www.marbig.com.au/Products/Product.aspx?S=21007087&G=14001274&P=14015568 I buy one of these every year and keep it in the front of our filing cabinet, everytime I buy something or receive a dividend statement etc I pop it in this folder so it’s all in one place at tax time.
When group certificates (or whatever they’re called this week), donation statements etc start to come in at the end of the financial year I pop them all in the folder as well so when it comes time to sit down do my tax I have it all at my fingertips to sit and enjoy a cup of coffee as I enter it all into e-tax.
Once I’m done I put it at the back of the filing cabinet to keep for the next 7 years and replace the one at the front with a new folder so when the refund notices arrive I pop them into the new folder and start all over for the new year.

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Zarna June 17, 2011 - 6:11 AM

***Buy something tax deductible 😉

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Katrina June 18, 2011 - 3:51 AM

I love your system Zarna, very organised!

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Debs June 26, 2011 - 11:22 AM

I’m inspired and am dedicating the next hour to sorting out my documents ready for when the EOFY statements come in. Then I’m going to set up a system like Zarna’s – much needed since I only completed our tax for 2009/10 3 weeks ago! Ouch!! Thanks Katrina for the motivation and fab tips. We’re slowly getting on top of things… slowly.

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Katrina June 28, 2011 - 9:54 AM

I hope that you were able to get through it all!

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