Filing taxes is a major source of anxiety for many Australians, and this year, many people will find themselves trying to beat the October 31st deadline. However, filing your taxes does not have to be a stressful experience, especially if you are prepared. The government has given taxpayers a few ways to file their taxes outside of submitting through the more traditional means.
The first way is relatively quick and allows Australians to file online. MyTax is one of the most efficient ways to file your taxes and holds a variety of benefits over filing a paper statement. Then, there is the old-fashioned way of placing all of your information on a paper statement and sending it by mail, which typically takes longer to reach the tax office. If trying to reduce the stress of filing your taxes yourself, hiring an experienced accountant in Blackburn is one way to guarantee that your statement is filed correctly, and when combined with MyTax, you can be sure that it is filed quickly and correctly the first time around.
Continue reading to learn how you can feel more confident filing your tax returns this year.
Prepare Your Paperwork
Gathering your information should happen throughout the year as your statements get sent to you. For example, any payment summaries, bank account information, managed funds or investments, rental property records, and if applicable, any foreign income details should be filed in a separate folder. You should also collect paperwork related to any expenses you have made in the previous year. Information related to private insurance policies, donations, educational expenses, investment property receipts, union memberships, and work-related expenses can also be deducted.
One of the best ways to guarantee that this information does not get lost or misplaced is to create a folder either on your computer or in a filing cabinet and store it until you are ready to make your calculations. When you are ready to file your taxes, keep the folder organised and simply make your calculations or offer them to your accountant as proof of your expenses. While it might take a few minutes away from your day to create this folder, come tax filing time, this organised approach makes it easier for you to file quickly.
Claim Your Employment Deductions
When claiming your deductions, tax filers can only deduct expenses if they meet certain criteria. The deductions have to be relevant to your position, they have to result from you actually having to have paid out-of-pocket for them, and there has to be evidence of the expense such as receipts. Not that you have to run around with a bag of receipts, as bank statements can also reflect these expenses.
Keep Filing Dates In Mind
When filing paper or electronic forms, make sure to keep the filing dates in mind, which are from July 1st to October 31st of any given tax year. When looking at your income, you also want to include income that has been earned between July 1st of the previous year and June 30th of the present year. This year’s filing time would be July 1st, 2017 to July 2018 with the 2018 tax returns being available after July 1st.
Make Copies
Regardless of how you file your taxes, always remember to make copies of your tax records. Not only make copies of the form you filed but include anything that you have sent into the Australian Tax Authorities (ATO). If there is an issue, then you have access to the information that you sent into the ATO.
Filing Your Taxes This Year
Filing taxes has gotten easier for everyone. Australians filing electronically or through traditional methods can rely on the internet and accountants to make sure that their information safely and securely (in the case of MyTax) gets to the proper authorities. With a little preparation and a lot of patience, this year’s filing can be quick and easy.
