File re­ceipts now to save time

Southern Riverina news - - Taxation And Financial Planning -

EACH year at tax time, you need to find re­ceipts that you can claim as de­duc­tions.

A few min­utes now can save thou­sands later.

Ev­ery year you look for the same sort of in­for­ma­tion for your tax re­turn.

This plan will make your tax re­turn eas­ier to do and could mean a much big­ger tax re­fund for you.

Get 10 fold­ers now and la­bel them one for 2006, 2007... all the way to 2015. Next year will be eas­ier if you make ex­tra fold­ers now and the ATO says you must al­ways keep the past five years records as well.

Use manila fold­ers, an ac­cor­dion file, big manila en­velopes what­ever is easy for you to man­age.

Don’t use lit­tle plas­tic sleeves - the ink on your re­ceipts can stick to them and make a mess.

Store this year’s folder in a con­ve­nient place. Don’t hide it away!

Keep this folder close at hand and it will be easy to save your re­ceipts in­stead of throw­ing them away.

If you work from home some­times, keep all of your in­voices for tele­phone, power, wa­ter, in­ter­net, main­te­nance and of­fice sup­plies and write down notes about how much time you spent work­ing at home.

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