File receipts now to save time
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.