June Challenge starts now!

Get Ready for Tax Time

This is the last month of our financial year, here in Australia. So what better time to get ready for tax time. Even better, get ready for the new tax year. 

Here are some great tips on getting organised for tax time.

1. Have an A4 envelope to hold all of your tax info for this financial year and Label it.

2. Have one for next year too.

3. Gather all deductible receipts and accounts together into the envelope for easy access.

4. Prepare for the next financial year, by purchasing your vehicle logs etc in advance. 

5. Designate a container to carry the envelopes for each year, when completed.

6. Destroy any tax documents over 5 years old, as you only need to keep 5 years worth.

I have found that when I have needed these documents for bank loans or other financial commitments, brokers and financial planners are always surprised how organised I am. It gives so much peace of mind, as well as making everyone's job easier at the end of the day.

My extra goals for June. 

After plowing through my paper clutter last month, I was left with a bit of filing to do. I have also got a pile of fabric that requires pressing and sorting.

So this month is a filing month!

1. File the last of the important paperwork

2. Sort press and "file" my fabric into the required baskets for project work.

3. Sort our tax time paperwork. 

As I do our taxes myself, I will be able to grab the needed information easily, when it is all gathered nicely.