Tax time is just around the corner, so now’s the time to get your documents in order and ensure you’re ready to lodge your return.
Getting prepared early can help you avoid last-minute stress, maximise your deductions and set yourself up for a better year ahead.
Here are four simple steps to take now:
Gather key documents. This includes income statements, private health details, receipts for deductible expenses and any investment records.
Check for deductions. If you’ve worked from home, made charitable donations or used your car for work purposes, you may be entitled to claim these.
Update your details. Make sure your contact information and bank account details are correct in myGov so the ATO can process your return without delays.
Contact your accountant. They can help you claim everything you’re entitled to and ensure your return is accurate.
Getting ahead of tax time means fewer surprises and a smoother process.
