Do you often find yourself scrambling to find receipts or scouring your emails for important paperwork in the lead-up to tax time? Don’t let that be you next year.
Start the new financial year right and set up a system to keep a record of your income, investments and possible deductions.
It could be as simple as listing everything on a spreadsheet and scanning any relevant receipts.
You could also use the myDeductions tool in the ATO app to organise your tax records including photos of receipts. And don’t worry – anything you add is only stored locally on your device and no one else has access to it unless you send it to them.
The ATO suggests you back up your data to a separate location regularly in case your device is broken, lost or stolen.
Effie Zahos has been providing expert advice on personal finance and consumer issues for over two decades, and her insights are sought after by many Australians.
The author of several best-selling books on personal finance, including “A Real Girl’s Guide to Money: From Converse to Louboutins,” “Getting Rich, Staying Rich: A Practical Guide to Investing in Shares,” and “The Great $20 Adventure,” her expertise and experience in the area of finance are unparalleled, and she is a passionate advocate for financial literacy in Australia.
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These Tax Tips with Effie Zahos are for general information only, not tax advice.
Before making any decisions you should speak to a registered tax adviser.