Greetings!
May was, and June is, each a busy month for A Little Elf. I traveled to Brisbane, Perth, and Melbourne as part of the prize for the Howards Storage World Wardrobe Makeover competition. It was a lot of fun!
Now is your chance to enter Australia's Messiest Office competition that we are doing along with Marbig, one of Australia's biggest office supply brands.
This month we are talking about getting your paperwork organised for taxes, how exciting!
Warm regards,
Karen Koedding
A Little Elf
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Tax Organisation Planning
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Are you disorganised or behind on filing your taxes? In Australia, can you believe that the financial year is over and it is tax time again? In America, I know the sun is shining and taxes are finished but did you have a hard time sorting it out this year? Does it stress you out just thinking about all of the paperwork piling up in your home that you need to sort through? Take this month to get your paperwork in order. Get your tax deduction this year. Rid yourself of all the unnecessary clutter on your desk. Create a filing system that works for you. This will free up a lot of your time as it relieves unwanted stress from your everyday life. Take a few simple steps this month to organise important files and it will save you time in the future.
Set up a current taxes file, and label it with the tax year. This file can be in a file cabinet or a binder. Either way have subfolders or sections for:
1. Income
- Payroll
- Business
- Interest/ Dividends
2. Business Deductions (for sole traders or employees with expenses not reimbursed by their employers)
3. Person Deductions
-Contributions/ Donations
-Medical Expenses (not reimbursed)
-Private Insurance statements
-Interest and Real Estate
4. Payments Made to the tax department
Many people will not need all of the above folders, and many people will need more details, but this will get you started.
Schedule a date on your calendar to call and book an appointment with your tax accountant, or call them now and schedule it. Schedule a date on your calendar to make sure that you have compiled all of the information. This year, set up an Excel Spreadsheet as your log for information that you can use every year to make sure you have everything:
YR1 YR2 YR3
Credit card Statement
ING Statement
Private Insurance
Create your system today. It does not need to be exactly like the one above, just make sure it works for you and helps you be more organised. Getting your paperwork organised will save you time and money at tax time.
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