Once one tax year is over, it seems like it’s already time to start preparing for the next one. Preparation is one of the key steps in making sure that lodging your taxes goes smoothly and you don’t run into any issues. To help you get started, we’re sharing the top 4 tax tips to help make life easier.
DIY or Agent
Decide if you’re lodging your taxes yourself or if you’re hiring an agent to do it for you. While you’ll still need to gather the same documents regardless, if you opt to go with an agent, you’ll need to choose one if you don’t already know who you’d like to use.
Filing too early can cause issues so it might be best to wait. While you can lodge your taxes in July, much of the information you need might need be ready until around mid-August. Third parties, such as banks and your employer may not have complete information to send until August, which is why it’s important to check over all of the automatically reported information very carefully to make sure it’s correct. Many people opt to file early so that they can get their refund quicker, but incomplete lodging information may cause delays.
Have patience. The ATO can take up to a full two weeks to process your taxes and issue your refund. While receiving your refund is important, and you are probably anxiously waiting, the ATO or your tax agent won’t be able to assist you until the two weeks have passed.
Organise Your Paperwork
As noted, prepare early. Lodging taxes typically requires a good deal of paperwork, some of which you may have to find. Throughout the year, you can keep a file and keep all tax related documents in it so that they are easy to find when it comes time to lodge. If you’re a little unorganised, now is the time to search for all of your paperwork and find all of the supporting documentation you need for deductions.
Tax season can seem overwhelming, but with the 4 tips listed above, lodging your taxes can become an easier process than you think.