We understand that not many people love tax time and our goal is to help you to achieve a quick and stress free tax experience.
Here are some general tax tips and tricks that will help you at tax time:
1. Keep good records
At the end of the day, there is nothing worse than scrambling at tax time trying to find all of the receipts for the expenses you want to claim on your tax return. We advise that you maintain your records by doing the following:
• Use an App such as the ATO app ‘myDeductions’
• Keep a spreadsheet of all expenses and online storage folder with photographed/scanned receipts
If you maintain these regularly throughout the year, you can simply draw upon these at tax time and save your self a lot of time and stress.
Keeping records is a requirement set by the ATO, however this will also benefit you as it ensures you don’t miss or lose track of any of your expenses!
We recommend that you set aside time once or twice a week for record keeping. If you keep on top of your records this will make tax a lot simpler and efficient, avoiding stress and keeping time free to do what you enjoy!
2. Know what you can claim
Everyone loves to get a healthy refund on their tax return, however saying that this is not always possible and sometimes you must pay additional tax on your return. In order to ensure you are not paying too much tax, do your research on what you are allowed to claim and then take the appropriate actions.
We understand that tax is not always easy to understand and this is where our tax professionals at Nixer are able to assist. If you have any questions about what you can or can’t claim, make sure that you contact us here at Nixer to ensure you make the correct claims.
3. Weigh up the benefit of doing your own tax return or using a tax professional
Doing your own tax return can be very time consuming and stressful even if you keep good records. Ensuring that you enter amounts at the correct labels in the tax return can be very confusing, this is where tax agents such as Nixer make tax easy and are very affordable.
Some people have the view that paying for a tax agent to complete your tax return is a waste of money as they can complete the return themselves. This may be well and true some of the time, however when you add investments and other items to your tax return, this can add confusion and is something that you don’t want to get incorrect. We understand that no one wants to get on the bad side of the ATO, hence why we are here to make your tax return experience as enjoyable as possible.
Nixer offers an affordable experience and we will ask you questions to ensure you are in the best tax situation possible. Overall we believe the benefit you will receive from using our services, will outweigh the affordable fee that we charge.
4. Don’t ignore your tax
The ATO won’t forget that you need to lodge your tax obligations. Ignoring the issue won’t make it go away, and if you lodge your return late then you may be fined by the ATO. Keep on top of your tax affairs and this will streamline the experience and make it more enjoyable.
If you hate your tax and maintain that attitude towards your tax, you will usually push it aside and then do a half hearted job when you do complete it. This is not a great way to approach taxes, as this will usually cost you more than it would if too a positive approach to them.
All in all, be positive and keep on top of your taxes.