With the festive season done and dusted for another year, you may find yourself motivated about getting your priorities right and looking at new year goals. If you’re working for yourself or simply just like to be organised for the end of financial year ahead, take this opportunity to de-clutter and organise that chaos!
Here are a few simple tips to get back on track and to give yourself a fresh start to the 2020 financial year ahead.
Improve Your Record Keeping
- Invest a small portion of your time to prepare a simple excel spreadsheet to keep track of your expenses. Include items such as the date of purchase, description of the expense and amount spent.
- Research free & easy to use electronic avenues for record keeping online.
(i.e. Wave, Squirrel Street (Formerly Shoeboxed) etc.)
- Keep hard copies of your receipts in folders or document wallets in an easy to find filing system (the ATO may request to see proof of claims so it is important you keep copies to substantiate your claims.
Pay Your Debts
- Set up a payment plan for any debts you may have with the ATO or other entities. Understanding your obligations and repayments will allow you to budget and repay your debts in time for the next tax season. Taxwise can assist you with this for a small fee, call us on (08) 9248 8124 to find out how.
Keep It Clean
- A clean and tidy workstation will do wonders for your mind. A clear mind = success!