A New Year, A New Resolution

I often hear "next financial year I will be more organised". Now is the time to put those words into action.

There are some simple steps to getting organised for tax.

1. If you run a small business or purchase a lot of goods for work, use a dedicated credit card. This eliminates the need to keep multiple receipts.
2. Setup a dedicated file for tax. Whether you receive statements electronically or by paper setup a separate file to help keep track of your documents. Do this by either setting up a folder in your Inbox specifically for tax OR a manila folder or alike for paper statements. This is a time efficient way to file everything you think might be tax related
3. If you have had a change in your job or business structure seek advice now about what you can and cannot claim as a tax deduction
4. If you are expecting an increase in income this year, seek advice now about how to minimise tax

If you would like any further information or assistance with minimisation of tax, please email me at sarah.willoughby@willoughbys.com.au