Some advice from me to you…

You will be well aware that the 2017 tax season is underway.

Some of you may have even started or completed your 2017 tax return – if this is you, please remember that refunds won’t be issued  by the Australian Taxation Office (ATO) until after 18th July.

But the advice I want to give you today is…start preparing for your 2018 tax return NOW!

That’s right, I want you to start thinking about your 2018 tax return so that every time you make a decision this financial year, you think about the documentation you need to keep.

I have always found it surprising how much documentation I have to support my deductions when I make a conscious effort to file it away – and sorting through a few papers is far less traumatic than racing around at the end of the year looking for paperwork I can’t even remember the details of!

I make a point of not accepting any ‘shoeboxes’ of documents anymore, but I do accept summaries of shoeboxes, after all the onus is on you to keep the records. And if a manual system is not for you, you may like to look at the ATO myDeductions tool.


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