We want to try and alleviate some of the stress that comes the end of financial year and tax time. Read our 5 tips on how to do it!
There is no doubt that tax time can be stressful. We’ve listed our hottest tips to help you succeed this tax season and make it a little less stressful.
1. Be Organised
Make sure you have everything you need this end of financial year. Receipts, health insurance if you need it and make sure you know how you’re going to approach this tax season (spoiler alert: this article might help).
2. Be Aware of the Deductions You Can Claim
This can really change the way your tax bill looks, it could mean you have to pay back less than you thought, or that you’ll get back more than you thought. Officeworks and news.com found that on average Australians are missing out on more than $400 in unclaimed deductions each financial year.
Research is really the key here, the Australian Tax Office (ATO) is a great resource to get you through. They’ve compiled a comprehensive list of the kinds of deductions you can make here.
3. Consider Getting Yourself an Accountant
Take the stress out of the whole situation and get yourself a registered accountant who can take you through the nitty gritty of tax time. There are a number of reasons this is a good idea;
- They can help work out the claims that you can make, without you having to worry
- They know what they are doing so it can be done a lot quicker than if you tried to work through it yourself
- While it will come at a cost, this can used as a tax deduction the following year. So in the long run it’s really worth the price you pay.
4. Be Aware of Any Tax Scams
As tax time can be a stressful time for everyone, it means there is an increase in the scams you might see. Keep a look out for any strange emails you might receive or pop ups while you’re searching online or even phone calls requesting personal information.
Don’t provide any information that you feel uncomfortable about. Some emails can be very convincing in their formatting. Make sure you review the senders address, and be aware of any email that doesn’t seem quite right.
If you do end up in a situation where you have provided details to someone, immediately contact your bank or financial institution and let them know. They’ll be able to freeze your accounts and help you through reissuing anything you need.
Contacting the ATO is a good idea, so that they are aware of the scam. Provide as many details as possible.
5. Treat yourself!
Tax time is stressful. You deserve a treat for working so hard this past financial year. Why not a trip overseas? Why not a massage? Browse these articles to see our ideas for how you should spend your tax return this year.
- Tax Returns: Which of These 6 Money Personalities Are You?
- Best Places to Escape Tax Time, and Winter!
These tips aren’t going to completely alleviate the natural stress that comes with tax time, but hopefully they can help in some way. Just remember to keep your wits about you and do only what makes you comfortable. Definitely listen to number five though, that’s our favourite.