It’s no secret that tax season can be a particularly stressful time for any individual, especially business owners. It doesn’t have to be this way; the key is to staying organised throughout the year. We know, easier said than done right? Let us share some of our tips that will hopefully help make tax season a little less stressful for you
1. Get a head start.
The end of the financial year may still be a couple of months away, but that doesn’t mean you can’t start working on your taxes early. The more organised the earlier on in the year, the less stressful you will be. The head start also allows time for any documentation you may have missed.
2. Take note of the lodgement and payment dates.
One of the most important items for tax time, especially for business owners as missing crucial dates can prove costly. Make a note in your calendar to alert you several days before a payment or lodgement is due to give you ample time to prepare. Set an alarm if you have to! If you’re unsure about the dates, you can always confirm it on the ATO’s website, or you could also give them a call.
3. Keep receipts & documents in a safe place.
Another cause of stress when you’re completing your tax returns is when documents you need seem to have disappeared all of a sudden. It can be quite painful trying to keep track of hundreds of pieces of paper, so we recommend scanning them onto your computer and keeping a digital copy. That way you can have a tidy folder with all of your important documents and receipts when it comes to tax time, limiting unnecessary stress.
4. Choose a convenient payment option.
You have several options when it comes to paying your taxes, over the phone, Internet banking, via EasyPay, through the mail, or going to the bank directly. Choose the option that’s most convenient to you to keep stress at bay during tax season. Keep in mind that if you pay through mail, you have to send the payment early to avoid delays that could lead to late payments.
5. Work with your accountant.
If you have an accountant, make sure that you work with them closely. You can ask them for advice on how to stay organised and other ways that can help make your work a lot easier.
So, the key to reducing stress at end of financial year is to stay organised and getting a start earlier on in the year. We hope some of these tips will help alleviate the stress that June 30 brings!