Tax time comes around every year and if you’re dreading it then preparing ahead will take the pressure off you.

Each year my accountant sends me a list of things to have ready to make the process easier.  After a couple of years of madly searching for documents (read – “I know I put them somewhere safe”) I now keep these things in a separate folder.

The kinds of things you’ll need include:

• Your tax file number
• Bank details for interest earned and for refunds
• Your Medicare number and if applicable medical expenses above a threshold limit
• Details of your income & expenses from payment summaries, your super fund, government payments, pensions
• Gifts, donations & work related expenses
• Child support payments
• Investment income eg dividend payments & disbursements, gains & losses on sale of shares
• Rental income earned, interest charged on what you borrowed to buy your rental property and expenses related to your property.
• If you’re lodging with your spouse, you’ll need details of their income & expenses too.
• For a more comprehensive list check with your accountant or online.

Keep and collect these things through the year and at the end of the year it’s all there in one-easy-to-find central place.

With everything in place lodging, your tax return is a matter of filling in the boxes. Lodge online, with a paper tax return or through a registered tax agent. Even if you’re overdue with past tax returns lodge as soon as possible. The fear of not knowing and avoiding surely has to be greater than getting this load off your mind. A good relationship with your accountant will take the pressure off you so don’t think you have to do it all yourself.

Hopefully, these tips will remove some of the dread you may be feeling around tax time and lodging your tax return. Once you’ve caught up get your next year’s folder ready.

Still procrastinating about taking charge of your finances? Contact me to see how working with a life coach can help your financial success.