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If you're like most Australians, the thought of tax season fills you with dread. However, it doesn't have to be that way! A little bit of organisation can go a long way when it comes to tax time. In this blog post, we'll give you some tips on how to save receipts and deductions so you can fast track your 2023 tax return.
Saving Receipts
The first step in fast tracking your 2023 tax return is saving your receipts. We recommend setting up a dedicated folder or shoebox where you can store all of your receipts throughout the year. This will make it much easier to find what you need come tax time. You should also keep track of any digital receipts via email or an app like Shoeboxed or Evernote. This will help you stay organised and ensure nothing gets lost in the shuffle.
What About Expenses?
In addition to deductions, you can also use certain expenses to offset your tax bill. For example, if you're self-employed, you can claim business-related expenses like office supplies, travel costs, and professional development courses. Again, make sure you save any relevant receipts so you have them on hand come tax time.
Deductions You May Be Eligible For
There are a number of deductions you may be eligible for come tax time. Here are just a few of the most common:
-Work-related expenses: This includes things like uniforms, tools, and travel costs.
-Interest payments: If you have a home loan or other type of loan, you may be able to claim the interest payments as a deduction.
-Donations: If you've made any donations to charity, you may be able to claim them as a deduction.
-Self-education expenses: If you've incurred any costs related to self-education, such as course fees or textbooks, you may be able to claim them as a deduction.
For a complete list of deductions you may be eligible for, head over to the ATO website.
Tax season doesn't have to be stressful! A little bit of organisation can go a long way. We hope these tips on how to save receipts and deductions have been helpful. If you have any questions about your tax return, don't hesitate to reach out to a registered tax agent for assistance. They'll be able to help you maximise your refund and make sure everything is lodged correctly.