New years’ resolutions are often talked about at Christmas dinners, parties and new years’ day BBQs (and usually laughed at around Easter time); but what about financial new year’s resolutions?
Some people engage a tax agent once a year, and get swept up in the ‘EOFYS’ excitement and can make some crazy purchases under the guise of a tax deduction. So how do you avoid this last minute rush to get everything sorted out and submitted on time? Financial new year’s resolutions!
Yes, it’s a bit late for this FY but, next week, sit down and make time to plan for the next financial year and set out your financial new year’s resolutions. Make a good start with the following:
1. Commit to set aside some time each week for admin – be strict + consistent!
2. Download the My Deductions app on your phone to record purchases (goodbye shoebox of receipts)
3. Know when your BAS is due and work towards meeting that deadline
If you are not sure where to start, make an appointment to come and see us at Tax Arana. The sooner we can help you get organised, the easier this will be for you. And in the long run, the more prepared you are sooner your tax returns can be submitted. Simples!
If you start out strong in the year, and then start dragging the chain as the months go by, sign up for our monthly Tax Arana newsletter. In each issue we will outline some administrative tips and prompt you to upcoming deadlines for you to keep your tax preparation, and stress levels, under control.
So set that date, and get your financial new year’s resolutions sorted, and let us help make your life easier!