Tax Time Strategies – How to Effectively Tackle EOFY Personal Taxes

As the end of the financial year approaches, many people start to feel anxious about their personal taxes.

If you're self-employed or run your own business, this time of year can be particularly stressful. You need to ensure that all your paperwork is in order and that you've paid enough tax throughout the year. 

The good news is there are some simple strategies that you can use to make the process of preparing your taxes much easier.

By taking time to understand the basics of taxation and keeping good records throughout the year, you can ensure that tax time is a breeze!

Here are some top tips for tackling your personal taxes this financial year.

1. Keep Good Records

One of the most important things you can do to make tax time easier is to keep good records throughout the year. This means keeping track of your income and expenditure, as well as keeping receipts for any deductions that you plan to claim

2. Get Organised Early –

One of the best ways to reduce stress at tax time is to get organised early. Gather all your relevant documentation, such as payslips, bank statements and receipts, and put them in one place. This will make it much easier to complete your tax return when the time comes.

3. Understand the Different Types of Taxes

There are a few different types of taxes that you may be liable for, including income tax, capital gains tax and GST. It's important to understand which taxes apply to you and how they work. This will help you to correctly calculate your tax liability and avoid any nasty surprises come tax time.

4. Know the Deductions You Can Claim

When it comes to claiming deductions, there are some strict rules in place about what can and can't be claimed. For example, you can't claim personal expenses, such as your mortgage or rent, groceries or utility bills. 

However, there are a number of common deductions that people can claim, such as work-related expenses, interest on investment loans and self-education expenses. It's important to familiarise yourself with the rules around deductions so that you don't end up overpaying tax. For more information or to tackle this time stress-free, give Stephen from SCFCPA a call today, or send through an email.

Work with the Leading Tax Specialist in Sydney

By following these simple tips, you can make tax time a whole lot easier. So, get organised, do your research and take advantage of the resources that are available to you. With a bit of planning, tax time doesn't have to be that stressful!

If you need help completing your personal taxes, Stephen Cole FCPA is here to help. Contact one of our qualified tax specialists to see how we can make your taxes easy and stress-free.