Keeping financial records for tax time needs to be easy. Here we give you smart tips for record keeping so you meet Australian Tax Office guidelines.
It’s that time of the year when you are probably busy gathering your year-end receipts and income and deduction information together to have your income tax return prepared.
Now is a good time to ask yourself, do I find this process easy? Do I have adequate systems in place throughout the year to make this process less stressful?
If the answer is no, then the start of the new financial year may be the perfect time to set some processes in place to make the next financial year ahead your best yet!
Here are some great ways to streamline your record keeping and take the stress out of the end of the financial year. And remember, you need to keep your records for five years!