It’s always been said that two things are certain in life.
For those of us earning a salary or wage, tax time is definitely one of them. As the Receptionist here at Smith Shearer, I’ve learnt a few tips for making tax time easier for those lodging an individual or sole trader tax return.
Tips for individual and sole trader tax returns
- Download the ATO App to record your work expenses and any deductions. This app also allows you to track the progress of your return once it’s been lodged.
- Take photos of your receipts as you go, and save them to a designated expenses folder.
- Use your notes app to jot down any charitable donations so you don’t forget.
- Keep your logs up to date. Log mileage fuel and claimable trips as they happen so you don't have to try and remember!
- Store all your documents in one place, (e.g. a shared drive) so that they can be shared directly with us. If you'd like our help uploading your documents directly to the MYOB Smith Shearer Client Portal as you go, let me know.
- Working from home deductions and expenses – if you needed to work from home, keep a note of dates and ask your Accountant what you can claim.
Lodging your individual or sole trader tax return
You've gotten yourself organised, and June 30 has ticked over. You're ready to lodge your individual tax return. What happens next?
At Smith Shearer, we have a dedicated Tax Accountant, Dave Mackenzie, who will work with you to prepare and lodge your tax return. The benefits of using a Tax Agent to lodge your tax return, rather than trying to do it yourself, means you can be certain you are ticking off all boxes and maximising your tax refund.
To learn about how Smith Shearer manage the individual tax returns process, visit our Individual Tax Returns page here.
Make tax time easy
Your Tax Accountant is here to help with those pesky calculations. We understand it's not always cut and dry, and we are happy to personalise our service to suit your needs.
If you’ve got any questions, feel free to contact me and I’ll direct your queries to our specialised Tax Accountant for individual and sole traders.
-Trish