Getting organised: paperwork

Do you have to submit paperwork to obtain a tax refund every year? Here in Australia our tax year is July - June every year. Elsewhere across the world the tax years vary. Every year I vow I will organise myself better so that when July comes around all I have to do is wait for the odd pieces of paper (from various funds and organisations) and then make the appointment to get my tax refund done. Given that we have until the 31st October each year to submit the paperwork you would think you would have enough of an incentive to do the necessary paperwork and submit the information - especially if you know you are going to get some money back.

I have to admit that last year I procrastinated so much I didn't make the appointment until the 2nd week of October. And the reason why I procrastinated was I hadn't been organised enough during the year to know what I needed to claim for. Most of the filing was completed, I just had to do some working out and take it all in. After spending an entire weekend getting the paperwork in order I decided there had to be a much better way of keeping the information together, and of course there was - always had been, but I had never put the knowledge into practice before. So the day I got back from the accountant I sat down and created a spreadsheet for myself - what did I claim for this year and how much. I couldn't break it down any further - ie., by month (not without going back over the information) - and why waste time? So then I created a second worksheet - copied across the fields and then of course I created the months and totals columns.

As I have received the bills and statements for the year I have been adding the information to the spreadsheet. It's simple and effective and it also means I have been taking a good and hard look at my entire budget.

So there are multiple benefits to spending a few minutes every day on my finances - something that always seemed to be bothersome to me. My few minutes every day will save me endless hours of frustration at the end of the tax year, and I don't forget to claim for things I know I should be entitled to, just cannot locate when I need to.

Now I'm not saying my way is the only way OR the right way - just that it seems to work for me. And if you would like a copy of my suggested tax claims for yourself - then let me know I will send you a copy of the spreadsheet.

Comments

[Chetana]

Hallo Elle, I would like to have the copy of the tax claim that you planned for yourself at the least to have a look....... I have never done anything like that before, but would like to know now.