Avoid errors in your tax returns!
How can you avoid errors in your tax returns? Simple. Keep your records as up to date as you possibly can. I have a few clients who sit down at the end of the financial year and try to address everything they spent and earned over the last 12 months. In nearly every instance, payments and expenses are missed – ie, no deduction and therefore more tax is paid. This applies particularly where you own a rental property. So many ‘little’ expenses are missed – eg, Emergency Services Levy! I suspect nearly half my clients forget to include that $80 or so cost. It all adds up.
The clients who DON’T forget are those that account for their rental and work related expenditures as soon as they are paid. Even if you engage a rental agent, there may still be expenses that you pay directly – again – ESL!
If you have an absolute hatred of ‘bookkeeping’ or ‘record management’, call me. We can arrange for you to email copies of your invoices (rates, repairs, insurances etc) directly to me as soon as you receive them. I will file them here and when the end of the financial year comes along you need do nothing further! How easy is that?