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Get Ready for Tax Time... in April? |
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"What? You
want me to start thinking about tax time in April? We
only just had Easter!"
That's precisely the reason. Once the Easter
chocolate-rush is over, the advertisers will set out to
focus you on Mother's Day; that'll come and go and,
before you know it, it's end of financial year and
you'll go into stress mode as you scramble to get
everything pulled together for your accountant.
Why not start getting organised for tax time now? If you
put yourself into "tax-preparation mode" nice and early
this year, how do you think that's going to affect the
way you feel on June 30? |
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Imagine kicking back in early July with your refund
already in hand (Yes, the early bird will beat the rush
at the ATO), while all the procrastinators out there are
still scrambling to dig up old receipts and finish their
stocktake, asset review, debt write offs and
superannuation shuffles.
So, with time to spare between now and June, is this the
year to get caught up, straightened out, and financially
organised once and for all?
Here's a few tips to enable you to grab a head start on
the process, well before year's-end.
Begin by getting your files organized. I'll recommend a
five-step process, which I call the "5C System":
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Clean:
Get rid of outdated information, files, records, etc. If you have any doubts
about the need to keep something, store it off site or out of sight. Just
the physical act of de-cluttering your working area will give you a lift in
both productivity and energy.
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Chart:
Map out your (new) record keeping system for tax documents and data.
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Checklist: Compile a list of every single item you will need, allocate a
time to its preparation or location, assign a person as responsible for its
assembly, then work your way down the checklist until it's all done.
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Classify: File each item in its appropriate place according to your
Chart. Create separate folders (they're cheap) for each class of
information, report, document, etc, and label each folder clearly (remember,
someone else is going to have to go through this to come up with an accurate
tax figure for you, so put them in an excellent mood by making everything
easy to find!)
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Contract: Hire out what you can't do or don't want to do (we're all the
same in that the things we don't want to do take us two to ten times longer
than they would take a paid professional who has the skill, the knowledge,
and the motivation!)
For the rest
of this article click here.
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