It is that time of the year…Most of us look forward to receiving a cheque from the tax man but dread the tax filing part. But the fact is there is no escape from filing your taxes. SO you might as well get it over with. You need to file your taxes by October 31st - Otherwise ATO can fine you (even if you are owed a refund)

Whether you are planning to do your own taxes or making a trip to the accountant, you need to first organise your paperwork. Get everything ready before you start the process. Otherwise the process will leave you frustrated.

Here are some of my tips on what you need to organise before you make you trip or log on to e-tax:

1. Savings Accounts
* Savings bank statements for the entire year
* Statements for any term deposit or any other type of savings accounts

Most banks and financial institutions will have online statements as well. So if you don’t have the paper statements but have an online account then log on to your account and print out your copies.

2. Mutual Fund Accounts
* Statements for any mutual funds you own…Most fund managers will send you an end of year statement as well. If you don’t have individual monthly/quarterly statements then the end of year tax statement should do.
* If you sold any units during the financial year then you need the statements of the sale (plus the statements you received when you originally bought them - so that your capital gains can be calculated)

3. Shares
* Dividend statements for shares you own
* If you sold any shares during the financial year, then the sale statements plus the purchase statements (so that your capital gains can be calculated).

4. Investment Property * Receipts of all the expenses/repairs for your property (plumbing repairs etc). * Bank Loan statements which shows the interest you paid on the mortgage (for this property) * Income received from the property If you use a real estate agent to manage your property then you will receive an end of year tax statement from that agent. Then this statement plus the bank statements should do.

If you however spent on any repairs/modifications on the property yourself (without your agent’s knowledge) then you need receipts for those repairs.

* Plus here is a big one - depreciation paperwork for your property. You can either employ an external agent who will draw up an entire depreciation schedule for you…If you are unsure what to do then speak to your tax agent.

5. Private health insurance end of year rebate statement.

6. Receipts if your out of pocket medical expenses is more than $1500.

7. If you have not claimed child care benefit during the year then get those receipts ready.
You also need these for claiming your child care tax rebate.

8. Self Education - Receipts for fees, magazines for work related education, cost of any seminars (anything that will help you in your current job).

9. Paperwork for any payments you received from Centrelink, Austudy - basically any Government payments.

10. You can claim the expenses relating to replacing, insuring and repairing tools of trade that you use for earning your income (including uniforms)…Get all your receipts for this. Your tax agent or ATO website will help you to find out which ones you can claim and which you can’t.

11. If you sold any assets (property, land etc) then get the paperwork for the sale and the original purchase price of that asset ready.

12. Last year’s tax agent’s payment receipt.

13. Your group certificate.

14. Paperwork for any tax deductions (investments in forestry type of products, Australian film, investment shelters etc)

15. Receipts for donations to charity

16. Paperwork for superannuation contributions made by self-employed or any super contributions that you made (and not your employer)

17. Any loses from your previous year which has not been claimed yet

18. Any insurance payments you received - premiums received due to loss of income.

If you have got something to add to the list then please do so in the comments section…

Happy tax filing !!!

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