According to recent research by the Commonwealth Bank every year, one in two Australians lose out on an average of $1000 in tax refunds due to misplaced receipts.
Can you afford to lose out on $1000 in additional deductions this year just because you neglected to keep track of your receipts all year?
The study also says taxpayers spend an average of 2 hours looking for the receipts to verify the deductions they made.
Here are some easy tips to save your time:
1. Keep all the receipts: If you pay anything related to Work then keep the receipts.
Keep your invoices for :
- Telephone, power, water, internet, and office supplies (in case of work from home).
- Expenses relating to an investment property and donations to charity.
Write down your dates and mileage in a logbook or diary:
- Driving for work purposes (not including to and from home)
2. Keep a receipt even if you’re unsure of its deductibility:
- Keep all your records now rather than miss out on valuable tax-saving deductions.
3. Soft copy of the receipts:
- We can scan or take a good photo of the receipts and save it in Google Drive or Drop box.
Credits:
Naveen A
OSS & BK Team
