What you need to do now for next tax time: RACQ

RACQ spokesperson Lucinda Ross said doing a little prep work now for the financial year ahead could help reduce stress during the busy end of the financial year period.

“While it’s fresh in your mind, find out what deductions you can claim for your occupation to ensure you’re saving all the receipts and keeping appropriate records from the very beginning,” Ms Ross said.

“The Australian Taxation Office (ATO) website is a good place to start as it has information on deductions and other tips you may find useful.

“It’s a good time to create a place for your paperwork. The ATO app lets you take a photo of your receipts to automatically upload them straight to your return. You can also keep on top of your car usage with the inbuilt GPS tracker.

“Other options which might work for you include creating a receipt folder in your phone or setting up a separate bank account just for tax deductible purchases. You can also schedule a monthly appointment with yourself to check you’re keeping on top of your record keeping.”

Ms Ross said if Queenslanders were planning on moving in with a new partner, they should keep in mind they would need to declare their partner’s income on their next tax return.

“If you have a spouse during the financial year, on your tax return you need to include your partner’s name, date of birth, gender (if applicable), income and dates the relationship started or ended if relevant,” she said.

“If you don’t currently talk about money with your partner, now might be a good time to introduce that topic of conversation.”

Ms Ross said it was also a timely reminder for Queenslanders to look at their finances and set goals for the next 12 months.

“If you’re getting a tax refund think about how you'd like to use it. It’s a great opportunity to use the extra cash to build up your savings or get your bills under control,” she said.

“Think about what financial goals you’d like to achieve before this time next year. Look at how much you earned, your savings, your expenses and things you might be able to cut down on.

“Break down your big financial goals into monthly, weekly and daily milestones to help you make sure you reach your targets.”

The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person's particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.