The best way to tackle next year’s tax deductions is to save ALL your tax receipts – but that’s not always easy.
Did you get to tax time this year and wonder where your other expenses have gone?
We hear you; it’s a topic that comes up a lot when we chat with our clients. So, we added a simple button onto the dashboard of your Etax account, where you can take a photo and upload a receipt at the time of purchase – so you don’t have to search for it later!
What receipts should you keep and HOW should you keep them?
You don’t have to submit every receipt when you complete your tax return, however, the ATO does require you to keep a copy of all receipts you claim as tax deductions.
This is the easiest method for most people, and this way you only need to log into your Etax account one time per year – at tax time.
A great way to track your tax deductions throughout the year is to start a “tax deductions diary”. This could be a spreadsheet or even paper on a clipboard. Whatever it is, make sure you remember where it is!
When you make a work-related purchase, update your diary with the cost, date, description, and what it’s for. Take a picture of the receipt or invoice and save it to an archive folder that you can find later. There’s a chance you won’t ever have to look at it again, but you must keep a copy in case the ATO asks for proof.
HELPFUL TAX DEDUCTION TIP:
You don’t have to upload receipts to your Etax account if you just keep a simple tax deductions diary (above).
As long as you have an honest record of what you bought, what it cost, and how it relates to working from home, then you are set to finish your tax return in no time – and you’ll never miss out on a valuable tax deduction.
Remember to store photos of your receipts somewhere they are safe long-term, just in case anyone asks for them later!
Can I upload receipts to my Etax account?
Yes, you can upload a receipt that is relevant to a tax deduction you are claiming in your tax return. There are many types of tax deductions for work-related expenses, rental property expenses, and even donations to charity. The ATO will not accept every receipt you provide, so it’s important to know it is eligible for a claim, first.
One drawback to just uploading receipts to Etax is that later on, it may be hard for you to remember the details of your deductions – and the file names on your photos will not be helpful. (That’s why a tax deduction diary is a great thing.)
Let’s explore how to save next year’s tax deduction receipts
The smart software people at Etax have built a feature that’s super simple to use:
Just log in to your secure Etax account and click on the ‘Add’ button.
Once you’re in the habit of snapping your tax receipts, it’s quick and easy to add them to your next tax return should the ATO ask for proof. Fast-tracking your taxes is our number 1 goal here at Etax HQ, and this little beauty really does take the ‘yawn’ out of tax time and put much more $$$ back in your pocket.
Your simple habits for saving receipts and keeping deduction diary make Australia’s easiest, fastest tax return even easier!
Click here to learn more about the Etax Tax Return
