New Year Tax Resolutions
Tuesday, January 16th, 2007Now is the time of the year where you make all your New Year resolutions. Lose weight, get fit, paint the house, do the garden, give up smoking, give up chocolate.
You should also take time out to make a tax resolution:
- I will keep all my work related receipts and they will be in one place, easy to find come July 1.
- I will buy a lever arch file (they are on sale now with all the back to school specials) and keep all my bank statements, dividend statements and any other relevant documentation in this folder.
- If I sell any shares, I will keep that information, and also the information relating to the purchase. I know my tax agent will need both bits of information.
- I will buy an A4 envelope, punch holes in it and keep it in the folder as well. I will put all my small receipts—which are too small to file on their own—into the envelope (including the receipt for the envelope and the lever arch file).
- Now that the holidays are over I will start a log book and keep it for 12 consecutive weeks.
- I will remember to find my odometer reading from July 1 last year, and will remember to record my odometer reading on June 30 this year. I will take both these to my tax agent when I get my tax done.
- I will remember to keep all my service receipts, registration, interest payments, and any other car related expenses because I have kept a log book, and have done over 5000kms for the year (1154 kms in 12 weeks work related).
- I have recorded my travel to school (if it is work related), to meetings and any other work related travel. I will continue to do so for the next six months.
- I will record my work related parking (for work—but not all day parking) and any tolls for business related trips. Getting to and from work does not count.
- If I use public transport for work related travel, I will keep all my public transport tickets (as I have been doing for the last six months).
- I will remember to continue this after June 30. I will create a new folder and envelope for the new tax year.
- I will make a list of anything my tax agent asks me to keep or bring in and will keep this list at the front of my folder so I can refer to it at any time.
- I will make my tax agent very happy.