Top tools to make Tax time less taxing.
If you’re just doing personal tax or business tax these handy tools can save you.
We are all in the midst of Tax time in Australia so I wanted to share with you some of the top tools I’ve found to make tax time less taxing on your time, emotional stress and bank account.
I’m sharing both the old fashioned favourites along with some great new digital tools that will help you make FY15 a breeze if you start now.
- kikki.K Receipt Folder
- Simple effective easy to maintain and quick to add to on regular basis
- No faded receipts records of amounts are safely recorded maximising your return
- Easy to categorise to suit your business and personal life
- Envelope System
- Simple but effective for those starting out in business
- Categorise by type of deduction on face of each envelope
- Keep in box of folder for fortnightly entering in to tracking system.
- ATO Website ato.gov.au The ATO has done a fabulous job on revamping their information and how we access it this should be your first stop for any tax information.
- For micro to small business owners I highly recommend taking a read of this page https://www.ato.gov.au/Business/Starting-and-running-your-small-business/Income,-deductions-and-concessions/
- Very helpful for personal and business questions about tax, how to loge, what records to keep etc.
- New website has videos to help understand some information
- MyTax – a new way to lodge very simple tax returns
- E-Tax – for more complex returns, to find out which is for you use this decision tool https://www.ato.gov.au/Calculators-and-tools/Whats-right-for-me—myTax-or-e-tax-/
- To lodge on line this year you will need a myGov account. Register at mygov
- Shoeboxed App
- Enter receipts on the spot via smart phone
- Track travel expenses
- Track reimbursements
- Create paperless business cards
- Keeps inbox clear of Promotional emails by giving you a dedicated shoeboxed email address that keeps them all sorted.
- Money Smart – ASIC run website has great general information on all aspects of money www.moneysmart.gov.au
- tools and tips include superannuation, investing, borrowing and my favourite a Scams list and information on businesses you should never do business with.
- TrackMySpend App for expense tracking on the go – FREE
- Separates needs & wants for good budgeting and tracking to achieve your money goals
- Online Accounting Software- I’ve just included two of the most popular for micro to small business owners
- Quickbooks Online $12/mth on special in July
- Track expenses, income and profit
- Send unlimited quotes and invoices from mobile device
- Download transactions from your bank and credit card accounts
- Access data online from PC, Mac, tablet or Smartphone
- Complete BAS
- Free Payroll for up to 10 employees
- Freshbooks $19.95/mth
- Sends invoicing and manages up to 25 clients
- Auto expense imports from bank accounts and credit cards
- Auto late fees on overdue invoices
- Integration with payment gateways like Paypal
- Capture receipts with your phone pics
- Track expenses by client
- Can invoice for billable minutes straight from timesheets
- Quickbooks Online $12/mth on special in July
Enjoy being in the flow and making your own infinite supply by getting organised especially at tax time. Love to hear any of your great tips, tools and ideas for tax time so leave us a comment below and happy financial new year.
Carolyn