It's that time of year again: time to get all your paperwork ready for your tax return. Here are our top tips for making tax time less stressful, the important deadlines and some Bits which will make doing your taxes more enjoyable as you draw inspiration from the colours and craftsmanship incorporated into each item.
Make a list
The first thing you should do when getting ready to complete your tax return is to make a list of all the documents you need to prepare, expenses you can claim, bills you need to pay and any loose ends to tie up by the end of June. Our colourful notepads, journals and notebooks will you give you the motivation you need to get your finances in order and prioritise the tasks at hand.
Due dates for the current financial year
Key lodgement and payment dates during the current financial year are listed on the ATO website.
If you're a small business lodging your own reports, your:
- Income tax return is due on:
- 31 October for an individual, partnership or trust
- 28 February for a company (but if you didn't lodge your prior year return on time, or any prior-year returns are outstanding, your return is due on 31 October)
- PAYG withholding payment summary annual report of employee wages is due on 14 August.
If you are lodging a personal tax return, you are required to submit it by 31 October each year.
The financial year begins on 1 July and ends on 30 June the following year. After the financial year ends, you have until 31 October to lodge your return (unless you use a tax agent).
If you use a registered tax agent to prepare your tax return, you can normally submit it later than 31 October but you should speak to your accountant before 31 October to make sure you qualify for their lodgement dates. If you can't lodge your tax return by 31 October, or by your registered tax agent's lodgement date, you can request an extension from the ATO.
Write in style
While you will most likely have to prepare some of your paperwork in electronic format, you might prefer to make a lot of your own notes at tax time in written format. In an age when we spend so much time staring at screens, it can be somewhat therapeutic to sit down with pen and paper in hand and jot down our thoughts or cross off items on our checklists.
The Australian River Red Gum Stylus penmakes writing a joy and the tip of the pen has a soft rubber tip for use with touch screen devices allowing you to use the soft rubber tip instead of your finger reduces screen smudging.
If you prefer a slightly heavier and more robust pen you will love this River Red Gum Pen. This premium quality writing tool is made from recycled or salvaged Australian timbers.
Brighten the mood with a colorful companion
Some of us find 'doing our taxes' tedious, tiring and even stressful. It's amazing how colour and fun designs can brighten our mood and our day. These vibrantly-coloured mouse pads from Utopia are the perfect inspiration for making a start on important tasks and will add a bit of fun and charm to any desk or work space. Available in four gorgeous styles, they feature Aboriginal artwork and royalties from this product go back to the artist and community.
Take some time out and De-stress!
If doing your taxes is getting all a bit much, one of the best things you can do is take a short break. That way you can give your mind a rest, take a load off, and later when you are feeling refreshed you can return to your to do list with a clear head. These beautiful Darling Mums and Palm Trees Eye Rest Pillows from Annabel Trends are designed to rest over your eyes while lying down. They are filled with flaxseed and lavender. Once you've tried this soothing relaxation technique you will wonder why you've never used it before!