How to keep your tax receipts organised so you claim every deduction

How to keep your tax receipts organised so you claim every deduction

Are you throwing money in the bin? This is potentially what is happening when you rely on the old school method of stuffing tax receipts into a shoebox. Ultimately, those paper tax receipts can become illegible and go missing. The good news is that it doesn’t have to be this way. Secure cloud storage is the way of the future when it comes to storing and tracking your tax receipts. Because the more tax receipts you have for claimable expenses, the healthier your tax return will be. And, just in case you were wondering, the Australian Tax Office accepts photos of receipts as evidence of your claims, just as well as they do old school paper receipts.

Become an avid collector of (your own) tax receipts

Avoid ending up in a never-ending game of “find the receipt” when it’s tax time. Storing your receipts on the cloud not only ensures your life will be a lot easier come tax time, but it also allows you to access them from anywhere. So, whether you’re at home or on the go, you can have complete peace of mind knowing all your receipts are in one safe and secure place.

Maximise your tax return

When it comes to tax time, it’s easy to focus on income earned and tax already paid, but to really get the most from your tax return (and $$ back in your pocket!) you need to ensure you’re maximising your tax deductions. A tax deduction is something you paid for, out of your own pocket, that helped you earn your income, otherwise known as work-related expenses or expenses relating to your rental income or other investments. Once you know what you can claim it’s a matter of proving your expenses; this is where all the fun begins at tax time!

Do you remember the vow you made to yourself after tax time last year? Did it go something like this: I’m going to be super organised this year, I’ll have a system to store receipts and log work kilometres and, once again it’s tax time, and once again you’re kicking yourself. Rather than having a proactive approach to doing your tax, now you’re spending hours trawling through old emails and searching the house for miscellaneous tax receipts, and mostly guessing how many work kilometres you drove. The worst part is you know that you’re missing out on $$ that belongs in your pocket – these are legitimate expenses and ones you can claim back. 

Time for change

A practical solution to ensuring maximum deductions at tax time is to use TaxTank’s cloud-based storage system to store all your records and receipts in one place. Receipts are easily uploaded or attached to transactions from live bank feeds ensuring nothing is ever missed, lost or forgotten. You can even upload other important documents like wills and contracts which will all be stored safely, and of course accessible anytime, anywhere and any year.

Not only does this take all the stress away from tax time, but it also ensures you’re getting all the deductions you’re entitled to. Start your free trial today and see for yourself how Tax Tank can help you stress less and get a bigger tax return this year.