Its nearly tax time....

And that means its time to sort out your shoebox of paperwork, receipts and invoices to get ready to prepare your tax lodgement.  Regardless of if you are seeing a tax accoutant or attempting a DIY lodgement there are a few simple things you need to do while you are waiting for your group certificate(s).

First things first - find your receipts that can be used for tax deductions - there is no point missing out of deductions because of a lack of prepartion.  It is better to provide more information to your accountant than less.

Also if you have had more than one employer in the last financial year make sure you have received your group certificate from all employers before lodging your tax.  Given the econony and industry changes in the financial year there might be more than a few people who have had more than one employer this year. 

Lastly, find your last Notice of Assessment - this is vitial to verify your idenity to lodge your current tax assessment.  To be valid your Notice of Assessment should be issued after 01 May 2007 and show your sequence/reference number in the top right hand corner.  If you happen to have misplaced your last Notice of Assessment contact the Australian Tax Office (ATO) for a copy to be sent.

Allocating time now to prepare your paperwork will help reduce wasted time at tax time.