Tax Time Prep: 5 Must-Have Docs!

Posted: 21 Jul '23
Tax Time Prep: 5 Must-Have Docs!

Tax Time Prep: 5 Must-Have Docs!

Hey, it's that time of the year again – tax time! I know, I know, it might not be the most exciting thing on your to-do list, but fret not, because I'm here to make it a breeze! We are diving into the top 5 documents you absolutely need to gather before you book that appointment with your accountant. So, let's get this show on the road!

1. Income documents - Cha-Ching! First things first – let's talk about your income. You need to collate all those little gems that are a snapshot of the money coming in throughout the year. Gather up those invoices, and any other income-related documents, so you've got a clear picture of your earnings. If you are an employee, after the 14th of July, your annual payroll data should already have been lodged by your employer with the tax office. Your accountant should be able to access that easily. I am talking about the other goodies. Gather them all together and you'll be singing "cha-ching" all the way to the tax office!

2. Expense Records - Pennywise! Next up, let's track those expenses. Gather receipts, invoices, and records of all your business expenses and deductions. You guys are rock stars, so I am sure these are already sorted. Remember, every dollar counts, so don't forget those office supplies, travel expenses, and all the nitty-gritty details.

3. Bank Statements - Show Me the Money! When it comes to taxes, your bank statements are your new BFFs. These trusty documents show all the ins and outs of your financial transactions. Make sure you've got those monthly statements at the ready, so you can confidently show the taxman where the money went and where it came from! And continuing on the rock star theme, if you are using Xero and have your bank feed set up, man, are you ahead of the game! You just need to make sure your Xero bank balance matches your paper statement.

4. Investment Statements - Growing Profits! For all the savvy investors out there, let's talk about those investment statements. Gather up documents showing any dividends, interest earned, and capital gains from your investments. We're all about growing profits and keeping things in tip-top shape!

5. Health Insurance Info - Stay Healthy, Save Money! Last but not least, let's tackle health insurance information. If you've got private health cover, you might be eligible for some nifty tax benefits. So, grab your health insurance documents and have them handy for your tax appointment. It's a win-win – you stay healthy, and you save money!

Organization is Key! Remember, staying organized is the secret sauce to tax time success! Invest in a trusty file organizer or go digital with a secure cloud-based system to keep all your documents in one place. Hubdoc comes free with your Xero subscription so it may not even cost you’re a cent to get documents appy-fied. No more last-minute scrambles – you've got this!

With these top 5 documents in your tax-time toolkit, you'll be set to breeze through your appointment with your accountant and tackle tax season like a pro! So, get those documents ready, stay organized, and make this tax time the smoothest one yet!

Sending you tax-time sparkle and smiles. Stay ‘Appy!

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