Who hasn't done their 06/07 Tax Return yet?

Bandita

Bandita

I am SO guilty!! Why is this so hard??

We waited until the very last moment to do our 05/06 return, thought we would have everything ready to do the 06/07 - yet, waited for some dividend return statements, etc, etc - and now it's almost March, and everything is in chaos!! The idea of digging through all those piles is ridiculously overwhelming, and since we're moving interstate at the moment, everything got chucked into boxes - so April 08 is most likely when we'll even get to the point of unpacking/sorting the finances.

Filing/organising is my WORST trait! Yet, I hardly ever throw anything away, so I know it's all there (somewhere!) - if I could just find it?? What programs to people use to help them organise all this choas (I need something made for this kind of stuff - Excel ain't working!)

I know it's money in the bank if we could just get ourselves organised.....maybe I unconsciously procrastinate as a way of forced savings??

Is anyone else this far behind??

Cheers,
Jen
 
Jen, I am now scanning every document/tax invoice/rental statement I receive as soon as I receive it into a directory which splits out each different investment property. At least it means I don't overlook expenses when doing my return or lose them during the year (or years!).

At the same time, I enter the amounts into a spreadsheet, so it avoids the significant task at the end of the FY or at some future point when I get around to reconciling everything.

Now this financial year is the first time I have done this, so hopefully it will be a worthwhile exercise at year end. Of course, this year I am also using a tax variation form, and started my own SMSF, so I need to be far better organised.

In previous years, I have been very tardy in doing my tax return, and only caught up with 2 FY tax returns in October last year. I rationalised my procastination that it forced me to save and be thrify, as I didn't have that lump sum, or no tax variation in place. Now that I hav done it, I realise that I was wrong. Money in the bank reducs your interest bill and reducd PAYG tax, allows better cashflow.

In anycase, I just didn't want to go through the arduous task again of searching & organising through all receipts, invoices again. Unfortunately, you need to give yourself a good few hours, even more depending on the size and complexity of your tax affairs and you'll be amazed at how much you can get through. Trust me, the thought of dong it, is worse than the reality. Good luck with it.
 
Don't be so hard and tough on yourself Jen.

Paperwork was a boring old muddled task for me years ago, then after investing for a few years we started to get wonderful big cheques from the tax department!:p

I found by setting up filing cabinets in the office and putting cabinet files with each files name/list/property thingo on each and filing each bit related ...it simplified no end.

My accountant asked that I keep each property info/relating paperwork all together in each IP folder, she said that was easiest for her.

So as soon as the mail comes in it gets filed, (is actually a good feeling), if any bills to be paid they go on top of a filing cabinet and assorted into a folder, bill to be paid next facing up, (and also mark in big color highlighter on calendar)-it's in my face, can't miss it, no matter which way I turn.

But! the great thing is individual folders and shoving each with appropriate paperwork ...as comes into the house. Sounds very simple but crikey it works----then the lure of the big tax refund cheque is like honey to the bee!

I don't mind my paperwork stuff anymore and it's good not having it from here to breakfast. It is possible to train yourself.

Good luck.
 
I cannot, will not....choose not to do excel and computer record of finances, that does drive me demented.

There is a special ability for people that can do this, I have the greatest respect for fiddling and computer data entry and stuff! But it aint my cup of tea-ever!:)
 
Well the returns are on a spreadsheet and the receipts are all together and sorted in the file. The tax agent has it but with Feb bass statements to get through for other customers, she's a little behind.

She can take all the time she likes to put my return in since this year I will owe the ato money instead of me getting a refund. :D
 
I only just got around to doing my NZ 06/07 return last week, now have to wait for this to be processed before I can do my Australian return. I too am really bad with filing and hate it with a passion!

Does anyone know when the 06/07 return is due? From memory it is around March/April?

Cheers,
Ozi
 
Me too! Each year, I try & have it up to date for the end of the financial year, but each year I procrastinate & it doesn't get done. I just hate the paperwork. I'll get around to it soon.:eek:
 
Between the mrs and me we get $20k+ back, that's incentive enough for me to do my tax on time, although usually I'm a great procrastinator on most other things.
 
JenD said:
Is anyone else this far behind??
Click to expand...

Way way further behind...


ozperp said:
Ummm :eek: just working on 04/05... :eek: But simultaneously working on 05/06 and 06/07 AND 07/08. ...
Click to expand...

Yep I'm fessing up too. Hubby is on my case, but hasn't been able to give his assistance due to a FIFO contract that he took for 3 months, 11 months ago!!

We have moved 5 times since 04, (and 5 moves from 00 to 04) and even though I thought I had everything packed together, every move I lose something. I thought I had 04/05 ready to go, and 05/06 almost ready to go - need hubby's help with sorting through the final receipts for 3 renos.

Our last move was in October, I now cannot find the folder with all group certificates and personal claimable stuff!!! - Just a minor matter really :eek: I guess today might be a good day to look for them....

I reckon this is the WORST part of investing. Hubby (and me) want to get a bookeeper. A bit pointless at the moment if I can't get my act together...:eek:

Sunshine
 
We haven't done 06/07 as yet.

Because we do a ITWV we already have our taxes back working for us so are in no real hurry to lodge returns.

We have until May each year to lodge our returns (via accountant) with the ATO for the previous year.
 
I only just submitted our 05/06 returns :eek:

I still have to finish off a depreciation schedule which I paid for in June 06.
Once I have done that, I'll get all the paperwork together for 06/07 returns.

I file every 6 mths or so so the actual paperwork is easy to dig out, compile and hand it to the Accountant. I also do up a spreadsheet of all the figures and the accountant can, if she wishes to, check it against all the records. I just give the hwole pile to her and she calls me with anyq uetsions and when she's got 80% of the return completed, I'll meet with her for less than a n hour to go over it.

I use H&R Block. We used them even before we accumulated assets and they're easy access and cheap. All the properties are in joint name and they only charge us for combined IP so if we have 6 IP's, we only get charged 3 each.I don't know how we are charged but returns are only a few hundred.

FYI, we received a tax refund recently from ATO for a 2003 return! with interest. Felt like we won the lotto.
 
sue78 said:
I only just submitted our 05/06 returns :eek:

FYI, we received a tax refund recently from ATO for a 2003 return! with interest. Felt like we won the lotto.
Click to expand...

You should have been fined...I'd have it a guess and say the only reason you weren't was because they owed you money.

Have you been fined before?
 
I haven't lodged my return yet.

Every year I take all my IP and business paper work to my accountant the week after the financial year ends. I then get his reports so I know what I'm up for, but don't get him to lodge it until the deadline. 06/07 will be lodged in May this year - at which point I have to come up with a larger amount of cash than usual thanks to a HECS issue. I'm hoping that the 07/08 year will be better though as I've been paying ahead so it doesn't hit me as hard.
 
Me too:eek: Although I did add it it my list " of things I could do" today so there is some hope hehehe

I think I will add PA to the list of doodads I would like to make life even more wonderful.
 
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