Tax season is just around the corner, which means it’s time to get that paperwork ready, especially if you’re expecting a refund.

With less than one month until the end of the financial year, these five tips may help to get prepared.

1. Organise electronic and paper receipts

If you’re planning to claim work-related deductions, it can pay off to have your receipts ready. For example, you may wish to file electronic receipts (from stores like Apple) on your computer and paper receipts in a physical folder, so you’re ready to go.

2. Work out what you’ll claim

Depending on the type of work you do, you may be able to claim a range of different expenses, including:

• Heating and cooling a home office;
• Car expenses, including travel to and from client meetings (but not to your place of work);
• Phone calls for work (see below);
• The reduction in value (depreciation) of bigger items, such as your computer;
• Education for the role you’re in;
• Memberships, such as union fees;
• Insurance for your business;
• Tools you use at work (if you’ve paid for them out of your own pocket). 

3. Separate business and personal use

If you use your phone for work, you should be able to claim a tax deduction for the work calls you make. The key is working out the percentage of work use versus personal use. Having this information early may prove handy when you go to the lodge your paperwork.

4. Check your bank details are correct

Refunds can be delayed if you’ve got the wrong details in your MyGov account. It may be worth getting in early to check all of your banking information is right.

5. Find where to get expert help

When it comes to filing your tax return, you have a couple of choices:

• You can prepare and lodge it yourself; or
• You can use an accountant to lodge it on your behalf.

If you wish to go down the latter path, you can find a registered accountant through the Tax Practitioner’s Board.

Like every article on this website, this is not personal financial advice.