Tax time is just around the corner which can bring unexpected returns — but also stress and confusion. But it doesn’t have to. Australian finance expert, author and Smart Women Society CEO Téa Angelos this week shared with 7Life her simple guide to everything you need to know for tax time. According to Téa, there are many ways to get the most out of your tax return.
If you’re wanting to get organised before you do your tax, Téa suggests starting by “putting all your documents together, such as income statements, receipts and bank statements”. She also recommends sorting and categorising your expenses to understand what is claimable and what is not. “Make sure you also review your tax return from last year to see that you haven’t missed any income sources, claimable deductions or credits,” she advises.