It’s Tax Time

Numbers, invoices, debts, money, lodgements, returns, end of financial year, sales, upgrades, statements, audits, reviews, profits, loss, pay tax, reports – end of financial year, you’d think it was a time of celebration but to many, it’s not.

According to a survey completed by Xero in 2018, 52% responded that they see tax time as one of the most stressful times of the year.

Attempting to do your own tax can be overwhelming. If you aren’t a financial expert, deciphering the tax jargon can be the same as rocket science for most of us!

To reduce the stress of tax time, there are a couple of recommendations;

  • Get your tax items in order earlier and don’t leave it to last minute. The thought of being penalised for lodging your return late will raise your blood pressure!
  • Approach a professional. There are many accountants that offer great deals around tax time and will sort your return lodgement for you.
  • Use technology. Majority of quoting and invoicing systems integrate with accounting software today. Using paper invoices requires you to manually input the information into your accounting software later. This requires you to double handle! After working all day, the last thing you want to be doing is moving numbers between paper and system!

You will feel a sense of relief once your tax return has been lodged.

However, if during the process it begins to become overwhelming and you being to feel symptoms of depression or anxiety, remember to reach out and speak with someone. If you don’t feel comfortable speaking with a family member or a close friend, there are many support lines available in Australia that are confidential and private!

Remember, you are not alone!

Beyond Blue:

https://www.beyondblue.org.au

1300 22 4636

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