Poor record-keeping is oft associated with low refunds. Tax agents cannot wave a magic wand if you don’t do the basics and keep your receipts throughout the year for your work or business-related expenses.
The ATO’s rule in most circumstances is that no receipt results in no deduction so if you take work-related car travel as an example you could be costing yourself $$$ by not keeping those petrol dockets! Get into a habit now whilst you have a bit of spare time up your sleeves.
The Australian Taxation Office have a great app called myDeductions which is an easy way to diligently record your receipts for year end by simply taking a pic with your mobile device at the time that you incur the expense.
This tip was provided by Mr Taxman, Adrian Raftery, author of 101 Ways to Save Money on Your Tax - Legally! 2019-2020 edition (Wiley, May 2019, AU$25.95). This information is of a general nature only and does not constitute professional advice. You must seek professional advice in relation to your particular circumstances before acting.