Many of us find organizing our tax information to be a stressful task and this is even worse if you have not kept well organized logs throughout the year. People head to their Sydney accounting services at the end of each financial year to have their taxes done.

Your most important logs and receipts must be kept for five years. For any Sydney accounting service to do your tax return efficiently there are certain records you will be asked to provide.

So what records should you keep? The following guidelines provide some idea of what record you should keep for the purpose of doing your tax:

* Documented income - includes everything you have earned during that year. It should be all-inclusive with payments from employers, income from your business or hobbies and any other payments (income) you received. You will need to provide records of all income.

* If you use your car for business you should keep a log of mileage and all expenses of operating your vehicle. This would include receipts for petrol, maintenance and repair.

* Travel expenses - if you have done any work-related travel, then it is important you keep receipts of all costs incurred.

* Work Apparel - If you are required to wear specific clothing for your work such as a certain color/style of shoe or safety gear keep those purchase receipts. Not only may you be able to claim the cost of the clothing but might also claim the cost of cleaning or laundering the clothes.

* Keep a record of any bank fees for your business accounts or any investment accounts.

* Work-related courses of study, including any books or materials required for the course is another expense you may claim if you keep all the receipts for fees paid and items purchased.

* Home office expenses - Your claim for the costs incurred in running your home office may be larger than you realize as you can include portions of utility bills and internet costs.

* You pay for insurance for your business equipment and may also have purchased insurance for liability or other risk management. You may be able to claim this business expense.

When considering hiring the various Sydney accounting services to do your tax, you need to be sure you have provided them with sufficient information and other records to help them minimise your tax.

You may need more specialized guidance for some aspects of your business. When hiring a Sydney accountant keep your particular needs in mind to obtain the best accountant for your business.

Related Articles