Saturday, July 16, 2022

Simple Storage Tips for Better-Organised Tax Records


Got all your tax papers on hand? Being able to easily access your tax documents at a moment’s notice can save you from lots of problems with the law and institutions and services requiring your tax records.

But even if you hire an accounting service to take care of all your tax paperwork, you still have to take some responsibility in ensuring your tax papers are always accessible.

A last-minute scramble to get your tax papers in order is always ill-advised.

Here are some handy tips that can help you enter your tax season with greater ease.


What to Keep and What not to

One of the major problems that people fawn over in keeping tax records is what to keep and for how long to keep them. Basically, you need to keep everything directly related to the inflow and outflow of money in your business or home – income statements, receipts, contracts, etc. 

Check with the ATO (Australia), Inland Revenue (New Zealand), or consult with a tax solicitor to get accurate information on how to handle your tax records and how long you must keep them.


Choose a Designated Place for your Tax Records

Next, you’d want to determine where to house all your tax records. It’ll be more convenient if you have everything stored in one place. Storing all your documents in one place can help significantly declutter your workspace. Rather than throw receipts, tickets, and other important papers randomly at your work desk and drawers, keep them properly organised in a secured location.


Consider Sturdy Archive Boxes

Archive boxes can help you stay well organised as your tax records pile up by the day. One good thing about these boxes is that they are sturdy to hold many documents and can be easily labelled. You can have one archive box for each year. But make sure to use proper labels to avoid mix-ups. Don't just label the sections only, but use sub-labels as well - year, origin, subtype, etc.


Consider Self-Storage for your Tax Records

A self-storage unit for your business tax records can pay for itself. A self-storage unit used for housing tax records can provide a secure, and easily-accessible storage option to help you stay better organised for the tax season.