Blaize Pengilly 00:09
Personal Finance budgeting cash flow and investing don't have to be scary words. The We Talk Cents podcast is here to help you learn more about money and take control of your personal finances. We Talk Cents podcast is not a financial advisor. This podcast is made for entertainment and educational purposes only. All information shared is of a general nature and does not take into account your personal situation. You should consider whether the information is appropriate for your needs and where appropriate seek professional advice from a financial advisor. For more information,
Dan Jovevski 00:46
please check out wemoney.com.au/disclaimer. Everyone Episode 36 of We Talk Cents I'm Dan.
Blaize Pengilly 00:55
I'm Blaize and it's tax time baby Episode 36. I'm excited dad it's the first time we have ever done this. We are having our official end of financial year tax time party. Now talk me through what are you wearing? Dan? If you got a funky tie with accounting numbers or something? I don't know what do people wear? Do
Dan Jovevski 01:16
. I have got our uniform once a week money jumper that is standard issue for all employees at WeMoney you say? I'm pretty sure it is tax deductible. But we'll find out from Tanya in just a moment. Blaize one thing you know, I thought because you are a musical individual. And I've often told you that if you weren't going to be on this podcast talking about money you would be in a Broadway musical. And I thought you'd be seniors into let's talk about text baby. Let's talk about your return. And the let's talk about all the good things I can be buying with my head. That's all folks. That's all you're gonna get from me my musical musical flavor as we end out this financial year. But I was expecting that from you Blaize
Blaize Pengilly 02:04
Well, I love that. I love that you expect that from me. And do you know what I was actually thinking? In the words of DJ Kool and the gang. It is time for us celebration, but I didn't get it. It's tax time baby. I think your rendition was pretty great. But don't worry guys, Dan and I are not on music today. Although we are having a text time party. Yeah, we'll leave that to the professionals that you can you can probably choose something yourself after the show. But Shall we get into it? Shall we invite should we invite out this guest in for the party?
Dan Jovevski 02:37
Let's do it Blaize
Blaize Pengilly 02:38
Blaize Pengilly 02:45
Streamers are up, the drinks are on ice We've got some music playing in the background. And we're about to open the virtual doors on our very first ever premiere and financial year tax time party. Dan, how you going? Are you ready? Have you got your Sabre ready to open some champagne? What's happening?
Dan Jovevski 03:07
I've got dancing boots on flares, Blaize let's do it.
Blaize Pengilly 03:10
Oh, Well, I think it's just about time for us to welcome our very first party guest. Joining us today is a very talented human. She's a techie and AI enthusiast, and she has been dubbed by her friends and colleagues as the tax queen. She's a fully qualified accountant that's on a mission to disrupt the stereotypical thought of an accountant being a boring number number crunching person. She's passionate about possibilities with tech and innovation and loves working with tech based businesses. Joining us now via video link in a classic COVID maneuver as every most of the country's in lockdown right now. So zooming out into our party is the tax Queen has sell from Fullstack Advisory. Welcome Tanya Christie from Darwin. Hey, going, Tanya.
Tanya Christie 03:57
Hey, great. Thanks. That was a beautiful intro. Like I mean, my ego just grew about double in size, as
Blaize Pengilly 04:07
well, Tanya, we are so excited to have you. And thank you for coming to our very first annual tax time party to start can we get you a drink? Can we get you anything? Do you need to see Dance Dance dancing moves? Or? Yes, please
Tanya Christie 04:20
Can I Can I just get an icebreaker dance move. I just want one
Dan Jovevski 04:26
To do that with my with my headphones on a bit later on for you, Tanya, but you might be more requested me to turn the video off as well after you say.
Blaize Pengilly 04:37
Well, thank you so much for joining us. Now if you listen to our podcast on Monday, so two days ago, we asked you our listeners to send in what are your tax time questions because it is time to ask Tanja. So Tanya, thank you so much for offering your brain today for us to pick. Now. We've had a whole range of questions submitted. So thank you To everyone who emailed us who contacted us on Instagram, who commented in the WeMoney community. But before we get into those questions Tango, could you please give us a basic overview of what exactly Tex is how it works and why on earth, we should care about it. I mean, obviously, I care if I'm getting a return. But once what why is tax important to us.
Tanya Christie 05:21
So there are different types of tax, but we're going to focus on just income tax. And income tax is basically a portion of your salaries and wages or any income that you earn, that you pay over to the government so that the government can do the good work that they do. And they have predetermined sort of areas where they stuffed the money. So they have the budget, and then they decide this is where we're going to use it. And it's very interesting. For me, probably not for everyone else. But for me, it's always very interesting to see where the money went. And if you did file your tax return, last year, you'll see the ad Oh, now kids, you where your money went? And what percentage, pretty cool. Well, the reason why you should care about income tax is because you're looking after, basically every infrastructure, and you're looking after Medicare, the hospitals, so everything is being looked after by your tax money, which is also why you should get your friends to lodge their tax returns, because they need to pay their fair share.
Dan Jovevski 06:22
Nice Tanya, Yeah, that's, that's awesome. And yeah, that's right. That's where the beautifully paved roads and highways and everything that we know to come in love about living in Australia comes from is from the tax revenue the government generates is actually a little bit and the main differences because there's probably a couple of times listeners in this show, there's people that probably employed no work the regular nine to five, and you know, clock in and clock out and they're paid by an employer. But there's also people that are self employed. What are the key differences between both those two types of people
Tanya Christie 06:54
Being employed by an employer, or if you're working in a in an employee capacity, you basically your taxes paid as you go, this is the main difference for tax purposes. And your employer will withhold your tax, they'll pay it over to the ATM, and at the end of the year, you'll submit and get that lovely return. If you pay too much. You've crossed your fingers crossed. But with a self employed person or a sole trader, for example, the first year you don't pay any tax, because you don't know you have to pay any tax. So usually what happens is sole traders go out there make heaps of money, they spend all the heaps of money, and then they get to tax time and that Oh, hang on no nap. And now the idea is holding out their hand. And if you weren't prepared for that, then you sort of get that shock. And then once you've submitted, you get the installment shock, which is the tax for the next year, you sort of have to pay up front. So my top tax tip for sole traders put away 30% 30% of your revenue, just put it away into an account, you can't see unlink it from your infinite banking, don't have it anywhere that you can see it. Anytime any money comes in shove 30% of it away, that's not your money. That's the ATM has money. So when it comes to tax time, and you have to pay and there's money left over, then you can go out and splurge and buy me a drink or something to say thank you.
Blaize Pengilly 08:20
Thank you, Tanya. So if you're self employed, and you're putting away the 30%, and you're not looking at it, by the time tax come time comes around, and Ada tells you how much you owe them. You could technically really have your own return from your own money that's just been sitting out of slot, right. I know, right? Yeah. That's it. All right, awesome. Well, if that happens, I will definitely be shouting you a drink all the time. Yeah. Now we talk about tax time. And each each is the end of financial years, you know, becoming more of a thing with all of the FS sales and everything like that. But what are the other important dates around tax? When do we have to submit by? How is it that sometimes you know, you're in a barbecue and you hear someone saying I haven't submitted in four years? How are they getting away with it? are they telling the truth? Should that be that behavior be concerning?
Tanya Christie 09:10
Yeah, well, it's definitely necessary to submit some people if they say they haven't submitted in four years and they've they've made might not have any income. So they may have just gone under the 18,200 ish threshold, so they don't actually have to submit a tax return. But if someone says they haven't submitted in a while, just encourage them to log on to the to the My ATM, which is pretty cool. And they'll be able to see what's outstanding and the little red notifications that it's overdue, because if you don't Lodge, the agio will find you and they will find you and eventually they will automatically assess you and they'll get their money. Don't you worry about that. So rather rather do it your do it even If you're not quite happy with what the outcome is going to be, it's better to lodge than to not Lodge, I always say. So as far as important dates, we all know, today's end of financial year. So all tax accountants will be getting very drunk tonight. And the 31st of October is usually lodgement. For individuals, if they don't use a tax agent, if you do use a tax agent, so us, for example, then you get a little bit of an extension until the 15th of May, unless you're a company that ended up but for individuals, we can get you an extension until 15. May, payment dates depends on when you lodge. So the earlier that you lodge, the earlier you have to pay, if your lodgement due date is say the 31st of October, and you lodge in July, you're gonna have to pay about four weeks are off the assessment. So if your due date is the 31st of October, and you lodge on the 31st of October, then you get the extra four weeks or so before assessment and that will be your your payment due date. So that's also another tip. You don't have to lodge early if you have a payable locked by the due date.
Blaize Pengilly 11:12
Ah, cool. That is a that's a great tip. Dan, you had a really interesting question that you've mentioned on Monday's show. And I really would like to know the answer. We're gonna ask hanging out
Dan Jovevski 11:26
Blaize it's gone. It's gone blank. just refresh my memory.
Blaize Pengilly 11:32
If I recall, oh, yes,
Dan Jovevski 11:34
yes. No, no, no, no, I got it. I got it. I can't remember the garment was but was it a handkerchief? Or is it a week? I can't remember it was I think it was a handkerchief.
Blaize Pengilly 11:43
It was a handkerchief. Neckkerchief?
Dan Jovevski 11:45
Yeah, that's correct. So, Tanya, if somebody has a branded handkerchief with their name embossed on it, and they claim that in complex style? Well, what, what would they claim it for? For simply wearing uniform?
Tanya Christie 12:08
I'd say if the company policy requires you to wear a branded named handkerchief, yeah. That's the company policy says you have to wear it. So absolutely. But unless it's in the company policy, you just decide that it's pretty and that's what you want to wear. Not sorry, cackling. But it's crazy what people can claim. It is insane. The adult industry has the most fun deductions ever. Oh, my gosh, do yourself a favor and read through what the adult industry gets us deductions I'm in I was rolling around laughing.
Dan Jovevski 12:46
Just on that topic. I mean, what are some of the things that that people can claim that they don't know about? You know, what are the some of the classics, that items that you ask questions all the time for people that come and see quite regularly, and the quarter surprised and shocked about some of the things they actually can claim?
I think home, the working from home is now due to COVID. It's just sort of become a big topic. So that's great. That used to be something nobody knew about. And we sort of had to step them through the process. But now we see people coming to us saying I want to claim my working from home. So that's that's one good thing. Another good thing that came out of COVID,
Blaize Pengilly 13:23
what is it that you can claim working from home,
Tanya Christie 13:26
There are a few methods that you can claim. So you can either claim your sense, like a sense per hours, you have to have some sort of a way that you've calculated, this is how I said I work seven and a half hours a day, I work five days a week, and I don't work anywhere else. So you do have to have some sort of a record say this is how many hours I've worked during this period. And then the ATR has, what they call the shortcut method, is they just give you a cents an hour, and you just claim that as a deduction. Then there's also the actual, the actual method, which basically means anything that you expense, personally, that you need to earn your income, ie rent, if you're renting, and utilities and depreciation on your equipment. And if you have to buy furniture, like office furniture, you can claim a percentage of that business use. So the employment use percentage of all of that your telephone, your internet usage. The key thing here is the percentage that it's used for business purposes to earn revenue. So don't just go and claim your whole Telstra bill, you have to have you have to have some sort of a methodology calculated, how did you if you're saying you use 20% for work purposes, how did you determine that for most people who rent if you're renting, your home or your your, your apartment, then it works out a little bit better to use the actual method we found. You're allowed to choose any method you want. You don't have to go With what the Oto. So you use the 80 cents or the actual or you can use that the 50. To the old, right? So there's different ways that you can calculate it. If, when, when it comes to doing like, so for me, I'm really not that strong when it comes to maths. Pretty, pretty awful at it.
Blaize Pengilly 15:16
So the idea of calculating stuff. And to be honest, the idea of tax entirely overwhelms me because I feel like there's so many different elements in so many things that I don't know, I don't even know what I don't know, you know? So when it comes to making these decisions about what, what to do when working from home, or even just doing tax in general, what are the like the pros and cons of either doing it yourself? Or getting a professional like yourself to do it? And is there a time? Is it ever better to do one or the other? Does it really matter? In your personal situation? How does how does that work?
Tanya Christie 15:50
That's that's a good question. Um, my friends actually asked me that a lot, not clients, friends, mostly they're like, but I can do this myself, can't I? And I'd say, the pros, there's lots of material out there, the GAO has an abundance of information. So you for a simple tax return where you just get your salary, you have a few deductions, the answers are all on the internet. They're they're just literally just Google it, or hashtag. But you might learn something. That's also I'd say, that's also a pro learning something that you never knew before. And you also get that feel good feeling. Okay, look what I did. I did my taxes. So yeah, then adulting II can't I'll say, for some people, it's a bit stressful. So people freak out, they get tax time, and then they'd rather avoid it. Yeah. So for, for those guys, it's better to just pass it off to someone else and go, you do it, you stress about it. And you may also get it wrong. That's also a big con. So you don't know what you don't know. But if you take it to a professional, not just with us with any tax professional, if you take it to them, and you have a look, they have a look at what you've provided, they would easily be able to say can I make this isn't? You can't do that? Or have you thought of this? Have you thought of that.
Dan Jovevski 17:19
Just jumping in here, if you need to get a better picture of your finances, and you want to track your multiple bank accounts and see where you want to use going, then give them the money to go to the WeMoney app in the Google Play Store, the Apple App Store. And if you use a referral code podcast, you get $5 for simply connecting the eligible bank account. Now back to the show. So Ted, yeah, what what happens if you know, there's always going to be temptation here for all people to maybe you know, inflate their tax return or you to put something on there? And I've just read recently about that. No, why? Well, the metal, I don't know if this is a thing, I'm sure that he has got some type of PR or publicity people being because like a month before tax time, you just see all the articles appear at all the newspapers, just to forewarn people just but talk to us about you know, like just number one, removing any and all temptation to do that. Number two, what are the penalties that are involved in potentially anything like that.
Tanya Christie 18:15
So something interesting about me again, again, I'm part of the ATM digital service provider community. So I get to see all the cool stuff that happens at the back end of the ATM before they actually release it, which is fun. And I'll tell you, they, they are investing a lot of money in data matching. So data matching, whatever, tomatoes, tomatoes, but they are investing a lot of money and a lot of resources into that area. So with what they can see, it's scary. So rather, err on the side of caution, because even if you think they don't know about something, chances are they likely have a sniff of it. They have somehow come across it. And that's specifically for my crypto friends. So anybody investing in cryptocurrency just remember that it is the blockchain and it is visible to everyone it is public information. So it wouldn't be very hard for the AI to to sort of use that data and geotag it, but that's all I'm gonna say. So who maybe do the right thing? Because if you don't, you can literally go to jail, and you'll end up paying something like a 200% fine. Why would you want to do that?
Blaize Pengilly 19:44
I definitely don't want to be paying 200% fine. Take it it's interesting you say about the data matching because this actually happened to me last year in that I submitted by I got an accountant to do it because I get overwhelmed I think all things tax and then a couple months later I got a letter saying I didn't declare something. And what had happened is that I've completely forgotten I had a bank account that I didn't I put money in many, many, many years ago completely forgot about it. It did earn interest over all these years. It's just a small amount, but I forgotten to declare it. And yeah, I ended up having to owe the tax man some money. But in that case, it was really beneficial because I'd forgotten this random bank account. So if they can find that, I definitely don't doubt that they can find all of the other accounts that everybody has.
Tanya Christie 20:33
That's just another thing I want to I want to talk about for the early largest, because people usually jump in right after the 13th of June, there will be larger and larger income launch. And just bear in mind that every every business has until the 14th of July to actually submit their data to the to employees and employers even though your your data is there, you can see it on the report, it's not actually finalized yet for the single touch payroll regime. So at least give them to the 14th of July, or maybe the 15th if you're being gracious. Because otherwise, you will get that sort of thing, where if you've launched early, so let's say even if you just launch in August, which is still a little bit early, in my opinion, but if you launch in August, some stragglers may not have submitted their data to the ATL yet. And then once that comes through, it creates an automatic flag on your account. So the data matching team flagged you and they then they may then send you that letter that you I'm sure you got these give me a heart attack, they send you that scary letter. And usually it's a quick fix. But if it's not a quick fix, or they can't get hold of you, your addresses have changed, for example, it can become something really nasty, where they open up a review, and then oh, let's just review the last five years seeing as you list these $3 of interesting calm.
Dan Jovevski 22:06
Yeah, fair enough. Tenure Look, this is actually brings up a really good point. Because in today's day and age, we've got all sorts of type of accounts, and the one that I think will probably be most interested about these these micro investing platforms. So I'm looking at things like rays and spaceship and you know, these investment platforms, you know, how do they How do they affect your tax liability or things like that?
Tanya Christie 22:30
Yeah, they're pretty cool. I've I've dabbled in them myself. But for tax purposes, it's pretty straightforward. It's just the same as investing in any other shares or any other portfolio, the platform will actually give you a tax statement, they have to give you a tax statement, they will also report to the ATF what sort of income you've earned through the platform. And most of that will be prefilled. On your tax return already. Now. Don't ignore it, because it's not prefilled and say, Tonya said it will be prefilled. I'm not going to take that responsibility. If it hasn't been prefilled yet, then just jump in to the platform. And there should be some somewhere where you can download your tax statement for the year. And that usually comes out, say the 14th of July. If the platform's really proactive, they will send you they'll send you an email and say your your tech segments ready, then you just fill in the numbers.
Blaize Pengilly 23:29
Alright, that sounds pretty straightforward. Before you mentioned crypto, if you are someone one of the many people that seem to have jumped on the crypto trench lately, how does crypto affect your tax? And I've heard the CGT or capital gains tax been thrown around a lot lately. What exactly is capital gains tax? And is it tax time that we pay it? Is it a time of sale? How does how does that all work?
Tanya Christie 23:54
That is another really fun question that I can probably talk about for days. But in in, in short, cryptocurrency can either be capital account or it can be revenue account and that basically means it can be income and expenses or it can be an investment. So there are a few things to look at to see whether or not you're a day trader or if you're just an investor that's just holding the crypto and praying that it's gonna increase in value so that you can sell it later on. The one thing to remember is with crypto if you haven't have held it for 12 months, let's say it is an investment you have you did buy it as an investment you you bought one bitcoin because you're freaking rich. You bought one bitcoin you're sitting on it for say six months and now you're like, oh, maybe aetherium is gonna do better. So I'll buy some ether and then you once you sell that big coin to buy any other type of cryptocurrency, the CGT event happens and it's at the time of sale but you only pay the tax at At the end of the financial year, so you'll get your money now. And I'm always so sad when I see people who have made amazing money through cryptocurrency and then have to give half away, but they've already spent it. So bear in mind, it's if you're talking big dollars, make sure that you're putting away at least half of that for tax purposes or engage a tax a tax agent that specializes in cryptocurrency full stack, to sort of help you go through what the intricacies are. And it's also best to get advice beforehand. Because after the fact, there's not much we can do. There's not anything we can do after you've gone through that transaction. So planning number one, I'd say just engaging someone and planning, especially if you're going to go big. And if you've purchased, say the Bitcoin and you're selling it as an investment, then it's capital gain. If you've sold it before 12 months of you purchasing it, then you won't get the 50% cgt discount. And if you sell it after 12 months, then you do get the general 50% cgt discount, which basically means it halfs your profit from the sale.
Blaize Pengilly 26:21
So hold on and wait, wait out those 12 months, I'll say you're paying less tax. Nothing yet we had some messages in our inbox on Instagram asking about after tax super contributions. What's the deal with that? A
Tanya Christie 26:37
Good question and a great tax planning tool for anyone. Although you have to seek financial advice. This is not financial advice hashtag Not A financial advisor. And basically, for tax purposes, you can contribute up to the concessional cap, which for 2020 2021 was $25,000. And it's now going up to 27 and a half for the 20 2021 2022 financial year. Just remember that this includes your employment, superannuation. So if you have a certain level of wage, then your caps been used up may have been used up like you have to earn like 250,000 per annum, that has to be your salary package before you start getting into that area, which I hope everyone does. But it sort of eats into that. So if at the end of the financial year, you see you have your employer has contributed on your behalf, say 20,000 or 10,000, you can still put money up to the 27 and a half into super, if that is what your financial advisor advises you to do. And you can get a tax deduction for that. So that's after tax, superannuation contributions. And basically what happens is you tell your tap your fund that you want to, you're going to make these after tax contributions, you want to tax you're going to take a tax deduction for it, and they then tax you at 15%. So instead of paying tax in your personal name, it's it's more beneficial at the higher brackets. So the more you add, the more beneficial it gets. But also the more you earn, the less extra you can put in because your employer's already putting it in on your behalf, but swings and roundabouts. There's also another thing that's called the rollover. So sorry, not the rollover, carry forward contributions.
Blaize Pengilly 28:36
That's the word, carry forward contributions.
Tanya Christie 28:38
Yeah, so so the carry forward contributions is something that came in last year for the first time. And if you didn't put money into super in 2019 and 2020, then you may still have some carried forward concessional contributions sitting there. So what happens is, each year your concessional cap gets added to each other. So for the year ending 30, June 2021, you'll have $75,000 that you could have put in whatever you have physically put in over the year, the last three years gets deducted and what's left over, you can pop that into super and get a tax deduction for it. So you don't it's not use it or lose it. You only lose it after five years if you don't use it.
Dan Jovevski 29:23
Well it's excellent idea it's good to do that people can still get some benefit even if they haven't done it in prior years. That's that's also falling cool in this ask claimed deductions for side hustles and small business expenses. If you haven't made any income, ie Can you claim side hustle expenses against your main income? And if not, how can you claim
Tanya Christie 29:44
that's, that's also something we get we get asked quite frequently. So having a side hustle is amazing. Everyone needs one. You just have to distinguish between whether or not it's a hobby or an actual side hustle and you It's defined by are you doing business like activities? Or is this just something that you like to do? And every now and again, you may sell something. So let's say you, your side hustle is painting, you don't do it in a businesslike manner. You don't advertise it, someone comes into your house, and they're like, Oh, I love this. Oh, you can have 20 bucks. So that's not a side hustle. So you can't now deduct all of your very expensive paint supplies against the that is when it's a bargain. Yeah, that's right. So you have to distinguish between what's a hobby, and what's an actual side hustle. So it needs to be business like activity. And then there are some rules around deductibility of losses. So if you're, for example, if you, one of the tests is you need to meet a certain point of revenues are certain turnover, I think it's 21,500. Maybe I should check on that. But there's a there's a, there's a turnover threshold. So once you hit that turnover threshold, and you still you are still making a loss, then you can claim the deduction, then the deduction will form part of your your taxable income for the year, and those losses will go against your normal salaried income. But if you don't hit that point, so let's say you keep ticking around that the just the $1,000, below for revenue purposes, then those losses will actually carry forward until such time as you pass any of those tests. So there are other tests as well. But this is probably the biggest one for people who start this side hustle, you have to reach that level of revenue, or you have to make a profit. So if you've made a profit three out of five years, so let's say you make a profit for three years, you're number four, you tank and have a really terrible year or you hot, invest hard or buy a lot of the deductible things for what you want to do, then, if you've had the three years of profit before, even if it was a dollars worth a profit, then you can claim the losses against your your income for that year.
Blaize Pengilly 32:13
That's a pretty interesting set up on the topic of side hustles. We have another question from entities are named preparing for our future. Now they want to know if they want to start selling on eBay. How do they go about paying and reporting tax?
Tanya Christie 32:29
Yeah, interesting. There's a lot of ecommerce platforms now going around, and some of them are a bit more helpful than the others with sort of guiding those who list their products for sale on what to do. I know, most of the bigger ones, they give you quite an extensive, hey, this is what you have to do. But basically, if you're doing business like activity, you need to register an ABN. If your turnover is going to be over $75,000 for any any given tax year. Or you estimate it's going to be over $75,000 you have to register for GST as well. When you register for GST that opens enough whole other can of worms. And you sort of have to keep records and you have to issue tax invoices, but most platforms will do that for you. I think my biggest tip for people who are starting new, a new business and new venture is keep records up front. Keep all your records. Don't get bogged down or don't get too excited and forget to hold everything that you've paid. Use the same bank account, for example. So if you use don't use the same bank account for your personal and your side hustle, please because we don't want to sift through all of your AWS purchases to try and find which ones were actually business purpose that purchases. So it'll make it a lot easier rather put cash into your into a separate account and sort of start your side hustle that way, but legally to try you'll need to have an ABN. ABN don't.
Dan Jovevski 34:04
Jacpemb on Instagram asks, What can you claim for expenses when managing your shares? She writes, if I self manage on my phone, can I claim a percentage of my phone costs?
Tanya Christie 34:18
Absolutely. Yeah. So one thing people also don't know is that you can claim the newspaper if you buy it to look at the financial section. We all know that. No one does, because internet, but you can also claim your internet subscription. So let's say you're subscribed to say a financial advisory sort of platform where they give you what what's the hottest stocks right now. And you pay $2 a month or whatever, then you can claim that against your investment income.
Dan Jovevski 34:54
What is the best way to prepare yourself for a tax return this year? And is there anything Do you put in practice today that will make your climbing easier for next year?
Tanya Christie 35:04
Yeah, definitely. So for this financial year sort of the horse has bolted. It's it's a bit late now. So the only thing I can recommend is download your statements in a CSV file. That's an Excel file, and your bank statements and your credit card statements and sift through them to see if there's anything there. I usually sort by name. And then anything that says sort of office works, then I try to find the receipt, you will have to have substantiation for anything that you claim is an expense. That's very important. And there are lots of cool apps out there that you can actually use more cool, I say cool. For me, it's cool. There are a lot of apps out there that you can use to sort of prepare yourself with tax. And you will thank me at the end when you have to go to return and everything is neat and tidy and even spot. The ATM for example has a free my deductions app that you literally take a picture of the invoice, put input the amount, say what it was for, and you can chuck it away then. So having that digital copy is enough for the ATM. It also has a logbook thing built in like a travel tracker. So if you're someone that uses your personal vehicle for work purposes, when people are allowed to get out of their houses again, then it also has the functionality to sort of track where you're going and record your kilometers, which you'll need for the end of financial year. So I guess top tip number one for next year's tax, keep everything centralized.
Blaize Pengilly 36:44
Keep it all in check, go to get that admin life had been sorted. Get it in Yeah, in check. Not saying Yeah, thank you so much for joining us today. So we could ask Tanja on behalf of ourselves and our audience and the WeMoney community, all of your tax questions. And thank you again, to everyone who submitted questions, it was awesome being able to talk to a tax Queen herself and get get all the advice from a tax expert. That's how you know if our listeners want to find out more about you or about full stack? Where can they go?
Tanya Christie 37:15
Oh, LinkedIn is probably my favorite. So if you want to if you want to hop over to LinkedIn, and if you search tax Queen, want to put the word Tanya in there, you may, but I'm pretty sure there's not a lot of others that's going to come up. We also have a really amazing website fullstack.com.au lots of resources on there, especially for startups, which seems to be our niche. And we also have a lot of cryptocurrency resources. So go read and learn. It's It's It's free.
Dan Jovevski 37:47
And it's fun. Fantastic. Tanya, thanks so much for coming on the show today. And we look forward to following your journey and hopefully getting around for next tech season.
Blaize Pengilly 37:55
Well, it's been awesome. Thanks, guys. Thanks for having me. Thanks, Tanya. And thank you for over listening at home for attending our very first tax party. We'll be back next week with our regular programming. And in a year's time, we'll be doing this all again. So sit back, enjoy, and happy new financial year, everybody. Well, that's it from us. Thank you so, so much for coming to our tax time party. Don't forget to collect your goodie bags on the way out. And if you had fun at our party, we would really really love if you could leave us a review on Apple podcasts. This helps other people like yourselves, find our show, and it makes us more visible. So it'd be really, really awesome if you could leave us a little review on Apple podcasts.
Dan Jovevski 38:45
today. Next week, we're going to be looking at budgeting Brian hacks the ways to trick yourself into becoming better with money so you can get sorted for the next financial year ahead. And if you want to get in touch with us, slide into our DMS on Instagram that I handle, give away money. And if you want to learn more about your money and get a deeper understanding, then give away money epikgo simply head to the Google Play Store or the Apple App Store and use referral code podcast make a bunch of your own. You know what we're gonna give you five bucks for simply giving it a go.
Blaize Pengilly 39:14
We'll see you next time. Thanks for coming to tax body and see you in the new financial Yeah,
Dan Jovevski 39:18
See you next week.
Blaize Pengilly 39:19
The author is not a financial advisor and the information provided is general in nature and was prepared for information purposes only. This article should not be considered to constitute financial advice. Accordingly, reliance should not be placed on this article as the basis for making an investment, financial or other decision. This information does not take into account your investment objectives, particular needs or financial situation.