Flourish Health & Wellbeing eMag - Latest Edition - Flipbook - Page 22
The Mental Load of Tax Time
Tax time can be stressful, especially if finances are tight or you're
unsure where to start. Business owners are particularly affected
—91% of small business operators report stress around tax time.
Add cost-of-living increases (up 6.9% for employee households,
according to the ABS), and it’s no wonder people feel the
pressure.
If you’re feeling overwhelmed, don’t go it alone. Talk to a
registered tax agent, accountant, or financial counsellor. And if
you’re struggling emotionally, reach out to a wellbeing service
(such as Converge’s financial planners) or someone you trust.
Your Tax Time Checklist
Before you lodge your return, doublecheck the essentials:
Tax File Number (TFN)
Updated bank account details
Records of income and expenses
Tax withheld on payslips
Medicare levy and student loan
obligations
Supporting documents for deductions
Staying organised helps prevent
mistakes and avoids delays in
receiving a refund.
Staying organised helps prevent mistakes
and avoids delays in receiving a refund.
Should You Use a Tax
Agent?
Filing your own tax return can be simple,
especially using the ATO’s myTax tool. It’s
fast and free, but it does require a good
understanding of what you can and can’t
claim.
On the other hand, a tax agent offers
expert advice, can help you find more
deductions, and their fees are taxdeductible. They can also access extended
deadlines. Just make sure you’re clear
about your income and expenses to avoid
any misunderstandings.
