Australia: My Experience With The Stock Market - Part 4

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Aside from stonks, I was also researching about ETFs (exchange traded funds). It's like mutual funds but no. Then I came across spaceship voyager  then raiz .  If you want to know more about the two, you can refer to this  article . Below is a summary: 📌Make sure you understand the product and the risks involved before investing.  Source: finder.com.au Update: I opened an account with Raiz and will do a review after a few months 😊 . If you want to get started, maybe you can use my referral link here  to have  $5 for me, $5 for you! Thanks!   
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How To Keep Records - Part 3

Disclaimer: We do not provide tax or accounting advice. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for tax or accounting advice. You should consult your own tax and accounting advisors before engaging in any transaction. 

📌The record-keeping exemptions provide relief from the need to keep receipts in certain circumstances. However, they are not an automatic entitlement or a "standard deduction" for everyone. While you don't need receipts for claims under $300 for work related expenses, $150 for laundry and 5,000 kms, you still have spent the money, it must be related to earning your income and you must be able to explain how you calculated your claim. - ATO

Generally, you must keep your written evidence for five years from the date you lodge your tax return.

For more information, http://ato.gov.au/individuals/income-and-deductions/in-detail/keeping-your-tax-records/

📌 CENTRELINK - if you are receiving taxable payments from Centrelink, you can download a payment summary in their mobile app 👉 Log-in to your account > More > Statements > Payment Summary (this will be available at the end of the fy. you can also see here income statements and deduction statements if you asked Centrelink to withhold tax on your payment.)

👍 To add a tax deduction in your Centrelink Payment, you can follow this https://www.servicesaustralia.gov.au/individuals/online-help/centrelink/manage-tax-deductions or you can also do it in the mobile app.


For us, what I do is :

👌 Create a folder and name it as "Australia Tax Documentation", subfolders will consist of the financial years i.e. FY2018-2019, FY2019-2020 and so on. Under those years, create folders that consists of your supporting documents for that financial year i.e. payslips, banks (bank statements in PDF), stocks, super etc. Ensure that these documents are properly labelled to easily identify it.

👌 Create an excel and name it as "Tax Worksheet - FYXX". Well this is optional but since we do it DIY, this is very helpful for us.


👌 Tax calculator 









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