Managing your own financial affair isn’t a rocket science.

I finally did it. With only 8 days till the deadline, I have submitted my Tax Return.

It was an intense 2 hours, skimming thru ATO’s regulations, digging out 12-months old receipts, generally trying to do the right thing.

Tax Time is the time to get involved

Tax Time is the time to get involved

All this made me remember doing my very first Tax Return, all those years ago. It used to be a very involved process. First, it required a visit to a Newsagency to pick up a copy of the Return, and to get a pack of smokes (I’ll need them). Then I needed to clean up the dining table, so I can spread all the papers out, next step was realising that I don’t have a black ink pen, so back to the Newsagency I go, getting a bottle of vodka from a bottle shop while I’m out (I’ll need it later too). Finally, about an hour after I’ve started filling in the form, I hopelessly stuffed it up. Stuffed it up to a point that I just knew that no amount of Whiteout would fix it. Which only meant one thing – another visit to the Newsagency, to get another blank form.

Back home with the form, thoroughly frustrated, I spend the next few hours doing my best impersonation of an old accountant. I grumble, I argue with the form I’m filling in, I’m yelling at my pen, I admonishing the receipt for deciding to play hide and seek with me.  At long last, it is done. Two sets of forms and a pack of smokes later, I feel totally exhausted, but my Tax Return is done. Now all that’s left to do is to jump in a car and drive to the local Tax Office branch to make sure my forms are there in time. By the end of the day, the place looked a lot like this:

Paperwork during tax time

Paperwork during tax time

 

Looking back at the way I did my first Tax Return, I suddenly realise that today’s tax affair is rather boring, uneventful, even dull.

After having a late breakfast on a Sunday morning, I downloaded eTax software from the ATO website, “digging out 12-months old receipts” in reality only took a couple of minutes, as most of them are electronically stored in my e-mail. No hunting for forms or for pens. No wasting time going to and from Newsagency. If a mistake is made, all it takes is to hit the Back button and correct the mistake. And once all is done, getting the information to the Tax Office is as easy as pressing the Lodgement button.

All this makes me wonder why would people pay hundreds of dollars to have their basic Tax Returns done by accountants? Unless you have a complex financial portfolio consisting of investment properties, shares, running a couple of small businesses, you don’t really need anyone sticking their nose in our financial affairs. Think about it – a lot of people would pay a few hundred dollars to an accountant, just to have a couple of hundred dollars in tax return. next year, why don’t you give it a go and try doing it yourself. After all, if you were smart enough to have finished high school, you are smart enough to manage your own Tax Return.

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