Tax time is just over a month away. How should your generation prepare for it now?

Damnit! Too late! Why are we asking this question now? Should have asked this 10 ¾ months ago.

But, instead of planning for tax time throughout the year … we leave it to the last minute.

Month. Whatever.

I know tax is not something you want to think about all year round. If you’re not doing it right, it can be painful, like Meatloaf at the 2011 AFL grand final.

But it doesn’t have to be. Just flip your thinking a little and tax time will become the most profitable two hours of your entire year.

Grab a shoebox. Put it somewhere that you’ll regularly see it, like on a shelf.

Now empty your wallet/purse regularly and feed the box with receipts that you might be able to claim against your income.

What can you claim? Jump onto the ATO’s website and search for “claiming deductions”. Half an hour spent reading that website will probably surprise/annoy you with things you could have claimed for years. In particular, search for your occupation to find out if there are extra things you can claim.

Many can claim some car expenses, stationery, self education, donations and travel expenses. But that’s just the tip of the iceberg.

Feed your shoebox before June 30? Pre-pay expenses and purchase items that you are able to claim that you know that you’ll need for the year ahead.

If your affairs are more complex, don’t do your tax yourself. Hire an accountant. The few hundred dollars spent on an accountant will usually be returned several-fold. (And their cost is a tax deduction.)

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and principal adviser with Castellan Financial Consulting.