How often should I claim expenses?

We recommend reviewing and sharing expenses every month. Prosaic will send a monthly email summary to help you stay on track and ensure you are always up to date. This routine helps you manage your finances more effectively and take advantage of potential tax benefits throughout the year.

However, other options include:

• Every time you submit your GST return: If you file your GST return every two months or six months, submit an expense claim just before filing. This ensures all relevant expenses tracked in Prosaic are included in your GST claim, maximising your deductions and ensuring accuracy in your return.
• Once a year: Some prefer to submit expense claims annually when their accountant requests information on home office or motor vehicle expenses. While this can be convenient, it means you won't benefit from improved cash flow and potential tax advantages throughout the year. Regular monthly or GST-aligned submissions are better for keeping your finances optimised and up to date.