What better way to add to tax time stress than having to worry about on-line scams!

CBA General Manager of Group Fraud Management Services, James Roberts says research has found the prevalence of tax-themed scams at this time of year is plentiful.

So while many people may be eagerly awaiting their tax return after June 30, unfortunately scammers will also be hoping to capitalise on the moment.

Mr Roberts said research the CBA had undertaken was encouraging in that it showed many people are now awake to possible scams.

"We've tested people on their ability to spot scams and encouragingly 69 per cent successfully identified all of the scams, but that also means that roughly one in three didn't. So this tells us that people need to be extra vigilant during the tax season," Mr Roberts said.

"During the tax season, you may receive a text impersonating the ATO, claiming your tax return has been automatically processed, and that you simply need to update your card details to receive it. These scams work when you click on the link, it takes you to a fake website, where, if you enter your card details, the scammer can make fraudulent transactions on your card."

If a link looks suspicious, remember the golden rule - Do NOT click!

Before that tax return is even a possibility, your tax has to be prepared and lodged and that in itself can cause some dramas.

While hard to believe in this age of IT, around 93 per cent of people still rely on paper receipts and other documents. Lost or damaged receipts result in an  potential $7 billion in unclaimed deductions, which amounts to $341 on average for each taxpayer.

That's money that is better off in your pocket.

Research conducted by Intuit QuickBooks, finds many Australian taxpayers admit to having lost receipts, while also promising themselves they would store receipts better this year.

Damien Greathead, Accounting and Advisor Group Lead at Intuit QuickBooks said they had coined the term receipt regret to describe this common issue.

"Receipt regret is something that many of us can relate to where life gets in the way of best intentions," Mr Greathead said. "Those tiny pieces of paper end up covered in our morning coffee, or lost completely.

"Despite those best intentions nearly half of people forget where they've stored their receipts, with 15% spending up to a whopping five hours sorting through them in the lead up to tax time."

Leaving receipts in your pocket can mean a washout at tax time.

The washing machine is the biggest culprit when it comes to these disappearing receipts.

One-fifth of Australians report to having lost a receipt in this way.

Almost half have had to deal with faded, torn or illegible receipts and despite their intentions, over two-fifths sometimes or forget where they’ve stored their receipts.

In a cost of living crisis where every dollar counts, it’s no surprise that almost a quarter of taxpayers are looking forward to doing their tax return this end-of-financial year in the hope of getting money back.

Over half of Australians do their own tax returns, and it can be tough to keep track of receipts throughout the year if you don’t have a good system in place.

Aussies, particularly small business owners, can make tax time less stressful by using tech to their advantage to make a digital copy of receipts as soon as they are received.

While it's almost too late to keep track of all those pieces of paper for this year's tax, why not start of the new financial year with a reliable system to keep receipts?

This time next year, you will be happy that you did!