The following Tax Tips are are recommended for all taxpayers:
We want to make sure that no one misses out on the deductions that they are entitled to.
That’s why we’ve put together some easy to understand guides on the most common deductions, so everyone can work out what they can and cannot claim:
2. GET YOUR FIGURES CORRECT
On an average, each year ATO contacts over 350,000 people with errors in their tax returns.
Missing an income is the most common mistake they see.
It is important to report all your income, including pay from second jobs, foreign income, bank interest and any Government payments you received.
Many of the other common mistakes are easy to avoid, by simply checking that your tax return details are complete and correct before you lodge, you will avoid any unnecessary delays.
Some common errors to avoid include:
Lodging through a Tax Agent, like us, will avoid all the mistakes and you tax return will be lodged in a timely manner and you will get the refund in your bank account easily.
3. OVER CLAIMING
Although we want to make sure no-one misses out on their deductions, ATO will also be on the lookout for those trying to claim more than they are entitled to.
From few years ATO is focusing on unusually high work-related expense claims across all industries and occupations.
Enhancements in technology and the use of data means that ATO are able to take a much broader approach than previous years; and identify and investigate claims that differ from what is normal across all industries and occupations.
ATO will also be paying particular attention to claims:
Three easy rules you can follow to make sure you’re not over claiming on work-related expenses:
4. GET SORTED ASAP
If you are expecting a refund, please lodge your tax return asap after the end of the financial year but make sure to lodge before the 31 October deadline to avoid penalties.
5. USE A REGISTERED TAX AGENT
Most registered tax agents have special lodgement schedules and can lodge returns for their clients after 31 October.
For anyone thinking about using a tax agent for the first time or a different one to last year, it is important to contact them ASAP to qualify for their lodgement dates and avoid penalties.
It’s also important to ensure you are using a registered tax agent. Only a registered tax agent can charge a fee for doing your tax return. A list of registered tax agents is available on the Tax Practitioners Board.