How to avoid making mistakes on your tax return
Each year, Australians make common mistakes in lodging and submitting their tax returns.
Whether you complete the tax return yourself or use a tax agent, it’s important to make sure you declare all your income and take care that you are following the rules when claiming deductions.
Even a simple mistake may capture the attention of the ATO.
There are three golden rules Australians can think about when reviewing their claims:
- You must have spent the money yourself and not been reimbursed.
- If the expense is for a mix of income producing and private use, you can only claim the portion that relates to producing income.
- You must have a record to prove it.
It is important to rethink your claims and ensure you can satisfy the three golden rules.
If you have questions in relation to the above, or any other matters, please do not hesitate to contact our office on 1300 620 345.