Earnt interest from a bank account you may have totally forgot about? Missed or forgotten income is an easy mistake to make, especially if you earnt it way back at the start of the financial year. Make sure you consider all of your income sources and declare them, otherwise the ATO may catch up with you when you least expect it.
The ATO are very good at receiving data about what you earned from third parties, like employers, banks and sharing economy platforms, so the chances are the ATO already has a very good idea of what you earned and will pick up discrepancies as soon as you lodge your return.
Legitimate items are either missed because you didn’t know you could claim for them, or you just plain forgot which is easily done if your receipt keeping leaves a lot to be desired. Always investigate deductions before you lodge your return with either a trip to an accountant or the ATO’s website and try to keep all your receipts going forward – even just popping them into an empty shoebox. You’ll be grateful you made the effort when you get your Tax Statement.
One top tip we recommend for staying on top of your receipt keeping is to take a photo of each receipt as soon as you get it. Keeping electronic copies on your phone or laptop reduces the chances of losing receipts and eliminates the all-too-common problem where receipts fade to illegibility over time!
Lodging an incomplete form:
Simple things such as forgetting to include your date of birth, correct signature, or even your Tax File Number (TFN). This results in delays because the ATO will need to send your return back and this will hold up your refund. An alternative is for you use MyTax, this is an easy way to make sure every part of the form is completed because the software literally will not let you submit your tax until every box is filled out properly.
Not including Medicare levy information:
Remember, if you qualify for a reduction in the Medicare Levy Surcharge you need to put that information on your tax return, otherwise you will be charged the full amount.
Not claiming rebates:
Such as spouse, medical and education rebates to name a few. While the changing thresholds of some rebates can be confusing, don’t be fooled into thinking because it’s too hard, you won’t be bothered claiming them. They may be worth the extra time to research what you are entitled to claim.
Come See Us About Your Tax Planning
If you would like to arrange an appointment, please don’t hesitate to contact us on (03) 6344 3899 or send us a message below:
General Advice Warning
Information provided in this newsletter is general in nature only and does not constitute personal advice. The information has been prepared
without taking into account your personal objectives or needs. Before acting on any information in this newsletter you should consider the
appropriateness of the information having regard to your objectives and needs.