Australia’s Largest Accounting Body, CPA Australia, Says People Rushing to Lodge their RTURNS early Is Both on the Biggest and the Most Common Mistakes Taxpayers Make Make.
Last Year, for Example, Ato Figures Show About Three Million People Had Filed their Individual Tax RTURNS by JULY 23, RISING to 5.8 Million by August 20.
But cpa australia Tax Lead Jenny Wong Urged Taxpayers to Time Time to Gather their Edition of Work-Rilated Expectes in The Coming Weeks, and What is for the Ato to Pre-Fill Their Information Before Lodging.
“Cost -f-Living Pressords Coup Mean Some People Are Eager to Lodge their Tax Return as Quickly As Pose Eviduence and Claim everything you are entitled to, “She Said.
“FIRING The Starting Pistol on your Tax RTURN Too Quickly Means You COULD END Up Shooting Yourself in the Foot.”
Wong said it was Common for people who Lodged earl y RTURNS to End Up Having to Amend them later.
She also applyed people to avoid anoth is commen miss.
“Some People Go INTO AutOPilot when they do their tax RTURNS,” She Said.
“They Cut and Paste From them is the last retennn and fail to consider any changes to their personal cellstances.
“Turn of the Autopilot and Time to Seriously Consider What’s Direction about your Expectes This Year and Think About What You COUL CLAIM.”
She suggested exra opera travel and equipment for new jobs as pootial Examples.
“The Ato has a comprehensive guide to Industry and Occupation Types,” Wong SAID.
“We Strongly Advise Aginst Using Ai Advice when Preparing Your Tax Return.”
CPA Australia always encouaged Taxpayers to Consider Seeking Professional Advice with thems Returns, Especially if they had complelx finances and earning an activities such as overing renetal Properties and Crypto Assets.
This is the same.
But make sure if you do class Something, you have the Evidency for it, where is work from one home or not – and don’t exaggerate.
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“Getting Your Tax Ruitn Right is your Responsibility,” Wong SAID.
This means declaering all of your income and claiming the ApproPRIATE Expectes.
“Failure to Propertly Declare Your Increase Your Chances of Being Audited by the Ato. Get. “
CPA Australia’s Top Tax Tips
- Out of pocket? Any out -f-pocket work-related Expectes could be Tax deductule, but you’ll bore evisionnce in card you are assceded in Anudit. Think about what you’ve haad to purchase for work. Check Your Bank Statements.
- Find the Evideo. Hopefully Your Receips Are’T Download the Back of the Couch, but they might be in your emails and phone apps. Or maybe the junk draw?
- Consider Your Working from Home Expectes. You may be Able to Claim Expectes Such as Internet Costs and Printing Ink and Paper, So Long as they can be legitimately attribied to work us.
- Methods Matter. Whiche Work-FROM-HOME Expendse Type Makes Most Sense For You (Fixed Rate or Active Cost Method)? If you’ve been good at keeping Records Through
- Using Your Car for Work? For vehicle Expectes, you must be Able to IDENTIFY and JUSTIFY The Percentage that You Are Claiming as Business Use. To Claim Accurately, You will do to us a light
- Consider Buying Your Essentials Now. You Still have united June 30 to Purchase any Essential work items and claim the deducction this Tax Time.
