Tax time is officially here! We provide a brief reminder to keep these three major problem areas front of mind when submitting your tax return:
- Incorrectly claiming work-related expenses;
- Inflating claims for rental properties; and,
- Failure to include all income when lodging.
Work-related expenses
Remember, there are 3 golden rules for claiming a deduction for any work-related expense:
- you must have spent the money yourself and weren’t reimbursed,
- the expense must directly relate to earning your income, and
- you must have a record (usually a receipt) to prove it.
Rental Properties
Rental property owners must remember to carefully review their records before lodging their return and take care to ensure they are claiming deductions correctly. Ensuring that you provide full and complete records assists us with preparing your tax return correctly, so you can claim everything you’re entitled to and nothing that you’re not.
Early Lodgement
Also remember not to rush your tax return now 1 July has finally clicked over. If you have received income from multiple sources, you need to wait until this is pre-filled in your tax return before lodging. Wait a few weeks to avoid being flagged by the ATO.
We’re here to help.
It’s a stressful time of year for many but you are not alone. Please contact your TAG accountant if you have any questions or need further advice in preparation of your tax return this financial year.
Any questions?
If you have questions or need any assistance, please do not hesitate to contact us on 9886 0800 or via email.
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Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2024. Please do not reproduce without the expressed written consent of the author.