The ATO has identified the five most common mistakes and the personalities most likely to have tax time troubles. The top five mistakes include taxpayers who are:
- leaving out some of their income – maybe forgetting a temp job or money earned from the sharing economy
- claiming deductions for personal expenses – normal clothes or personal phone calls, home to work travel
- forgetting to keep receipts or records of their expenses
- claiming for something they never paid for – often because they think everyone is entitled to a ‘standard deduction’
- claiming personal expenses for rental properties – either claiming deductions for times when they are using their property themselves or are claiming interest on loans used to buy personal assets like a car or boat.
If you think you may have made a mistake, we can help. Contact DD's Taxation and Accounting for all your tax time needs.