Five common tax time mistakes
The ATO says the top five mistakes made in individual tax returns are:
- leaving out some of their income – maybe forgetting a temporary job or money earned from the sharing economy
- claiming deductions for personal expenses – home to work travel, normal clothes or personal phone calls
- 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.
The Money Edge | Bundaberg