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Avoid these five common Tax Time mistakes

Posted on Jul 5, 2018 by admin

Tax Time is now upon us, with the ATO Assistant Commissioner announcing the top five mistakes commonly made when Australians complete their annual tax returns.

Common mistakes some taxpayers are making include:
– Leaving out a portion of their earnings, i.e., forgetting to include a job – income from a temp job, or income earned from the sharing economy.
– Claiming personal costs for rental properties, i.e., claiming deductions for periods when they were using the property or claiming interest on loans used to buy personal assets (a car or a boat).
– Making claims for expenses unrelated to their employment, i.e., personal phone calls, work to home commute or buying normal clothes.
– Claims for things they have not paid for.
– Not holding onto receipts or keeping insufficient records of their expenses to validate their claims.

To avoid making common errors, the Tax Office is reminding individuals to:
– Remain up-to-date with what you can and can not claim.
– Keep detailed records.
– Ensure you declare all your employment earnings.

ATP Accounting knows what it takes to run a successful business. They will position you at the cutting edge of business growth.
Take the step and get help to grow your business, minimise tax and protect your hard-earned assets.
Call us today on (02) 8850 3888, send us an email to or send us a message here.

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