Five most common mistakes made on tax returns

We all know it’s important to get your tax return right, but if you’ve been doing your own tax return you may have inadvertently been making these common mistakes.

1. Not reporting all assessable income – which includes applicable government payments
2. Claiming expenses which aren’t deductible
3. Claiming the private portion of an expense as a business deduction
4. Incorrectly reporting losses
5. Making unsubstantiated claims by not using proper business records

Made a mistake with your tax return?

Don’t panic, if you’ve made an error and you need to change something, we can help you fix the problem. You generally have 2 years to amend your return, starting from the date you receive the notice of assessment, and there’s no limit on the number of amendments you can make within this period.

If you’ve provided false or misleading information to reduce the tax you owe, you can correct this through a voluntary disclosure form. This generally reduces any penalties that may apply.

How we can help

Get a professional to lodge your tax returns and minimise your tax payments and maximise your tax refund. Your accountant's fees are also tax deductible!

If you are experiencing cashflow problems, we can explore the possibilities of deferring your tax payments or negotiating a payment plan with ATO on your behalf.

Contact TaxAssist Accountants today by phoning 02 9608 3707 or make an enquiry here to book a free initial consultation.

Date published 19 Nov 2022 | Last updated 19 Nov 2022

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.