Hello Chasers,
It’s nearly that time of the year again – Tax Time!
The ATO will be taking a close look this ‘tax time’ at the following common errors made by taxpayers:
Work-related expenses:
Taxpayers using the ‘revised fixed rate method’ of calculating a working from home deduction must have comprehensive records to substantiate their claims, including records that show the actual number of hours they worked from home, and the additional running costs they incurred to claim a deduction.
Rental properties:
Performing general repairs and maintenance on a rental property can be claimed as an immediate deduction. However, capital expenses (such as initial repairs on a newly purchased property) are not deductible as repairs or maintenance.
Failing to include all income in tax return:
The ATO warns against rushing to lodge their tax return on 1 July. If you have received income from multiple sources, you need to wait until this is pre-filled in your tax return before lodging.
As with any matters relating to tax, please consult an expert to make sure you get it right the first time. Contact our Team on 03-55612643 for your peace of mind this tax time.
Have a great day!
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