MISTAKES can be costly when they are made on a tax return.
You can pay too much tax, or your refund can be delayed if mistakes are made according to the Australian Tax Office.
Fortunately the ATO understands.
“For most people, the end of the financial year can be a busy time, with paperwork to sort through and tax returns to prepare. With so much to do, it is easy to make a simple mistake in the return,” the ATO says.
There are a number of common mistakes people make when filling out their tax return that can be avoided. These include:
· Forgetting to include income such as interest from a bank account, or income from a previous job;
· Forgetting to claim tax offsets or deductions such as rental property expenses;
· Lodging an incomplete tax return, for example forgetting to sign it or not include your date of birth;
· Leaving out distributions from sources such as trusts, investments, and capital gains;
· Forgetting to include additional information about the Medicare levy or Medicare levy surcharge.
The ATO advises the best course of action to take once you realise a mistake has been made is to correct it as soon as possible by requesting an amendment.
Of course the best way to make sure you avoid mistakes on your tax return and get the maxium return owed is to hire a professional accountant.
For details on what to do if you make a mistake or how to request an amendment, go to the ATO website www.ato.gov.au
