Tax Office Warning To Get Your Tax Right

18:59' 29-06-2017
The Australian Taxation Office (ATO) is warning taxpayers to take their time to get their tax returns right. In the first place, this means waiting until August before you lodge your return.

    Kết quả hình ảnh cho Australian Taxation Office

    Photo: news.com.au

    In an ATO media release, Assistant Commissioner Kath Anderson said 2.8 million people lodged their tax return in July last year, which was 22% of all tax returns lodged for 2015-16. If you do this, you’re far more likely to make a mistake by leaving out some of your income.

    It is necessary to declare all your income, including income from any cash jobs, the sharing economy (such as Uber or Airbnb), a second job, foreign sources, employee share schemes and capital gains from the disposal of shares and property.

    “By mid-August we have pre-filled most of the data from employers, banks, government agencies and other third parties,” Ms Anderson said. “Waiting until this information is available will help you avoid mistakes.”

    There are three golden rules for claiming a deduction for a work-related expense:

    • You must have spent the money yourself and not have been reimbursed.
    • It must be directly related to earning your income.
    • You must have a record to prove it.

    Keeping records such as receipts, bank statements or credit card statements is important to prove your claims if the ATO needs to examine them. Remember that it is easy these days for the ATO to use digital technology to cross-check claims.

    Digital technology is also a benefit for taxpayers. The ATO’s online lodgement tool myTax is fast, easy and secure. Last year over 55,000 people uploaded their deductions to myTax or their tax agent, and 9 out of 10 have said they intend to use it again this year.

    There is also an ATO app, the myDeductions tool, which makes it easier and more convenient to keep records of your expenses and income all in one place. You can even use the app to take a photo of your receipt, and add the details later.

    If you make a mistake or forget to include something, you can go to ato.gov.au/fixamistake and repair it online. 

    For more information on how to lodge, visit ato.gov.au/lodgeonline. To find out about myDeductions, visit ato.gov.au/mydeductions.

    Huey L

     

     

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