Tax times can be extremely stressful. Amidst this stress, making mistakes on tax returns is not unheard of. However, the ATO does not accept this, and every mistake you make will be met with a penalty.
Some mistakes might lead you to an audit, which is the last thing anybody wants. Thus, to help you, we have highlighted those mistakes you must avoid at all costs.
1. Not Claiming Everything You Are Entitled To
Deductions are nothing new. You can easily claim the deductions with the right paperwork to prove your work-related expenses. Still, the percentage of people not claiming everything they can is surprisingly high.
Deductions can be claimed on travel costs for work, tools and equipment. Moreover, there are a plethora of deductions that are for specific professions solely. You can consult a tax accountant to know better about these deductions and how to claim them.
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