Hello! my name is Harry and this is my accountancy blog. It is my mission to use this blog to educate others about the benefits of hiring an accountant. I hired an accountant last year and doing so has brought many positives to my life. I now find it much easier to run my business and to manage my tax returns at the end of each financial year. I hope that by reading the articles I have posted here, you will gain a good understanding of how an accountant can help you. Thank you for stopping by and checking out my blog.
Most people wait until the last minute to handle their tax returns, which increases the chances of making mistakes. If you want to get as much refund as possible, you must be careful with every detail when handling your tax returns. In Australia, the Australian Taxation Office (ATO) works hard to find any mistakes made in your tax reports. With the advancement in their tools and increased access, finding these errors is easier than before. That's why you have to ensure every detail is right when filing your tax reports. As a business owner, hiring an experienced tax accountant is the best decision for your company. Below are some errors you shouldn't make when filing income tax returns.
Entering the Wrong Values
It is important to confirm that all values entered in the tax report are right, especially for the income and tax paid. ATO and other tax bodies will compare their existing data with what you have entered. Though the Australian Taxation Office may not have all the details of your income, such as solo jobs, they can still track your accounts. For this reason, you must observe accuracy and transparency when filing income tax returns. Even the slightest mistakes in your report may raise red flags.
Copying Past Reports
Every financial year is different when it comes to filing income tax returns. Workers may not take similar work-related trips every year. However, some Australian business owners tend to copy and paste their income tax returns from the previous year, which increases the chances of overclaiming deductions. Therefore, it is advisable to double-check your reports to enhance accuracy and to ensure you only make claims for the incurred expenses. Hiring competent tax returns accountants is the best decision for your business because they will help you make the necessary claims and minimise the chances of mistakes.
Failing to Claim Income Earned Overseas
Some individuals may have worked outside the country for some time. However, most of these people don't remember that paying their Australian taxes is still one of their responsibilities. Others don't view filing their tax returns as a necessity. Failing to declare your overseas income is an error that could put you on the wrong side of the law. If you make any money overseas, it is essential to hire a tax accountant to advise you on the proper steps you need to take when filing income tax returns.
These are some mistakes to avoid when filing for income tax returns. The best way to ensure you file returns accurately is by working with an income tax return accountant.Share
9 December 2020