Are you making common tax return mistakes?

Incorrect information 

One of the most common mistakes is providing incorrect or incomplete personal information, such as your name, address, bank details or tax file number. These errors can lead to delays in processing your return and potential issues with your refund. Take a few minutes to double-check everything and make sure it's correct before lodging your return. 

Not declaring all income 

All sources of income should be included in your tax return; this includes freelance work, rental income, investments, bank interest and dividends. Some of this information may be prefilled on your tax return form, but you still have to make sure it’s right.  

Claiming ineligible deductions 

You should only claim deductions that you're entitled to and have the documentation (such as receipts) to support your claim. Also, do a bit of research about what can and can’t be deducted for your particular situation.  

Not claiming eligible deductions 

On the flip side, not claiming all eligible deductions and credits is a common mistake. These items can reduce your taxable income, and lead to a larger refund or lower tax bill. Make sure you are aware of all eligible deductions and credits that you’re entitled to. 

Not keeping accurate records 

Keeping track of all receipts, invoices, and other documents related to your income and expenses is crucial for accurate tax filing. Make sure you have all the necessary supporting documents in case of an audit. 

Missing the lodgement deadline  

Not lodging your tax return on time is a common mistake that can result in penalties and interest charges. 

Not seeking professional help 

You can also contact your local bookkeeping expert to keep everything in order throughout the year, making tax time a breeze. 

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