Whether you are preparing your own tax return this year or having your Tax Agent complete it, some simple yet common errors on your tax return, if avoided, can prevent delays in processing your tax refund.
Personal details – ensure the tax return holds up to date and correct personal information that matches with other government agencies. ie changes in your name, address or bank account details. Incorrect Tax File Numbers and dates of births are also common errors which can cause delays.
Omitting income or information – Income, income test questions, spouse details and private health insurance information are commonly missing or incomplete. It’s always a good idea to use the ATO pre-filling service to cross-check information provided in tax returns. The ATO is increasing their sources to data match and identify income, particularly to ensure sales of shares and property have been included.
Maven Accounting are registered tax agents and specialise in taxation, accounting and compliance matters for investors and Self Managed Super Funds. Contact our office today or book online to have your tax return completed by us. We can also provide you with a deduction checklist helping you to identify deductions you may not be aware of.