Common Errors
June 10, 2010 | Tips on Maximum Return
The most common errors detected in tax returns by the ATO are:
- Claiming work related expenses without the necessary substantiation.
- Not declaring interest and dividend income.
- Claiming full interest deduction on a loan which is used for both business and private purposes.
- Claiming expenses for an investment property which has not been available for rent.
- Not declaring allowances received from employers.
The ATO’s checking and data matching capabilities have improved greatly in the last few years. Don’t jeopardise your good record with the ATO through a silly mistake – have your return prepared by a trained ITP consultant and ensure real peace of mind. Visit www.itpqld.com for your nearest office.
