The new financial year is all around the corner and there are specific things the Australian Taxation Office (ATO) will be examining in your tax return forms.
According to the ATO there are a number of red flags, especially for crypto investors, workers, and first-time lodgers among many others.
Here is complete a list of the five key things the ATO is scrutinising this year.
First time lodgers
The ATO has guided first-time lodgers on some easy things they can do right now to make lodging fast, secure, and right come tax time.
“Tax may seem scary, but it doesn’t require to be,” ATO Assistant Commissioner Tim Loh said.
“The best suggestion for first-time lodgers is to be planned – whether you choose to use the local services of a registered tax agent or tax accountant Cranbourne lodge your own return.”
Loh said a common mistake the ATO sees with first time lodgers is crucial information being left out of their return, such as revenue from bonuses or your private health coverage information.
This can slow down your return, he described.
Whether you lodge by hand or with a registered tax agent or help with an accounting firm Melbourne, by late July 2021 any data from employer, bank, health fund, government agencies and more, will necessarily be added to your tax return.
Loh said if you want to lodge previously, prior to you have all that information ready, you must take more care to add all your revenue.
“Another error we see that can set you back is ignoring to keep receipts for any tax deduction you want to claim,” he said.
The most frequent deductions are expenses associated to receiving your income, such as steel covered boots for building construction workers.