05/04/2025
Do
✅Be as thorough as possible – Getting your tax return right is your responsibility and that includes declaring all income and claiming appropriate expenses.
✅Claim the appropriate work-related expenses – Claiming conventional clothing, travel to and from work or if your employer reimburses you for an expense, are common mistakes. Check the ATO for what you can claim.
✅Get your motor vehicle expenses right – You must ensure the claim is accurate and properly evidenced. To claim accurately, you should keep a logbook or diary.
✅Purchase work-related items before June 30 – Individuals can claim an immediate deduction for items needed for work that cost $300 or less, as long as your employer does not reimburse you for that expense.
✅Seek professional tax help – the more complex your tax affairs, the more you should consider getting help from a professional. Tax Agents help ensure your tax returns are right, and you claim the maximum tax deductions you’re entitled to.
Don’t
❎Rely on pre-filled data from the ATO – Don’t assume that the income data from the ATO is correct or complete. If you lodge too early you can end up having to amend your return later which can result in having to pay tax to the ATO.
❎Exaggerate Claims – If your claims are more than what the ATO would expect from someone in a similar job to you, or with similar financial investments, you may be audited.
❎Make incorrect claims on rental properties – Repairs to a property because of wear and tear or damage from tenants are tax deductible. However, if the work results in an improvement rather than just repairing damage, or is the replacement of an asset, the expenses will need to be depreciated.
❎Don’t follow bad advice – Content creators come up with all sorts of wonderful ways to attract attention and likes and will make bold claims about how much money you could make by following their advice on your tax return.
❎ Don’t fall for scams – Unsolicited messages claiming to be the ATO or myGov can trick you into acting quickly and letting your guard down on the promise of financial gain or by convincing you have done something wrong and need to rectify the situation quickly to avoid penalties.
