Do and don’t do in your tax return to avoid Tax Audit.
- Make sure don’t miss anything in your tax return. (How to avid ATO tax audits and what do and don’t do in your tax return)
ATO knows about your earnings, even when received from Centrelink, interest from the bank, occasional uber drive and capital gain income etc. Uber drivers must register for GST with ATO, irrespective of income. Do you have any income on your ABN? If yes, prepare a summary of all your ABN income and expenses, so we can work out exactly what is your net income to include in your tax return. If you do not include all income in your tax return ATO can do a Tax audit on your tax return.
2 Have you claimed work related deduction correctly? Avoid tax audit
If you have work-related expenses, you can claim them as a deduction. ATO checks all work related expenses so make sure that all expenses are genuine, be sure you have a proper receipt that was expensed before the 30th June, and is directly related to your work-related activities.
- Make sure you only claim what you can claim
The ATO benchmark all people in the same occupation against each other. If you are claiming more than your peers it can trigger an audit by ATO, after which they can ask for the evidence to substantiate your claims.
- Check your existing outstanding debt with ATO, HELP, Centrelink etc.
If you have any of these outstanding with any of the government agencies your refund could be delayed, ATO often adjusts your refund against outstanding debts.
- Keep up to date with your details with ATO
If you have changed your name or surname, address , bank details etc, since lodging your tax return, make sure you update the details with ATO.
- Do you have Capital Gain during the tax year?
If you have capital gain during the previous year on an investment property or share it must be declared as your capital gain.There is no capital gain on the sale of your residential property.
- Make sure lodged all previous tax returns and all are up to date to avoid tax audit by ATO.
ATO can delay your tax return processing, if you have pending tax returns for previous years or do a tax audit. Please note you have to lodge your tax return every year irrespective of your income. Our Tax Accountant service in Geelong and Belmont can help you with all your pending and current tax returns preparation and lodgement. Call 03 52412982 for an appointment. We rated as one of the best Tax Accountant in Geelong and Belmont.
Tax Accountant Geelong Service-How to avoid Tax audit?
How to avoid tax audit by ATO?Tax Accountant Geelong
Tax Audit by ATO
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