The ATO’s crackdown on work-related expenses has seen a reduction in claims being made, with one new study finding that taxpayers are leaving up to $1.65 billion unclaimed this tax time.
Over one out of two taxpayers said they have left out a claim in their tax return because of uncertainty and fears of being audited by the Tax Office. Many self lodgers are seeing ATO warning messages before they lodge, or receiving letters advising them that their claims are high and are therefore moderating what that claim due to them not fully understanding what they are legally allowed to claim.
We often see new clients who attend our office for the first time after transferring from another tax agent or being a self lodger, who are not aware of deductions they are entitled to claim.
If you want to ensure that you are claiming every deduction you are entitled to and therefore maximising your refund (or minimising your tax payable) be sure to engage one of our accountants to prepare your tax return.