8 most common errors in tax returns

Preparing your own income tax rturn, whether with tax Pack or "etax", can be a daunting task for some. Here are some common errors that taxpayes make that may help guide you through your income tax return:

  • Omitting interest income
  • Incorrect or omitted dividends and or imputation credits;
  • Capital gains/losses incorrect or omitted;
  • Understating income;
  • Home office expenses;
  • Depreciation on rental property fixtures and fittings;
  • Depreciation on income producing buildings;
  • Borrowing costs associated with negative gearing.

We hear all kinds of stories where taxpayers prepare their own tax returns. Some who make mistakes come to see us to check it out. Many of those we can help by submitting amended income tax return and obtaining additional refunds, often from simple mistakes. But there are many who don't know they've made a mistake or chose to do nothing about it.

If you are haveing trouble we can recommend using My Online Tax, our online tax service where you do your own entry, save money and still have it checked by our tax professionals - who knows, it may save you money.

If you feel you have made a mistake, tax returns can be adjusted up to two years after assessment date. We can review your returns and recommend an appropriate course of action.

My Tax Zone's suipportive team has the GENUINE expertise, experience and backup support to attend to all your online income tax needs. Not even the ATO's "etax" can do that.

CEO My Tax Zone

Copyright 2014. My Tax Zone.