Tax Returns Online

Preparing your own income tax returns online can be a overwhelming task. Here are some common errors that taxpayers make when preparing their tax returns online:

• 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.
• Tax offsets omitted
• Medicare Levy Surcharge errors
  

We know the common mistakes for taxpayers preparing their own tax returns online because we are often asked to fix them. Additional refunds can often be obtained by submitting amended income tax returns , even from simple mistakes.

There are, however, time limits on amending prior years tax returns. Amendments will now only be processed by the ATO for two years after the date of the original assessment. If you feel you have made a mistake preparing your tax return online, we can review your returns and recommend an appropriate course of action.

Alternatively, our online tax return preparation service drastically reduces the likelihood of errors in your tax returns. My Tax Zone's supportive 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.