Could DIY tax errors damage your income or business?
Tax time is here, and it’s important you get the right advice to ensure there are no negative implications coming your way once your tax return is lodged!
Latest figures released by the ATO show that DIY tax surged last year. The 2014/15 end of financial year saw 20 per cent more taxpayers complete their own tax returns than in the 2014/15 financial year. This includes the 10,000+ who lodged on July 1. Given that the ATO’s MyTax online lodgement system lets you complete a return in as little as five minutes, the influx of DIY tax returns is perhaps unsurprising. Yet alongside being a great convenience, doing your own tax return is also a significant responsibility. Failing to complete your tax return correctly may lead to penalties for:
- Providing incorrect information
- Late lodgement
- Claiming expenses that are not deductible
Business tax returns are even more complex. So those who completed their business tax return themselves are likely to be in a higher ATO risk category.
If you are among the DIY tax return contingent, how confident are you that your tax return is error-free? If you are satisfied that you lodged a wholly accurate tax return, that is great news! But if you think you may have made a mistake or now know that your tax return contained an error, it is not too late to secure peace of mind. The ATO gives you two years from the time your tax return is assessed to provide notification of any errors or omissions. The sooner you attend to these the better.
The team at Highview are happy to help you bring your tax into order. When in doubt, speaking to your Highview accountant is always your best option.