Generic tax return pic
Generic tax return pic Contributed

Easy rules for tax time

FILLING in your tax return can be a daunting task for some people but Tim White from the recently opened White and Associates Accountants on Victoria St said if you followed a few simple rules, you shouldn't run into trouble.

Keep your receipt

Having invoices and receipts for the expenses you are claiming is incredibly important. If your claims go over $300, you will need to substantiate those claims with proof if the Australian Taxation Office asks.

Use the right codes

People under 18 who are claiming tax need to use a certain code. This code depends on if they are a full-time student or have left school and are fully employed - they need to get the right code in order to be taxed correctly.

If you are filling out your tax return online, the codes are available on the ATO website.

Declare your income

One of the biggest mistakes people make is not declaring their income correctly.

If you are not sure on what to declare or whether you can claim expenses, get in contact with an accountant.

Claim correctly

It's easy to get into trouble if you claim the wrong thing or items that should not be claimed. If you don't have a receipt for your claim, you can also get into trouble.

Seek advice

If you're not sure about what you can or can't claim, head to the ATO website to find out what you need to declare as income or see an accountant.

Accountant or not?

While having an accountant is the right thing for some people, not everyone needs one.

Mr White said the online tax system is simple to understand if you read the instructions.

The ATO is watching

Anything you have a tax file number attached to, the ATO can check. If you are selling properties or not declaring capital gain or loss on rental properties, they will know.



REVEALED: Student to teacher ratios in our classrooms

premium_icon REVEALED: Student to teacher ratios in our classrooms

Coffs Coast schools with most crowded and best resourced classrooms.

'Cult' leader issues 'unreserved' apology to blogger

premium_icon 'Cult' leader issues 'unreserved' apology to blogger

UM leader brought a defamation case against a blogger in 2015

Belgian backpacker search officially called off

premium_icon Belgian backpacker search officially called off

"Trust me, they are not ready to stop"