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.
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.
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.