People who lodge their own tax return commonly make two mistakes which will cost them dearly.

The first mistake is claiming personal expenses that are not deductible.

Claiming expenses that are not deductible can be disastrous. Not only do they run the risk of getting audited by the ATO, but if they are audited, they will have to repay the tax refund that was wrongfully received and may also face additional fines and penalties.

The second mistake is not knowing what expenses can be legitimately claimed in their tax return. Not knowing which expenses to deduct will also hurt the hip pocket. The ATO does not automatically include deductions in a tax return, so not knowing what to claim can mean the refund could be lost forever.

Different professions are able to claim different types of expenses. There is no “one size fits all” guide to claiming tax deductions. If you are unsure if your expenses are deductible, its always best to keep your receipts and ask your accountant when completing your tax return.

You can avoid both these mistakes by going to a qualified chartered accountant and registered tax agent. In order to complete your tax return accurately and get the best refund you are entitled to, contact us and we can put you on the right path.