The Australian Taxation Office assumes that you, as a taxpayer, will be honest in all your tax affairs. They also expect that when you submit your tax returns Australia at tax time, these will be complete and accurate. If there are evidence of recklessness, carelessness, or disregard of the law intentionally, the ATO will not tolerate that.

When it comes to preparing and lodging your tax returns Geraldton, mistakes should not happen. You don’t want to put yourself on ATO’s radar of people who might have not paid the correct tax amount, do you?

If ever you realise that the information you provided is not accurate, the next important thing to do is to act to correct it. However, it’s still best to avoid and eliminate as much as possible. This article should serve as your guide.

What are the common mistakes you need to avoid?
1. Incorrectly claiming expenses that you are not entitled to, and not having the right records to support these claims you have made.
2. Incorrect calculations of capital gain from a disposal of investment property or shares.
3. Not properly claiming concessions you are entitled to such as CGT discount or capital gains

What are the consequences you might have to face?
Once the ATO discovers that you made a mistake, you might be in trouble. Whether you forgot to declare some income in your tax returns Australia, or you have claimed a deduction you should not have – they most likely are going to penalise you.

However, if you voluntarily let the ATO know about your mistake the soonest time possible, it might help you alleviate penalties. But of course, you would have to pay the tax or interest you might be owing.

How do you fix tax returns mistakes?
As soon as you realise you’ve made a mistake in your current or previous tax returns Geraldton, you should:

1. Write the ATO directly and request an amendment of your tax returns (alongside your explanation for making the mistake, or why there should be changes made)
2. Call the ATO to discuss things, and then prepare the documents you need to send them.
3. Talk to a registered tax accountant for some valuable advice and assistance.

What do you do when you think the ATO made a mistake?
If the Australian Taxation Office alerted you of some mistake in your tax returns Australia, and you don’t agree about it – you can lodge an objection to it.

If you are not sure about things, it is always a good idea to seek advice from tax accountants. They can help you go about objecting to ATO’s decision regarding your tax returns Geraldton.