The ATO has published a list of common mistakes and misconceptions taxpayers have around tax time:
Bank Details Don’t Update Themselves
The ATO does not keep track of changes to bank nominations for taxpayers to receive tax refunds.
It’s Not Okay To Double Dip
It’s important to remember that if you’re claiming under the shortcut method (of working from home expenses), you cannot claim a separate additional deduction for any expenses you incur as a result of working from home.
Home To Work Travel Is Not Claimable
Generally, most people cannot claim the cost of travelling from home to work unless they are required by their employer to transport bulky tools or equipment and there is not a safe place to store these at the workplace.
You Can’t Claim A Flat $300 If You Had No Expenses
You don’t need receipts for claims of expenses up to $300, but you must have actually spent the money and be able to show the ATO
Work-Related Expenses Need To Be Work-Related
Taxpayers can only claim for expenses that are directly related to earning their income.
Lodging Earlier Doesn’t Always Mean Getting Your Refund Earlier
Each year the ATO automatically includes information from employers, banks, private health insurers (and this year Jobkeeper for employees and JobSeeker amounts) in people’s returns. Taxpayers are advised to include all relevant information if lodging before the ATO automatically updates information, so as to avoid delays in the return.
The information contained on this website and in this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Taxation, legal and other matters referred to on this website and in this article are of a general nature only and are based on our interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.
View Comments