Talking Cents

Your small business accountants in Melbourne tell you about 4 common tax return mistakes

Lodging your tax return can be quite difficult at times, so it is essential for you to avoid making mistakes when it comes to this time of the year. Be sure to take note of these 4 common tax return mistakes that our small business accountants in Melbourne will state.

Just remember that guessing or estimating certain parts of your tax return will result in your business or personal tax return to get in hot water with the tax agency. Be sure to avoid these mistakes that our business accountants in Melbourne find to be the most common:

• Guessing or estimating tax deductions
• Failing to declare any overseas income
• Over-claiming for holiday and residential rental properties
• Having no proof of purchase when trying to lodge and claim expenses

These 4 mistakes are what cause most people to become audited by the tax department, so be sure to get in contact with a professional accountant for small business in Melbourne to avoid any complications.

As always, feel free to get in contact with our small business accountants in Melbourne with any enquiries that you may have.