Don’t be spooked by your tax returns this Halloween, utilise AWT Accountants’ expertise to relieve your tax time troubles.

The ATO has profiled the five most common mistakes most likely to have tax time troubles.

The top five mistakes include taxpayers who are:

• Leaving out some of their income (e.g. forgetting a temp or casual job, capital gains on cryptocurrency or money earned from the sharing economy);

• Claiming deductions for personal expenses (e.g. home to work travel, normal clothes or personal phone calls);

• Forgetting to keep receipts or records of their expenses (around half of the adjustments the ATO makes are because the taxpayer had no records or they were poor quality);

• Claiming for something they never paid for – often because they think everyone is entitled to a ‘standard deduction’; and

• Claiming personal expenses for rental properties – either claiming deductions for times when they are using their property themselves or claiming interest on loans used to buy personal assets like a car or boat.

Contact AWT Accountants on 9303 8900 or clientlink@awtaccountants.com.au for assistance with prepare and lodging your tax returns.