It is challenging to sort out your finances during the tax period. The process is complex for most people. Therefore, you are more likely to make mistakes during tax filing. It is imperative to talk to a tax agent. Your tax agent can reduce your chance of making mistakes during tax filing.
Here are three common mistakes to avoid during tax filing:
1. Supporting Documentation
It is important to provide supporting documentation during tax filing. It is easy to lose track of your documentation, especially true for rental property owners.
If you are a rental property owner, you must keep your contracts, invoices, and other documents. You can use the documents to claim deductions.
Having a tax agent can ensure you do not miss the essential supporting Documentation.
2. Claiming Work Expenses
If you purchase equipment, software, use utilities and goods to perform your job correctly or run your business, you can claim these costs during tax filing.
Therefore, you must consider the expenses that you can claim. However, it is necessary to prove the payments were work-related, and that is why you will need to provide proof of the transaction.
3. Declare all of your Income
If you have multiple sources of income, you must declare them during filing. Your income sources can include; PAYG summaries, pension payments, interest from your bank account, and money from third parties.
These sources of income must appear on your tax return. If you make a mistake, you can rectify the mistake quickly. Please do not assume they will not notice the error.
It is easy to pay more than you expected in tax, and therefore, it is beneficial to get in touch with a professional tax agent. If you are looking for a reputable tax agent in Perth, Western Australia, to help you lodge your tax, contact Perth Mobile Tax to talk to their tax agents. Call us at 1300 001 829 or use our online booking system to set up an appointment at your convenience.