It’s tax time!…how could we not know that?

Apart from being reminded by yours truly…rarely a day goes by at the moment without seeing an article in a newspaper or a commercial or segment on television or radio that talks about tax time – including tax tips, caution on common errors and myth busting!

I’m sure you’ve all seen something along those lines so I’m not going to go through them all again in this forum (although I will include some on The Tax Chic’s Facebook page over the coming weeks, so if you’re still interested, make sure you like the page and keep an eye out).

But the other thing to happen at this time of the year is that many taxpayers take it upon themselves to discuss their tax affairs in public – usually boasting about the refund they receive or the “dodgy” claims their accountant makes…?!

My advice to you all…is do not compare your tax return with anyone else! 

Everyone’s circumstances are different, and unless you are a tax professional, it is unlikely that you would be able to determine why there is such a difference…

The other thing to note is that there should be no “dodgy” claims!  The Australian tax system operates on the basis of self-assessment, which means that tax-payers can generally claim reasonable deductions, and a refund will be issued.  However, if those claims are found to be incorrect, it is the taxpayer who will be liable for the shortfall tax and any penalties the Australian Taxation Office apply.

If you are unsure, check with a registered tax agent!

Regards