ATO flags 5 most common tax time mistakes
As tax time 2019 kicks off, the ATO has profiled what it says are the 5 most common mistakes and the personalities most likely to have to tax time troubles.
The top 5 mistakes include taxpayers who:
Leave out some of their income - maybe forgetting a temp job or money earned from the sharing economy;
Claim deductions for personal expenses - home to work travel, normal clothes or personal phone calls;
Forget to keep receipts or records of their expenses;
Claim for something they never paid for - often because they think everyone is entitled to a "standard deduction";
Claim personal expenses for rental properties - either claiming deductions for times when they are using their property themselves or are claiming interest on loans used to buy personal assets like a car or boat.