Tax return focus in Geelong

The Australian Taxation Office is keeping an eagle eye on key areas including home-office deductions as people prepare to lodge their tax returns in Geelong. And when ATO officials warn they’re focusing on specific deductions and claims, it pays to sit up and take notice. Ignoring ATO advice can lead to costly mistakes and serious penalties for businesses and individuals.

When you prepare your tax return in Geelong for the 2021/22 financial year, take note that the ATO focus includes:

• Excessive personal deduction claims, especially relating to home offices;
• Failure to declare earnings from side hustles, which have brought in welcome extra income for many during the pandemic;
• Not including some COVID support payments as income;
• Failure to declare non-business income, such as income flowing from investments;
• Not declaring capital gains on property, shares and crypto assets.

These are just some of the areas the ATO is examining closely. So make sure your record keeping is thorough, accurate and up to date. It also pays to have a professional accountant to help with your tax return in Geelong.

Trusted team

At CD&G Accountants, our skilled team has years of experience in preparing and lodging tax returns for clients across the region. No matter whether you’re a sole trader, an individual or run a small or medium-sized business, we’re your trusted team at tax time and beyond.

People have until October 31 this year to lodge their own tax return. If they are using the services of a tax agent, the deadline extends until the middle of May 2023. If you miss the deadlines, you risk getting hit with a penalty.

CD&G Accountants know that good preparation makes tax time a much smoother process for everyone. So make sure you’ve got all the necessary records and documentation together for your accountant. If you are unsure what you need, have a look at our helpful checklist. You can also ask our friendly accountants for advice too.

If you would like to book our expert tax return services, please don’t hesitate to contact us today. We are here to help.