Australians losing out on $1.65 billion due to unclaimed tax deductions | Colby Business Services

Australians losing out on $1.65 billion due to unclaimed tax deductions

Written by Jenneth Orantia

Jenneth has more than 20 years of experience in media and communications. She provides guidance to small businesses looking to acquire new customers using owned, earned, paid and social channels. She is currently completing a Masters of Marketing degree.

4 September 2019

New research has found that Australians are missing out on $1.65 billion due to unclaimed tax deductions. The study found that 66 percent of Aussies didn’t understand what they could and couldn’t claim on their tax return, while 56 percent left something off their tax return because they were unsure about their entitlements. Further, one in four missed out on tax deductions because they failed to keep a proof of purchase. The most common things that Australians weren’t claiming were laundry expenses, mobile phones, mobile phone bills, internet connections and car expenses.

These stats don’t surprise me at all, given how complex the relevant legislation is. There’s always the risk that you’ll claim something incorrectly and get in trouble with the ATO.

However, if you have expenses that are legitimate tax deductions, then you should definitely be claiming these on your tax return. If you’re not sure what’s claimable and what isn’t – and these rules are changing every year – you’re best served speaking with a tax agent.

If you’re yet to do your 2018-19 tax return, book an appointment with me today to help you claim all the tax deductions you’re entitled to. I’ve just launched a new ‘Phone Tax’ service that lets you do your tax return in just half an hour over the phone.

Source: Yahoo Finance.

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