Everyone has to deal with a tax return in Australia in one form or another and for most it can be a confusing time. However, once you deal with them, there really shouldn’t be any issues. For most people, they submit their returns and wait for their refunds but find that they’re audited. Now, audits are not pleasant because it can be a very long, drawn-out process and one which gets you on edge. However, there may be a few ways to hopefully avoid an audit or at least make your returns audit proof. Read on to find out more.
Have a Professional Tax Accountant Deal with Your Tax Returns
One of the very best ways to ensure you don’t get picked for an audit would be to use a professional tax service. These are the people who are able to deal with your returns in a timely manner and ensure everything is handled as it should. Also, they are able to ensure any information that must be added is included. That will help prevent auditors from knocking on your door. If you want to find out more about having a professional deal with your returns, check out taxreturn247.com.au.
Are You A Corporation?
Sometimes, businesses are audited but one way to help avoid this is if you class yourself as a corporation. Now, if you are a corporation but haven’t named yourself as one, it’s time to do so. This may help avoid any unnecessary audits for the time-being. A lot of people really don’t think about their business status but ends up facing the auditors. Know your business and ensure you don’t make a mistake on the tax return.
You Must Ensure You Document Every Bit of Income You Receive
A lot of people don’t class certain earnings as income. For instance, renting a storage loft that has been in the family for years, a lot of people think any income from that doesn’t need to be reported. Unfortunately it all does, even if there is nothing to pay on it. There needs to be documentation of all income sources so that you have proof of everything. All …