Attention Tradies and Small Business Owners in Inner West Sydney Ashfield!
Keeping track of your records might seem like a breeze, but are you aware of the crucial details needed to meet the ATO’s substantiation requirements? Don’t let a simple oversight lead to a hefty tax bill!
Recently, we assisted a special travel agent, navigating through a tax predicament. Engaged in intricate work with high net worth clients, her job involved extravagant activities like fine dining, helicopter rides, massages, and spa visits, accumulating around $20,000 in work-related expenses. Unfortunately, due to the complexities of the COVID-19 year, she missed filing her tax return. The ATO responded with a default assessment, completely overlooking her rental property loss and other deductions, resulting in a staggering $60,000 tax bill for the taxpayers.
Unaware of this situation until she approached EndureGo Tax for her 2021, 2022, and 2023 tax returns, our client was in for a surprise. The private ruling worked in her favor, but not without obstacles. Faint receipts, bank statements instead of traditional invoices, and ATO disallowances presented challenges. However, leveraging our strategic negotiation skills, we successfully secured a claim of over $20,000 in work-related expenses. The ultimate outcome? A substantial $25,000 tax refund for the taxpayers!
If you’ve got multiple years of returns pending, don’t panic! EndureGo Tax, your trusted local accountant in Inner West Sydney Ashfield, is here to help. Let us navigate the complexities, uncover potential deductions, and ensure you get the maximum refund you deserve.
Schedule your consultation today and let’s turn your tax woes into a success story!