By now, most of us have received our group certificate or PAYG summary and are ready to lodge our tax return. If you’re looking to maximize your tax refund while reducing your audit risk tax refund exposure, you’re in the right place.
At EndureGo, we bring years of experience as trusted and professional tax agents. We help clients maximise their tax refund while ensuring they remain compliant and reduce the likelihood of triggering an audit by the Australian Taxation Office (ATO).
This year, the ATO has increased its auditing efforts, particularly focusing on individual tax returns and work-related expense deductions. It’s more important than ever to get your tax return right—with the right support from professionals who understand what the ATO looks for.
Reduce tax audit risk while maximize tax refund
The areas of focus this year:
When considering Vehicle Expenses, taxpayers need to confirm if they have maintained the correct logbook or, if using the cents-per-kilometer method, whether they possess the appropriate car diary evidence.
Uniform expenses, including laundry, require attention. The ATO’s stance is that many individuals might be misusing laundry expenses. If the laundry expense is below $150, substantiating it with invoice evidence is not mandatory. However, taxpayers still need to demonstrate the frequency and method of washing, whether done separately or mixed with other items, by maintaining a diary.
Telephone and internet expenses necessitate a diary to support the work-related percentage. It is crucial to note that without a proper diary, the ATO may disallow the deduction for these expenses.
Travel expenses must be approved by the employer, and a travel diary should support the work-related percentage.
The ATO employs an internal database to benchmark each claimed deductible expense against controlled variables, such as age, occupation, and location.
For example, a 36-year-old construction worker earning $80,000 may have an average vehicle expense of $2000. However, another construction worker in a similar age bracket earning around $50,000 might have a different average vehicle expense.
At EndureGo Tax, as one of the most professional and experienced tax accountants, we assist you in legally maximizing all your deductible work-related expenses. Simultaneously, we use our state-of-the-art tax software to compare your deductible expenses with the ATO benchmark, ensuring compliance and preventing issues. Feel free to give us a call at 0410-829-900.
