• Andrea Lynam

Who wants an Audit?

So you think you are going to save a few dollars and do your tax yourself this year?

We have three days until the end of the financial year and you can bet every tradie, council worker and process worker sitting around at smoko break will soon be discussing just how good their tax refund was because they know the tax laws better than someone who does taxes every day, has the qualifications and commits to hours of annual professional development courses to stay updated.

Well my friends, this year its going to get very real for these do-it-yourself experts because the ATO are going to be using a bucket load of technology to match your job description, employer details and claims with data they have been collecting all year. They have been busy contacting your employers and gathering details on what you are required to buy for your job. There has been fair warning that deductions of the average worker are going to be scrutinised more than ever and while you may get your refund initially, the audit, the penalties and the interest on the lodged return and subsequent refund are going to sting.

To minimise the chances of getting an Oprah gift, choose a Professional and encourage those you care about to do the same. A highly qualified and experienced CPA can save you a world of hurt and maybe get you a tax refund to brag about at smoko.

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