Top 5 Tax Mistakes to Avoid
"We work to earn, and we spend to live — but every so often, it's worth pausing to ask: Are we still rich in the things that no money can buy?"
Tax time is here, and while the process might feel straightforward, many people unknowingly make small mistakes that can cause delays, reduce refunds, or trigger ATO follow-ups. Whether you’re lodging through myGov or with an accountant, double-checking these areas can save you time and stress.
1. Mixing Work and Personal Expenses
It’s tempting to claim everything from your phone bill to your fuel — but only the work-related portion is deductible. The ATO is tightening its rules around “mixed use” expenses, especially with mobile and home office claims.
2. Forgetting Bank Interest or Centrelink Income
Even small amounts of bank interest or government payments (JobSeeker, Youth Allowance, etc.) must be reported. If you don’t see them in your prefill, add them manually or ask for help.
3. Not Reporting Crypto
The ATO now cross-checks data from crypto exchanges. Whether you traded once or a hundred times — you must declare gains or losses.
4. Relying Too Much on Prefill
ATO prefill is helpful, but it’s not complete or instant. Some income might be missing — like private health, dividends, or income from new jobs.
5. Not Updating Your ATO Profile
If you’ve changed your name, job type, address, or bank details — update your ATO profile. Mismatched info can cause delays.
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