Jacob Fenech

speaker

958 appearances 3 recordings 1 series first heard Jun 2021 last heard Jun 2022

Jacob Fenech’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Tax time 2022: things to know (to get the best return) · 23 Jun 2022 podcast

But yeah, if it's something minor and it's more than two years ago, probably don't worry about it.

If it is then something within that two-year period and you are conscious that you do want to update it, which is a good thing for sure, then you can either once again use a tax agent to amend it or you can actually amend it on your MyGov account.

Once again, if it's a general mistake, sometimes what happens is the ATO, they like sending these letters.

They'll say, hey, Jake, we saw you had 4K worth of self-education expenses in your return.

Other people on your income level actually had 2K.

So why is that?

And a lot of them are open-ended letters that don't need a response.

And it's just almost like a warning for next year.

But some of them will ask you to actually back up the expense.

And so if it's something that you can't prove, then probably letting them actually amend the return, which sometimes they'll do on your behalf anyway, is easy enough.

And you just have to pay the difference in whatever you claim to what's now owing.

or providing like substantiation for that deduction to help with their review is important too.

So a couple of different ways to cut it, but bottom line is it's pretty easy to fix.

Definitely.

So I think the top one that the ATO has been generous in extending is if you're doing any work from home, you can claim, and this is something we talked to last podcast too, but the 80 cents per hour is a really easy one.

It builds out like factors in...

So heating, cooling, electricity, all that sort of stuff that you might be like me kind of going to the office three or four days a week, but still doing one day at home.

That's a really good one.

I mean, it only sounds, if you're looking at 80 cents per hour, initially it probably sounds low, but when you're kind of looking at it over the course of the year, it can definitely add up to hundreds, if not thousands of dollars, which is awesome.

So I would say that one is definitely the best and easiest deduction.

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