When it comes to filing tax returns, accuracy is critical. This is especially true if you’ve earned additional income from which you haven’t withheld tax (for example, income derived from freelance work).
Fortunately, the ATO have a pre-fill option that’s a great tool to help you ensure accuracy in reporting. “With today’s technology, once a TFN is recorded absolutely everything is sent through to the ATO,” David says. “This is very useful, as sometimes it is hard to follow up on income you might have no idea you received – for example through banking or other means.”
If you’re unsure about a particular figure, don’t take a guess. Instead, contact the ATO and talk through your concerns.