One of our accounting industry publications discussed a recent study of the 2.5 million tax returns submitted through the government’s myTax portal. Just over 60% contained errors. It was particularly interesting to note that about two thirds of the errors were actually detrimental to the taxpayer’s position.
Some other recent research showed that while 90% of self-lodging taxpayers were confident that they had completed their myTax returns correctly, over half of them were unable to accurately describe the correct treatment of common tax deductions.
We are always pleased to help our clients through the maze of tax deductibility. But there is also another aspect to consider. In many cases, we can help clients structure their entire financial affairs to be as tax effective as possible. You might be surprised what we can do for you.