ATO Audit Risk: Are You Making These Tax Mistakes?

Tax time in Australia is here, and the last thing you want is an unexpected ATO audit! In this video, I break down the 4 biggest mistakes that could trigger an audit and cost you thousands. Learn how to avoid common tax pitfalls and maximize your refund while staying compliant. 💰 Use SHARESIGHT to track your shares – https://www.sharesight.com/moneywithdan/ (BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to advanced plan and I may get a small my commission at no extra cost to you, so we both win!) 💰 Xero is the accounting software you need to manage invoices, track expenses, and reconcile bank transactions effortlessly. It’s user-friendly and saves you time. Plus, sign up using this link to get 75% off your subscription for the first 6 months: https://xero5440.partnerlinks.io/i3uoj1lbnz1u 💰 The Excel Template that I use to track my taxes can also be purchased at my online store here: https://www.etsy.com/au/shop/MoneyWithDan 💰 Capital Gains Tax (CGT) on Shares and ETFs for Beginners | Australia 2022 Tax Return https://youtu.be/2qC1bYl0A50 💰 PAYG Withholding Variation for beginners https://youtu.be/1yDbEpgQd6Y OTHER VIDEOS ✔️ How to Enter ETF Tax Statement in MyGov Tax Return with no Pre Fill | 2022 Australian Tax Return https://youtu.be/ZmhzYaeg1iM ✔️ Why my 2022 Australian TAX REFUND was higher than normal 💰💰😄 https://youtu.be/Co8_99rR2lA ✔️ Higher WORK FROM HOME deduction in your 2022 Australian Tax Returnhttps://youtu.be/QDoESZHuhYI ✔️ Tax File Number (TFN) Declaration Form | Explained | AUSTRALIA only https://youtu.be/bRb5tcvY-JE ✔️ How to track expenses for TAXES automatically | less Excel data entry work for SMALL BUSINESS https://youtu.be/VwqSAiqMyQc ATO LINKS 🔗 MyGov help https://login.my.gov.au/mygov/content/html/contact.html 🔗 Work from Home Expenses instructions and COVID-19: https://www.ato.gov.au/general/covid-19/support-for-individuals-and-employees/employees-working-from-home/ 🔗 Carry forward unused concessional contributions https://www.ato.gov.au/individuals/super/in-detail/growing-your-super/super-contributions—too-much-can-mean-extra-tax/?page=5 🔗 Claiming deductions for personal super contributions https://www.ato.gov.au/individuals/super/in-detail/growing-your-super/claiming-deductions-for-personal-super-contributions/ Chapters 0:00 Intro 0:22 Lodged too early 1:53 Missed Capital Gains 2:39 Business income 3:34 Overclaimed tax deductions DISCLAIMER: it is important to note that the information in this video is for general information and entertainment purposes only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances. 🔹 What You’ll Learn: ✅ The #1 reason taxpayers get audited ✅ How undeclared income can lead to trouble ✅ Why capital gains from shares, crypto, and property matter ✅ The risks of running a side hustle without reporting income ✅ How large tax deductions can raise red flags 💡 Pro Tips: ✔️ When is the best time to lodge your tax return? ✔️ How the ATO uses data matching to check your income ✔️ Simple ways to reduce your audit risk 📌 Watch until the end for expert insights that could save you money and keep you off the ATO’s radar! #TaxAudit #ATO #AustraliaTax #TaxTips #AvoidAudit #TaxReturn #ATOAudit #Finance #MoneyMatters