A majority of myTax returns contain errors!
H&R Block recently reviewed the accuracy of self-submitted tax returns filed via “myTax”. Alarmingly, over 60 percent of the returns studied contained errors and approximately two-thirds of those errors favoured the ATO!
“Those findings were supported by other recent research which highlighted that whilst over 90 per cent of self-lodgers were confident that they had completed their myTax returns correctly, over 50 per cent of the same group was unable to accurately identify the correct treatment of common deduction items,” stated Mr Chapman of H&R Block.
As of mid-October, nearly 7.4 million individuals had lodged their 2016 tax returns, nearly 2.5 million of them using the ATO’s online lodgement system myTax. The rest – well over 5 million returns – were lodged by tax agents.