A majority of myTax returns contain errors!
November 21, 2016
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.
The information on this site is of a general nature. It does not take your specific needs or circumstances into consideration, so you should consider your own financial position, objectives and requirements and seek personalised advice before making any financial decisions.