Outstanding income tax returns from more than two million taxpayers need to be filed before the deadline to avoid penalty.
Australian Taxation Office (ATO) assistant commissioner Rob Thomson says the October 31 deadline is fast approaching.
“If you’re lodging yourself, you need to have completed and submitted your return by October 31,” he says.
“If you plan to lodge through a registered tax professional, you must be on their books by October 31.”
The ATO says lodging by the due date ensures taxpayers are not subject to late lodgement penalties.
The same due date to pay your bill also applies to a self-lodged return regardless of when it’s done.
“There’s a bit of a myth that delaying lodgement of your return will buy you more time to pay – that’s not true,” Thomson says.
“If you have prepared your own return and incur a bill, it will be due on November 21.”
TAX SUPPORT
If there are concerns about paying by the due dates, contact a registered professional or visit the ATO website before-hand to find out what support is available, Thomson says.
“Over 8.7 million taxpayers have already ticked lodging off their to-do list; over 4.4 million self-lodged and over 4.2 million lodged through a registered agent,” he says.
“For those yet to lodge, don’t be tempted to inflate your work-related expenses,” the ATO says.
The ATO website has 40 occupational guides with information on what you can, and can’t, claim specific to your job.
“There are three golden rules for claiming a deduction for any work-related expense – you must have spent the money yourself and weren’t reimbursed, the expense must directly relate to earning your income and you must have a record of the purchase, usually in the form of a receipt, to prove it,” Thomson says.
The easiest way to check the progress of your return is with the ATO app or by logging into their online services.
“Most returns lodged online take about two weeks to be processed; calling us cannot speed that process up,” Thomson says.
EARLIER TAX NEWS: Wait for ‘ready’ status before filing, says ATO
