Time’s running out to file your tax returns: ATO

The deadline for your tax returns is Thursday, October 31, says the ATO. Picture: supplied

Australians have only until next Thursday to file their income tax returns on time with nearly 60,000 individuals lodging every day this month.

The Australian Taxation Office (ATO) is reminding everyone that October 31 is the cut-off date to avoid late payment penalties.

ATO Assistant Commissioner Rob Thomson said more than 9.4 million Australians have lodged while another 1.5 million self-prepared taxpayers need to lodge.

‘The ATO is receiving a spike of lodgements with an average of almost 60,000 individuals lodging each day in October as the deadline approaches. In fact, we’ve had over one million lodgements so far this month alone,” he says.

“A reminder to those who’ve done the right thing and deliberately held off finalising their tax return until pre-filled information is available — now’s the time to log back into the App or myTax, finalise and press ‘lodge’.

‘For those who haven’t yet started, it’s not scary or complicated. People with simple affairs will find that you should be able to lodge your tax return in the time it takes to cook a frozen pizza,’ Thomson says.

‘We’re all guilty of sometimes leaving things to the last minute but taking half an hour this weekend to complete your tax return will save you time and money in the long run, as penalties can apply if you lodge late.’

He suggested that if help is needed, a registered tax practitioner can help. To check whether an agent is registered, visit the Tax Practitioners’ Board Register.

‘If you’re going to engage a registered tax professional and you’re not already on their books, you should do this before October 31,” Thomson says.

The Tax Help program is a free and confidential service open to people who earn $60,000 or less each year and have simple tax affairs. The program is available until the end of October.

Rob Thomson. Picture: ATO

THOMSON’S TIPS

Prefill: “The ATO has now pre-filled tax returns with information from most banks, employers, government agencies and private health insurers; all you need to do is check it and add anything that’s missing.”

Claims: “Make sure you’re claiming what you’re entitled to – and nothing you’re not with our 40 occupation and industry specific guides on the ATO website.”

Record-keeping: “When you claim a deduction, you need to have a record to prove it, usually a receipt. Remember that a credit card or bank statement usually isn’t enough on its own. The ATO app is a good way to keep all your receipts in one place.”

Payment due date: “Regardless of when you lodge your tax return, your due date for payment of a tax bill is November 21. Those who lodge through a registered tax practitioner may have longer.”

Total lodgements by October 17