The Australian Taxation Office (ATO) is urging Australians who have not yet lodged their income tax returns to lodge, or get on the books with a registered tax practitioner before 31 October, to avoid potential penalties.
ATO Assistant Commissioner Rob Thomson said over 9.4 million Australians have already lodged, with a further 1.5 million self-preparer taxpayers expected to need to lodge this year.
'The ATO is receiving a spike of lodgments, with an average of almost 60 thousand individuals lodging each day in October as the deadline approaches. In fact, we've had over 1 million lodgments so far this month alone.'
'Firstly, 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,' Mr Thomson said.
'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.'
If you need a helping hand, or have more complex tax affairs, you may like to engage with a registered tax practitioner. 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 31 October,' Mr Thomson said.
Additionally, 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's reminders
- 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.'
- What you can claim: '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 21 November 2024. Those who lodge through a registered tax practitioner may have longer.'
Lodgments by state and territory*
- NSW: 2.81 million
- VIC: 2.34 million
- QLD: 2 million
- WA: 1.1 million
- SA: 650,000
- TAS: 210,000
- ACT: 170,000
- NT: 90,000
*Approximate values as at 17 October 2024
