If you’re like most people, you tell yourself each year that you’ll get your taxes sorted in July so you can get on with your life. Next minute, it’s the end of September, the tax deadline is looming, and you still haven’t lodged your income tax return. You’re certainly in good company if this describes your yearly battle with tax season. However, you’re also giving yourself unnecessary stress.
When Is the Deadline to Lodge a Tax Return in Australia?
October 31st is the date by which Australians need to send their paperwork to the Australian Tax Office (ATO). Otherwise, you risk ending up with a fine. If it turns out you owe the ATO money, you may even have to pay interest on that debt.
Less stress-inducing than fines and penalties but still problematic is the fact that, if you’re due a refund, you’re delaying the acquisition of that money. Most Australians receive a refund, and the average tends to be between $2,000 and $3,000. So, that’s a significant sum you’re missing out on.
When to Lodge a Tax Return in Australia
While the deadline is October 31st each year, the specifics of when to lodge a tax return in Australia are a little more nuanced. Lodge too early, and you risk missing important data. From interest on your savings account to dividend earnings, there are many pieces to the tax return puzzle. The ATO can actually prefill a lot of these details for you, but unfortunately, it won’t all be available on July 1st.
Think you might’ve lodged a tax return too early and missed some crucial details? ITP can help. Visit our guide to amending tax return mistakes, or contact us directly for help from a certified tax agent.
What Is the Tax Return Deadline with an Accountant?
One of many benefits you’ll enjoy when working with an accountant is an extension on the tax return deadline. So long as you make your appointment prior to the usual October 31st deadline, you’ll have until as late as May 15th the following year. Please note that the extension can vary, depending on your circumstances. So always check in with your accountant to confirm. Also, remember the advice above – every day you wait is delaying the arrival of your tax refund.
4 Simple Steps to Meet the Tax Deadline Every Year
Here at ITP, we’ve got your back and have made it as simple as possible to avoid a nasty letter from the ATO. Just follow these four simple steps to get your tax return sorted in no time.
1. Find your closest ITP store now and book your appointment
Tax season is the busiest time of year for our staff. So, many of our branches offer extended opening hours to give you the best chance possible to lodge before the deadline. Best of all, because we have more than 50+ years’ experience, we often find deductions you never realised you could claim. And if you’re under 21, you’re in luck because you’re entitled to a flat fee of just $79. Use our easy office locator to find your most convenient branch. You can then book online or give us a call to set your appointment.
While you wait for your appointment, you can get a general idea of the refund you can expect with our tax calculator.
2. Get your paperwork in order
You might be entitled to an amazing tax refund this year, but if you don’t have your paperwork in order, you could miss out on some serious cash. Check out our handy checklist to ensure you know exactly what you can claim. This list will also guide you through the receipts and evidence you’ll need to keep and how to maximise your return.
3. Don’t fudge the numbers
The ATO is fed up with people fudging the numbers and has warned they are cracking down on illegitimate work-related expenses. Here, there are a few important things you need to know.
When you submit your tax return, the ATO checks your occupation and data-matches with others in your profession. They can also check your bank statements, government records, and even your social media accounts to look for anything suspicious. Do not risk a fine (or jail time) by claiming more than you are entitled to.
Generally speaking, if you claim a deduction, you need to satisfy the golden rules:
- You spent the money yourself;
- You were not reimbursed;
- It relates to your job;
- You have a record to prove it.
4. Tick taxes off your to-do list and work out what you’re going to do with your refund
So, you submitted your return before the tax deadline, and it landed you a nice little tax refund. The next big question is, how are you going to spend it? For many of us, a tax refund is the biggest lump sum we receive in a single transaction in a year. But before you go splashing your cash around, consider paying off debts, putting the money into a long-term savings account, or investing in your future. Want some other accountant-approved ideas? Take a look at our article covering the most satisfying ways to spend your tax refund (we promise they’re not all boring).