CPA Australia has reminded Australians, especially sole traders, to lodge their tax returns before the Halloween deadline on October 31.
“There’s nothing ghoulish about the tax man – but failing to lodge your tax return on time could ultimately mean a scary penalty,” says CPA Australia’s Tax Lead, Jenny Wong. “Rushing to lodge can also result in more tricks than treats as scammers will target people with last-minute calls to action, or promises of substantial refunds.”
Individuals who lodge their own tax returns are required to do so by October 31, but those who use a tax agent have longer to lodge, as long as they are on their agent’s books by the end of October. For taxpayers submitting their returns through myGov, they must ensure that the pre-filled information is correct and avoid copying and pasting the same deductions as last year.
“If you haven’t already done it, set aside some time over the next week to compile your evidence and get your return in on time. Or seek expert advice from a registered tax agent who can assist, especially if your finances are complicated,” Wong said. “Leaving it until the last minute comes with the risk that you cut corners, get things wrong and don’t submit your return accurately. You could ultimately receive a less favourable outcome as a result.
“The more complex your earning activities and finances, the more you would benefit from professional help from a registered tax agent, like a CPA,” Wong added. “They will ensure your tax return is completed thoroughly and accurately, plus you’ll have longer to submit it. The sooner you get in touch, the better.”
What if you miss the deadline?
If taxpayers miss the deadline, they are reminded to contact the ATO as soon as possible. Wong shared, “The ATO will usually take your personal circumstances into account and may not apply a penalty if this is your only late lodgement.”
Wong also reminded Aussies to be vigilant of tax scams and not to click on links in SMS messages claiming to be from the ATO.
“Tax scams become more and more sophisticated every year, and scammers pray on the circumstances at the time – in this case the deadline to lodge is approaching,” she said. “Be very wary of anyone offering unsolicited, last-minute help to file your tax returns, especially if the offer or promise of returns sounds too good to be true.”
