CPA Australia is urging all Australians to dust the cobwebs off their tax returns and ensure they are lodged by the Halloween deadline: 31st October 2024.
But don’t be fooled by scammers who target taxpayers rushing to the finish line.
“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.
“So, 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.”
Individuals who lodge their own tax returns are required to do so by 31st October, 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.
“We’re all busy and time can get away from us, but lodging your tax return on time is really important,” says Ms Wong. “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.
“If submitting yourself through myGov, make sure you check the pre-filled information is correct, and don’t just copy and paste the same deductions as last year.
If you do miss the deadline, Ms Wong says to contact the ATO as soon as possible.