It’s tax time again and, although you may be itching to get your return out of the way, officials are urging Australians to take a breath first.
The Australian Taxation Office (ATO) says people who rush in and lodge in early July are twice as likely to make a mistake.
Here’s everything you need to know about preparing this year’s return.
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When can I lodge my tax return?
Taxpayers could officially lodge their returns as of Monday, but the official advice is to wait a bit.
People who raced to get it done as soon as possible often forgot to include items such as interest from banks, dividend income or private health insurance details, ATO assistant commissioner Rob Thomson said.
“Tax time is not a race, and there is a much higher chance that your return will be missing important information if you lodge in early July,” he said.
“This is particularly relevant if you are receiving income from multiple sources.
“We know some prefer to tick their tax return off the to-do list early and not think about it for another 12 months, but the best way to get it right is to wait just a few weeks to lodge.”
How long will my refund take?
Most online returns were processed within 12 business days, the ATO said.
Meanwhile, paper returns may take up to 10 weeks.
Updating any details such as your bank account or address after you lodge your return can cause delays.
What deductions can I claim?
You can claim some of your expenses as deductions when filing your return.
If making work-related deductions, make sure you have a record to prove it.
The ATO breaks down exactly what you can claim for your profession on its website.
What if I make a mistake?
If you realised too late you made a mistake, or left something out of your tax return, there are ways to fix it.
The relevant actions depend on the lodgement type, which the ATO breaks down on its website.
You can also speak to a registered tax agent for help.
When is my tax return due?
If you are lodging your own return, the magic date to remember is October 31.
Those using a tax agent get a later deadline, but you need to engage them before October 31.
When do I have to pay my tax bill by?
If you are expecting a tax bill this year, another date to remember is November 21.
This is when you need to pay your bill by, if you lodged your return yourself, to avoid interest being applied.
What happens if I miss the deadline?
The ATO will warn you by phone or in writing that you have missed the deadline.
Anyone who has not lodged their tax return themselves or registered with a tax agent by the October deadline will be slugged with a $313 fine.
The ATO warns this penalty increases every 28 days, up to a maximum of five times, meaning the fine could cost you $1565.
The ATO will send you a written notice of the reason for the penalty and the amount, should it choose to impose the penalty.
“We recognise that sometimes people don’t meet their lodgement obligations on time, even with the best intentions,” the ATO said.
“Generally, we don’t apply penalties in isolated cases of late lodgment.
“We consider your circumstances when deciding what action to take.”