For most Australians, Halloween means costumes and lollies. For anyone who hasn't lodged their tax return yet, it's the spookiest date on the calendar. The good news is that there may be more time than you think, as long as you act before the deadline.
Make sure you tax return is lodged while celebrating your Halloween!
Lodging yourself? The deadline is 31 October
If you lodge your own return through myGov, it's due by 31 October each year. If 31 October falls on a weekend or public holiday, the ATO generally allows lodgment on the next business day.
We still wouldn't recommend leaving it until the last minute. myGov and ATO systems tend to slow down right before the deadline. Rushing is also when income gets missed and deductions get overlooked.
Using a tax agent? You could have until the following May
If a registered tax agent adds you to their ATO client list on or before 31 October, you'll generally fall under the agent lodgment program. For most individuals, that pushes the deadline out to 15 May of the following year.
There are some important exceptions:
Outstanding prior-year returns: if any earlier returns were still outstanding at 30 June, your current return is generally still due by 31 October.
Larger tax bills: if your most recent assessment showed tax payable of $20,000 or more, your due date is generally brought forward to 31 March.
"I've booked an accountant" isn't enough
This is the one that catches people out. A phone call, or an email saying you'll be in touch "soon", doesn't extend your deadline. Your agent needs to actually add you to their client list in the ATO system before 31 October. If you leave it until November, the extension is no longer available.
What to do now
Haven't lodged yet? Decide early whether you'll lodge yourself or use an agent.
Using an agent? Get in touch well before 31 October, so they have time to add you to their client list.
Older returns outstanding? Speak to an adviser promptly, because these need attention first and can affect your current deadline.
Need a hand before the deadline?
Our team can add you to our client list in time and help make sure your return is accurate, complete and claims what you're entitled to. New clients can book a free 30-minute discovery meeting online at https://www.revisadvisory.com.au/booking.
Don't let a Halloween deadline come back to haunt you.