+34
People who plan to file their tax returns themselves have until October 31 to get their paperwork in.
Experts say there a lots of reasons why you might end up with a smaller tax return than you anticipated. Here's what you need to know if you haven't filed your tax return for the 2025–26 financial year yet.the Australian Taxation Office says thatIf you're having a tax agent file your return, they'll generally have a special lodgement schedule, which means they may be able to lodge returns for clients later than November 2.
However, the ATO says you need to engage a tax agent before October 31 if you're going down this path, so make sure you book your appointment before the end of the month. But the ATO says it considers a person's individual circumstances before deciding what action to take and whether they'll be sent a failure to lodge notice. You can expect to hear from the ATO before getting a penalty notice.
"If you fail to lodge on time, we'll warn you by phone or in writing before we apply a failure to lodge penalty and issue you a notice to lodge," the ATO says. "This will give you the opportunity to lodge or give you the opportunity to engage with us if you're experiencing circumstances preventing you from lodging.
""Some workers genuinely are owed a refund due to over-withholding or legitimate deductions," said Jenny Wong, the tax lead at accounting body CPA Australia. For Australians earning up to $126,000, LMITO delivered a tax break ranging from $255 to $1,080 in 2018–19, 2019–20 and 2020–21. There was a one-off increase to ease cost-of-living pressures in 2021–22, lifting the base amount to $675 and the full amount to $1,500.
The hangover from the LMITO years may have led some to assume this year's budget announcements would result in a $1,250 cash payment in their tax returns,. For example, it's easy to assume a few thousand dollars in work expenses and charity donations will all come back to us as a refund.
"Australia has a clear culture around deductions," said Elizabeth Morton, a senior lecturer at Curtin University and chartered accountant.not apportioning how much of their deduction is used outside of work "All of these will likely result in over-claiming of deductions, therefore underpayment of tax," Dr Morton said. However, let's assume you have only one job and no income from other sources, no work-related deductions, and no donations to charities in the past financial year.
"If the employer calculates Pay As You Go salary withholding tax correctly, it should generally cover an employee's final tax bill," Ms Wong said. It's a good idea to approach filing your tax return with low expectations. But aren't we entitled to claim? There's a balance to strike here, because there are plenty of legitimate reasons to claim deductions on your tax return.
"It is important that taxpayers understand that they are permitted by law to claim deductions that are allowable," she said. "So taxpayers can miss out on deductions if they are not aware of the rules, or if they don't keep proper records. " The taxation system can seem daunting, so many people turn to accountants to help them navigate the process.
While the cost of using professionals to prepare your tax return is tax deductible, the up-front cost for an accountant can be prohibitive. There are, however, a series of free tax clinics around the country that offer eligible people help to file their tax returns.
Many of those clinics are in major cities, but some do offer virtual sessions for people in regional and rural areas.but then ticks the box on their Tax File Number declaration form telling all their employers to stop taxing the first $18,200 from their pay — meaning each employer withholds less tax than they should.may also catch higher earners out if they don't have what the Australian Taxation Office defines as appropriate private health insurance. ," Dr Morton said.
The threshold for paying the Medicare levy surcharge is more than $101,000 for singles and $202,000 for families.
When Can I Do My Tax? When Should I Do My Tax? Tax Time When Is Tax Time? How Much Will I Get Back On My Tax Return? What Is A Tax Refund? Tax Refund Taxation Australian Taxation Office Ato
Australia Latest News, Australia Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
October Reading List: New Releases from Hernan Diaz, Mick Fanning, and Chris HammerDiscover the top book releases for October, including Hernan Diaz's futuristic thriller, Mick Fanning's inspirational memoir, Chris Hammer's standalone crime novel, and Min Jin Lee's latest epic.
Read more »
Asparagus peaks and pineapple picks up: Australia’s best-value fruit and veg for OctoberIt’s a great month for vegetables, with snow peas coming in and whole heads of cauliflower and cabbage at low prices – but watermelons are looking worse for wear
Read more »
Investigation into incident on Israel-bound flight | Morning News Bulletin 01 October 2026An investigation underway into incident on Israel-bound flight; British Prime Minister Andy Burnham claims Iranian involvement in suspicious activity at a UK airbase; Nathan Cleary takes out the NRL's Dally M Medal.
Read more »
The government urges collaboration from new Greens leader | Midday News Bulletin 1 October 2026The government urges collaboration from new Greens leader, The Pilot who was allegedly attacked mid-flight to Israel named, Australia defeats South Africa in a rainy, third ODI.
Read more »