The Australian Taxation Office (ATO) has officially opened the gates for Australians to submit their tax returns, especially for those with straightforward tax situations. ATO Assistant Commissioner Rob Thomson announced that the ATO has pre-filled tax returns with information from most banks, employers, government agencies, and private health insurers.
“Whether you lodge using a registered tax agent or lodge yourself through myTax, pre-fill information will now be available,” said Thomson. “You just need to ensure the amounts are correct and make sure all your assessable income is included.”
The deadline to lodge a tax return in Australia is October 31 if you are filing your own taxes. Missing this deadline can result in fines.
Busting Tax Myths
The ATO also addressed a common but incorrect tax myth that encourages people to claim items below certain thresholds without proper evidence. Thomson emphasized, “In most cases, a bank or credit card statement on its own isn’t enough evidence to support a work-related deduction claim. You’ll need your receipts. No proof, no deduction.”
Many believe that they can claim work expenses they did not incur if the expenses are under $200 and no receipt is required. However, the ATO can request proof and an explanation if the deduction is flagged.
Thomson advised taxpayers to ensure their deductions are accurate and updated. “Make sure you don’t just ‘copy and paste’ your deductions from last year, because you might be missing out on everything you’re entitled to,” he said. “Check out the guidance on our website about what you can claim. Most taxpayers will have their tax returns finalized within two weeks. This process can’t be sped up, even if you call us.”
Need Help?
While using a registered tax agent is an option, the ATO provides a range of self-help tools for Australians. “We have made significant investments into our online services to provide a fast, secure, and easy way to manage most of the interactions you may have with the ATO,” Thomson noted. “You can find answers to a lot of your tax questions, as well as conduct most of your tax obligations online.”
The ATO also offers support services and helplines for First Nations and culturally and linguistically diverse taxpayers, accessible through their website.
For professional assistance in navigating your tax return, contact BOA & Co. Our team of expert accountants is here to help you ensure compliance and maximize your deductions. Reach out to us today at 1300 952 286 or email us at info@boanco.com.au. Visit our website at www.boanco.com.au for more information.