Business

Tax return deadline is upon us

PEOPLE who prepare their own tax return only have a week until the 31 October lodgment deadline.

"I urge anyone worried about not meeting the deadline to call 13 28 61 as soon as possible, to discuss their situation," said Tax Commissioner Michael D'Ascenzo.

"It is important to lodge before 31 October to avoid penalties.

"The quickest and easiest way to lodge on time is by using e-tax. Over two million people have already lodged online.

"E-tax can save you time by downloading information like your bank interest, payment summaries, health insurance details and government payments directly to your return.

"It also has built-in checks and calculators to help you complete your return, and provides you with an estimate of your tax assessment.

"Best of all, most refunds will issue in 12 business days or less."

E-tax can be downloaded free from the ATO website at www.ato.gov.au/etax.

Sometimes, simple errors can hold up tax refunds. Some common mistakes that cause delays include:

  •     providing incorrect date of birth, address or bank details
  •     not advising of a name change from a previous year's return
  •     forgetting to include income such as interest from bank accounts, a previous job or income from overseas
  •     not completing labels you are required to, for example the 'income test' questions at IT1-IT7 on the tax return (this information is used to work out entitlement to payments or Child Support obligations).

If you are using a tax agent for the first time or a different tax agent to last year, you need to contact them before 31 October.

Visit www.tpb.gov.au to check that your tax agent is registered.

Topics:  ato, deadline, tax, tax return



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