22 October 2024
Don’t ghost the ATO – lodge your tax return before Halloween
- DIY tax returns must be lodged by Thursday, October 31
- Don’t cut corners or make mistakes – you could get a shock
- Beware of creepy scam messages masquerading as the ATO
CPA Australia is urging Aussies to dust the cobwebs off their tax returns and ensure they lodge by the Halloween deadline (October 31).
But don’t be fooled by scammers who target taxpayers rushing to the finish line.
“There’s nothing ghoulish about the tax man - but failing to lodge your tax return on time could ultimately mean a scary penalty,” says CPA Australia’s Tax Lead, Jenny Wong. “Rushing to lodge can also result in more tricks than treats as scammers will target people with last-minute calls to action, or promises of substantial refunds.
“So, if you haven’t already done it, set aside some time over the next week to compile your evidence and get your return in on time. Or seek expert advice from a registered tax agent who can assist, especially if your finances are complicated.”
Individuals who lodge their own tax returns are required to do so by October 31, but those who use a tax agent have longer to lodge, as long as they are on their agent’s books by the end of October.
“We’re all busy and time can get away from us, but lodging your tax return on time is really important,” says Ms Wong. “Leaving it until the last minute comes with the risk that you cut corners, get things wrong and don’t submit your return accurately. You could ultimately receive a less favourable outcome as a result.
“If submitting yourself through myGov, make sure you check the pre-filled information is correct, and don’t just copy and paste the same deductions as last year.
“The more complex your earning activities and finances, the more you would benefit from professional help from a registered tax agent, like a CPA. They will ensure your tax return is completed thoroughly and accurately, plus you’ll have longer to submit it. The sooner you get in touch, the better.”
If you do miss the deadline, Ms Wong says contact the ATO as soon as possible.
“The ATO will usually take your personal circumstances into account and may not apply a penalty if this is your only late lodgement, she says.”
Ms Wong also reminds Aussies to be vigilant of tax scams and don’t click on links in SMS messages claiming to be from the ATO.
“Tax scams become more and more sophisticated every year, and scammers pray on the circumstances at the time – in this case the deadline to lodge is approaching.
“Be very wary of anyone offering unsolicited, last-minute help to file your tax returns, especially if the offer or promise of returns sounds too good to be true.
“Scams could come via email, social media, text message or phone call. It’s also a good idea to remind your friends and family to be extra cautious as scammers step up their activity in the lead-up to the deadline.”
CPA Australia recently released tips on how to spot a tax time scam.
About us:
About CPA Australia
CPA Australia is Australia’s leading professional accounting body and one of the largest in the world. We have more than 173,000 members in over 100 countries and regions. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au
Contact details:
Simon Downes, External Affairs Lead, simon.downes@cpaaustralia.com.au or 0401 461 503
