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The Tax Office has issued a reminder that the due date for individuals who lodge their own income tax returns is fast approaching.
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Tax return due date looming, warns ATO
01 October 2024
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The ATO is reminding all taxpayers who lodge their own income tax return to do so before the fast-approaching due date, 31 October 2024.
As of 22 September, 7.9 million income tax returns from individuals had been lodged with the ATO for the 2024 financial year.
According to the Tax Office, over 4 million individuals self-lodged their income tax return, while 3.8 million chose to use a registered tax agent.
ATO assistant commissioner Rob Thomson said those who have not finalised their tax return or engaged with a registered tax agent must act now to avoid potential late lodgement penalties.
“If you’re lodging your own tax return, the due date to lodge is 31 October 2024,” Thomson said.
“If you’re using a tax agent, you need to be on their books before then.”
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“If you believe you may have difficulty meeting your tax obligations, contact the ATO prior to the deadline to lodge so that we can take your circumstances into account.”
Thomson noted it is personal choice to lodge a tax return with or without the assistance of a tax agent.
If a taxpayer with simple tax affairs, the ATO has recommended lodging online through myTax as most of the information needed is pre-filled.
The ATO has also reminded people to make sure their claims for work-related expenses are accurate and updated from the previous year.
“If your circumstances have changed, then so will your deductions,” Thomson said.
“We see a lot of people changing jobs but not their claims. Remember, the job that you do affects the deductions you can claim.”
“We want people to get their deductions right on the first go and claim what they are entitled to- nothing more, nothing less.”
Along with the reminder, it is important tax payers are aware there can be penalties for lodging a tax return late.
Thomson said it is important to know that the due date to pay most tax bills is the same regardless of when lodged, if taxpayers are procrastinating to avoid a tax bill.
“That means 21 November 2024 if you lodge your own tax return, however your due date may be later if you are using a registered tax agent.”
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