The Australian Taxation Office (ATO) has warned Australians they must lodge their 2021-22 tax returns by October 31 or face a fine.

Taxpayers need to either lodge their return themselves or appoint a registered tax agent by this date.

Assistant Commissioner Tim Loh said as at October 11, more than 8.8 million people had lodged their tax returns, compared to over 8.4 million at the same time last year.

“Unlike a lot of life admin tasks, lodging your tax return isn’t optional. So rather than sorting out your sock drawer or keeping up to speed with the Targaryens’ family woes, set some time aside this weekend to get your tax return done. You can catch up on your sock audit and the Targaryens later,” he said.

“You can choose to do your return yourself, or use a registered agent.

“Doing your own return is easy and secure if you use myTax, especially if you have simple affairs. Most of your income and personal details will already be provided; simply check the information is correct, add any additional income, claim your eligible deductions, and you’re done! Once your return is lodged, you can check its progress any time using the ATO app, or online using myTax.

“It’s important to lodge your tax return on time, even if you think you’ll be getting a bill and won’t be able to pay the balance straight away. I’d encourage you to lodge when you can, even if you can’t pay. This helps you to understand your tax position, and we’re here to help you if you need support.”

Mr Loh also noted that many people prefer to lodge through a registered tax agent, especially if their tax affairs are more complex. Tax agents must be registered with the Tax Practitioners Board (TPB). You can check whether a person is a registered tax agent by visiting the TPB website.

“If you’re lodging with a registered tax agent they will have access to the same pre-filled information available in myTax, and you may have a bit longer to lodge your return. If you’re using a registered tax agent for the first time, or using a different one to last year, make sure you engage with them by 31 October,” Mr Loh said.

“And remember, if you think you’ve made a mistake, it’s easy to make an amendment. You can do this online using myTax or by contacting your registered tax agent. If you need to make an amendment, we strongly recommend waiting until your return has been processed and you have received your Notice of Assessment. This will help avoid processing delays.”

Mr Loh said that ATO support is available for those having trouble lodging by October 31.

Mr Loh also acknowledged that major floods are creating challenging conditions in parts of Tasmania, Victoria, New South Wales, and Queensland. “We’re here to support the community's recovery efforts during this difficult time. If you’re impacted, we understand that tax is not your number one priority right now. We can help you sort out your tax affairs once you’ve had time to deal with more immediate problems and recover.”

“Individuals with a due date of October 31 for their tax returns located in a local government area which has been declared eligible for an Australian Government Disaster Recovery Payment (AGDRP) won’t be penalised for lodging late,” Mr Loh said.

Support is also available to registered tax agents, who are encouraged to reach out to the ATO as soon as possible to ensure they receive the right assistance.

Photo: Kelly Sikkema/Unsplash