Putting off your tax return? You have a month to file
People who plan to file their tax returns themselves have until October 31 to get their paperwork in.
Tax deadlines are approaching, with the filing date for the 2025-26 financial year set for November 2. The Australian Taxation Office (ATO) warns that late lodgements may result in penalties, but emphasizes that they typically do not issue notices for isolated cases of delay. Jenny Wong, tax lead at CPA Australia, explains that some individuals are overestimating their refund expectations due to the legacy of the low and middle income tax offset (LMITO) program, which provided tax breaks to lower and middle-income earners.
However, LMITO ended years ago, and many now expect a refund, leading to underestimation of the actual refund amount. Elizabeth Morton, a senior lecturer at Curtin University and chartered accountant, warns that taxpayers often overestimate their deductions, leading to underpayment of tax. She advises taxpayers to have low expectations and to understand their personal circumstances to avoid overclaiming deductions.
The article concludes by recommending that taxpayers with simple tax situations can file their returns themselves, while those with more complex returns may seek help from accountants or free tax clinics.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
