Sunday, December 22, 2024

ATO boss issues tax time message for Australians

Must read

Taxpayers struggling with lodging their returns could be eligible for a free helping hand.

Australians have until October 31 to lodge their returns or face a hefty fine.

While you can file as of July 1, the official advice is to wait a bit.

Know the news with the 7NEWS app: Download today

People who raced to get their returns done as soon as possible often forgot to include items such as interest from banks, dividend income or private health insurance details, the Australian Taxation Office (ATO) warned.

Claiming incorrect deductions could also land taxpayers in trouble, so be prepared to back up your claims.

Navigating the complexities of tax time can be tricky, but the ATO said it was “here to help”.

If you earn less than $60,000 a year, you could be able to access the ATO’s tax help program and have a volunteer help you lodge your return for free.

“From July to October each year, our accredited volunteers help people to lodge their tax returns online,” assistant commissioner Rob Thomson said.

You can speak with a tax help volunteer online, by phone or at centres across the country.

Most tax time questions can be easily answered online through the ATO app or website and myTax, the tax office said.

“We have made significant investments into our online services to provide a fast, secure, and easy way to manage most of the interactions you may have with the ATO,” Thomson said.

“You can find answers to a lot of your tax questions, as well as conduct most of your tax obligations online.”

Specialised tax assistance is available for Aboriginal and Torres Strait Islander peoples through the ATO’s Indigenous helpline.

“Aboriginal and Torres Strait Islander peoples can receive assistance from our trained staff to help you with things like getting a TFN, lodging your tax return, or finding your super,” Thomson said.

Help is also on offer for taxpayers from non-English-speaking backgrounds, with support available for culturally and linguistically diverse taxpayers.

Anyone who has not lodged their tax return themselves or registered with a tax agent by the October deadline will be slugged with a $313 fine.

The ATO warns this penalty increases every 28 days, up to a maximum of five times, meaning the fine could cost you $1565.

Latest article