What You Need to Know Before Lodging Your Tax Return in Australia

Each year, thousands of Australians rush to lodge their tax returns, often without fully understanding the process. Whether you're an employee, contractor, investor, or business owner, being well-prepared can help you avoid mistakes, maximise your refund, and stay compliant with the ATO.

1. Key Lodgment Dates

• 1 July: Tax time officially begins. You can start lodging your tax return from this date.
• 14 July: Employers are required to finalise your income statement through Single Touch Payroll (STP). It’s best to wait until after this date to ensure the ATO has accurate information.
• 31 October: The due date for individuals lodging their own tax returns.
• 15 May (following year): Extended deadline if lodging through a registered tax agent (conditions apply).

2. What You Need to Prepare

To lodge an accurate return, you’ll need:

• Income details: Employment income (via STP), investment income (interest, dividends), business income, and government payments.
• Deduction records: Work-related expenses, donations, self-education, vehicle use, and home office costs.
• Private health insurance: Statement from your insurer.
• Spouse and dependent details: For certain offsets or tax obligations.
• Bank account details: For the ATO to deposit your refund.

‍

3. Should You Lodge Early?

While the ATO opens lodgment from 1 July, we highly recommend waiting until after 14 July to ensure:

• All your income data is pre-filled
• Your employer has finalised your STP report
• You reduce the risk of amendment or delay

4. Common Mistakes to Avoid

• Lodging before income is finalised
• Forgetting to declare bank interest or crypto income
• Overclaiming work deductions without proper records
• Not including Centrelink payments or JobSeeker

5. Why Use a Tax Agent?

Lodging through a registered tax agent gives you:

• Peace of mind and accuracy
• Access to extended lodgment deadlines
• The ability to claim legitimate deductions you may miss
• Representation in case of ATO queries or audits

6. Final Tip

If you’re expecting a refund, most are processed by the ATO within 5–10 business days after lodgment. If it takes longer, contact your tax agent or check your MyGov account for updates.

Need help with your tax return?
We offer fast, reliable, and professional tax services for individuals and businesses. Reach out to our team and we’ll help you get the best possible outcome — stress-free!

‍