‘Not true’: ATO busts major tax ‘myth’ as deadline nearsMore than two million Aussie taxpayers have just weeks to do one thing — or face a big fine.3 min read

7NEWS

Oct 14

Two million Australians are yet to lodge their 2024-25 tax returns, and the clock is ticking.More than 8.7 million taxpayers have already got the paperwork out of the way.For those that haven’t, ...

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Australians are yet to lodge their 2024-25 tax returns, and the clock is ticking.More than 8.7 million taxpayers have already got the paperwork out of the way.For those that haven’t, ...</p>\n\n<a href=\"https://7news.com.au/news/ato-debunks-big-tax-myth-as-deadline-approaches-for-two-million-australians-c-20345502\">Source Link</a>\n\n</div>\n","source":"7news_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>‘Not true’: ATO busts major tax ‘myth’ as deadline nearsMore than two million Aussie taxpayers have just weeks to do one thing — or face a big fine.3 min read</title>\n<style 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returns, and the clock is ticking.More than 8.7 million taxpayers have already got the paperwork out of the way.For those that haven’t, ...</p>\n\n<a href=\"https://7news.com.au/news/ato-debunks-big-tax-myth-as-deadline-approaches-for-two-million-australians-c-20345502\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2362540622.SGD","symbol_name":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","start_time":0,"source_url":"https://7news.com.au/news/ato-debunks-big-tax-myth-as-deadline-approaches-for-two-million-australians-c-20345502","article_id":"2575215494","we_media_id":null,"thumbnails":[],"rights":{"source":"7news_stock","url":"https://7news.com.au/news/ato-debunks-big-tax-myth-as-deadline-approaches-for-two-million-australians-c-20345502","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2575215494","pubTimestamp":1760371200,"columns":[],"sourceInfo":{"source_id":"7news_stock","name":"7NEWS"},"weMediaInfo":null,"summary":"Two million Australians are yet to lodge their 2024-25 tax returns, and the clock is ticking.More than 8.7 million taxpayers have already got the paperwork out of the way.For those that haven’t, October 31 is the key date to remember.Know the news with the 7NEWS app: Download today Not filing a return by this deadline means you risk being hit with a $330 failure to lodge on time penalty.That fine can increase to as much as $1650 the longer you leave it.“There’s a bit of a myth that delaying lodgment of your tax return will buy you more time to pay  – that’s not true,” Australian Taxation Office assistant commissioner Rob Thomson said.“If you have prepared your own tax return and incur a tax bill, it will be due on 21 November.”How can I lodge my return?","collect":0,"end_time":0,"defaultTopTitle":"7news.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","BK4197":"燃气公用事业","BK4588":"碎股","BK4585":"ETF&股票定投概念","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","ATO":"ATMOS能源公司"},"translate_title":"“不是真的”：随着最后期限的临近，ATO打破了重大税收“神话”超过200万澳大利亚纳税人只有几周的时间做一件事，否则将面临巨额罚款。3分钟阅读","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ATO":1.5},"content_text":"Two million Australians are yet to lodge their 2024-25 tax returns, and the clock is ticking.More than 8.7 million taxpayers have already got the paperwork out of the way.For those that haven’t, October 31 is the key date to remember.Know the news with the 7NEWS app: Download today Not filing a return by this deadline means you risk being hit with a $330 failure to lodge on time penalty.That fine can increase to as much as $1650 the longer you leave it.“There’s a bit of a myth that delaying lodgment of your tax return will buy you more time to pay (a potential tax bill) – that’s not true,” Australian Taxation Office assistant commissioner Rob Thomson said.“If you have prepared your own tax return and incur a tax bill, it will be due on 21 November.”How can I lodge my return?There is more than one way to prepare and lodge your return, including a paper tax return by mail, online through myTax, or through a tax agent if you have more complex affairs.“If you’re lodging yourself, you need to have completed and submitted your return by 31 October,” Thomson said.If you plan to seek the advice of a registered tax agent, that date is pushed back into early next year.Importantly, you will need to reach out and be on their books before the end of the month.“Over 8.7 million taxpayers have already ticked lodging off their to-do list, with over 4.4 million having self-lodged and over 4.2 million lodged through a registered tax agent,” Thomson said.Most tax refunds that are lodged online are processed within two weeks but can take longer if the ATO has follow-up questions.“Calling us cannot speed that process up,” Thomson said.Paper tax returns can take up to 50 days to process.You can keep tabs on the progress of your tax return with the ATO app or by logging into ATO online services.Three ‘golden rules’ for deductionsThe big piece of advice for those calculating their work-related expenses is to fight any temptation to inflate them.The ATO has guides on what you can and cannot claim and says there is “three golden rules” to consider.“You must have spent the money yourself and weren’t reimbursed, the expense must directly relate to earning your income and you must have a record of the purchase, usually in the form of a receipt, to prove it,” Thomson said.CPA Australia tax lead Jenny Wong said “outrageous” claims are common every year, but advised against it.“The important thing to remember is that any claim must be backed up by evidence,” Wong told 7NEWS.com.au.“Not just evidence of the purchase, but you must be able to explain why the purchase is crucial to help you do your job properly.“Expenses must be relevant to your specific job, so there’s no point trying to claim the cost of a laptop bag if you’re a bus driver, for example.”For people worried they might not be able to lodge by October 31, the advice is to contact your registered tax professional or visit the ATO website to see what options are available to you.Pre-Christmas text message three million Australians are about to receive3 min readAussie taxpayers have just weeks to do one thing or face $330 fine3 min read","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}