CPA Australia is reminding taxpayers to file their returns by Oct. 31 to avoid penalties.
“There’s nothing ghoulish about the tax man – but failing to lodge your tax return on time could ultimately mean a scary penalty,” said Jenny Wong, CPA Australia’s tax lead.
Taxpayers rushing to meet the deadline are warned to stay alert for scams.
“Scammers will target people with last-minute calls to action or promises of substantial refunds. Be cautious of unsolicited help and avoid clicking suspicious links,” Wong said.
Individuals filing their own tax returns must meet the Oct. 31 deadline, while those working with registered tax agents have more time if they sign up before the end of the month.
“Leaving it to the last minute can lead to mistakes and a less favourable outcome,” Wong said.
CPA Australia suggests consulting a registered tax agent for more complicated financial situations.
“Professional help ensures accuracy and gives you more time to submit,” Wong said.
She recommends checking pre-filled myGov data and not copying deductions from prior years.
“If you do miss the deadline, contact the ATO as soon as possible,” Wong said.
ATO, which has received 250,000 tip-offs about tax avoidance and dishonest business practices since July 2019, may waive penalties for first-time late lodgers.
Wong also reminds taxpayers to warn friends and family about scams, as fraudsters increase activity close to deadlines.
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