The Australian Taxation Office (ATO) wants Aussies to be aware and on guard. Tomorrow, July 1, is the beginning of the new fiscal year! From this date, people will be able to start filing their tax returns for the 2024-25 fiscal year. The ATO is encouraging taxpayers not to file their returns too early. For those who file on their own, self-lodgers, the deadline is October 31st. Don’t worry—you’ll have ample time to review all the information before you hit submit!
Rob Thomson, an assistant commissioner at the ATO, stated that although taking patience would be key in this transitional space. He recommended that people hold off till the end of July. This timing will allow them to plan and file their returns more strategically. This delay allows taxpayers to benefit from pre-filled information that the ATO has prepared, making it easier to file accurately.
“We’ll have pre-filled a lot of the information in for you, which makes it easier to get it right the first time,” – Mr Thomson
Support for Those Facing Financial Challenges
The ATO recognizes that some Australians can’t afford to pay their tax obligations in one payment. That’s why they’re providing guides and technical help to those who want it. The ATO’s website has a range of solutions for people experiencing financial hardship, from installment payments to debt support services.
The ATO has established the Tax Help service specifically for those earning under $70,000. This service will help you claim the maximum entitlements and avoid lodging your tax returns incorrectly. We hope that this free service will help ease the pinch that comes from tax season.
ATO Spokesperson reminded taxpayers to be ‘ahead of the game’ with their tax obligations. IRD officials were careful to stress that people need to make sure they are correctly registered with the ATO before filing their returns.
“You need to make sure that you are on their books by October 31,” – ATO spokesperson
The ATO is putting millions of Australians on notice as many claim the wrong work-related deductions this tax time. We urge taxpayers to carefully read the instructions so they do not inadvertently miss something and face processing delays.
Changes in Processing Times
This year’s tax season will be especially tricky because of a new 90-day rule introduced by the ATO. Consequently, tax return processing times might take more time than normal. People are encouraged to do their taxes early and factor in additional time for possible delays in receiving a return.
The ATO has already assured taxpayers that it’s focused on making the transition as smooth as possible, even amid these changes. As part of their push toward quicker transaction times, the ATO suggests that taxpayers use electronic funds transfer (EFT) when making payments.
“EFT payments are faster and more secure than cheques,” – ATO’s website
Taxpayers need to be aware that they have the ability to file an amendment to their tax return. If they discover mistakes after filing, they usually have a maximum of two years to correct them. This sensible provision should ensure more taxpayers who might otherwise worry about mistakes on their returns sleep easier.
Important Deadlines and Recommendations
As people get ready for tax season, knowing these important dates is important. They are able to start filing their returns from as early as tomorrow but self-lodgers have a due date of October 31. The ATO encourages taxpayers to speak with their tax agents about lodgment periods to avoid missing out on any applicable concessions or waivers.
The start of the new fiscal year is now officially upon us! It’s prime season for everyone to reassess their financial positions and consider any adjustments that might lower their forthcoming tax burdens. The ATO’s guides are an excellent resource to learn how to minimize your tax bills responsibly and discover the deductions you should be claiming.
