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31 October Tax Deadline – Are You Ready?

It may feel like 1 July was only the other week, but wouldn’t you just know it – we’re just about at the end of October. With that, it’s worth the reminder that 31 October is the deadline for lodging your tax return if you are planning on doing so yourself. This means you have just a few days to get your ducks in a row and lodge your return, or to engage a tax agent to do so on your behalf, to avoid the possible imposition of late lodgement penalties. So – are you ready?

I Won’t be Ready by the 31 October Tax Deadline – What do I do?

As the 31 October lodgement deadline is so close, it’s understandable that many people may not be able to get everything ready in time. Thankfully, if your previous years’ returns are up to date and you engage with a tax agent prior to 31 October, the likelihood is that you will be able to take advantage of their extended lodgement deadline – which may be as far as 15 May 2022. This means you won’t have to spend the next few days turning your house upside down to find the relevant paperwork you need to lodge your return – you’ll be comforted by the fact that the burden is off your shoulders and you have more time.

What You Need to do Before the 31 October Tax Deadline

If you are planning on lodging your tax return yourself, there are some things we would suggest you have ready to go.

• First of all, track down your MyGov logins. You will need these credentials to be able to log into the MyGov service and link the Australian Taxation Office to it (if you haven’t already) to be able to lodge.
• You will also need your health insurance information handy, where applicable, as this will be required to fill in the section of your tax return regarding the Medicare Levy.
• It is advisable to have your logbooks, receipts and other relevant documentation to hand so you can accurately and legally claim deductions and minimise your tax obligations.
• As we outlined in a previous article, maintaining accurate records is a habit you can get into right now in preparation for tax time 2022, you might be surprised how much time (and money) you may be able to save just by being better organised.
• Your group certificate/payment summary is also required to be able to lodge your return, but this should be pre-loaded in MyGov well in advance of 31 October. Assuming this is the case, all you’ll need to do regarding your regular income is just double-check that it has been pre-filled accurately.

The above steps are generally sufficient for the average salary earner completing their own individual tax return. For those earning money from multiple sources, including those who own investment properties, businesses, and other income-generating assets, tax returns aren’t quite as straightforward. Given the variety and complexity of tax rules and changes, it may be prudent to engage a tax adviser to ensure nothing is overlooked.

Next Steps

Given how near 31 October is, the next step is to get in touch with MP+ today on 08 9301 2200 (Joondalup), 08 9361 3300 (Victoria Park), or via our website. The sooner you engage us to handle your tax return, the sooner you’ll be able to rest easy knowing the ATO won’t be chasing you with late lodgement notices! Once we’re working with you, we will gather all of the relevant documentation we need to lodge your tax return, and equip you with the tools to make all subsequent years’ returns an absolute breeze. Additionally, our decades of experience means that we can help you legally maximise your deductions, and minimise your tax obligations. There may even be ways to reduce your tax that you hadn’t even thought of!

written by:

Steven Lisle

Tax Manager Steven Lisle has been part of the McKinley Plowman team since 2007, and in that time has built his repertoire upon delivering industry leading, up-to-date international and Australian tax strategies and consulting services. Steve's clients enjoy the optimised tax outcomes he provides them, especially where complex structures could otherwise lead to significant tax obligations.