NOT got around to lodging your 2016-17 tax return yet? Well, better get cracking, because today (October 31) is the deadline to lodge your return without it being considered late.
Despite what you might think, you could be required to lodge a return... and simply thinking that you will have it lodged by an agent after the due date doesn't necessarily mean all is OK.
Here, Assistant Commissioner Kath Anderson busts some tax myths that regularly do the rounds...
MYTH: "I plan to use an agent this year so the deadline doesn't matter."
BUSTED: If you used a registered agent, you need to be on their books by October 31, regardless of the deadline. If you register with an agent after the October 31 deadline, your lodgment will still be considered overdue and penalties may apply.
MYTH: "I didn't earn any money through my business this year, so I don't need to declare."
BUSTED: Even if you had a nil or negative income from your business, you're still required to declare this to the ATO.
MYTH: "I'm on Centrelink benefits so I don't have to lodge a return."
BUSTED: If you're a Centrelink beneficiary, there are some circumstances where you may still be required to lodge - for example, if you're assessed to pay or receive child support.
MYTH: "I earned less than the tax-free threshold of $18,200, therefore I don't need to lodge a tax return."
BUSTED: A lot of taxpayers get confused between paying no tax and actually doing their tax return. If you earn under $18,200 and didn't pay any tax during the year, you can still declare your income to the ATO. This is done through a non-lodgment advice form and lets us know you don't need to lodge a return. If you earned under $18,200 and you DID pay tax (even if it was only $1), then you're required to lodge a return even if you don't want your excess tax payment refunded.
MYTH: "I'm retired and not required to lodge any more."
BUSTED: Regardless of your age and working status, you have to lodge if you have received taxable income over the threshold.
- If you're unsure whether you need to lodge - ato.gov.au/doineedtolodge
To lodge your own return - ato.gov.au/lodgeonline
To make sure your tax agent is registered - tpb.gov.au