Tick-tock, tax time: ATO warns millions to lodge before Halloween deadline

If you’ve been putting off doing your tax, the clock is ticking. The Australian Taxation Office (ATO) says more than 2 million taxpayers are yet to lodge their 2024–25 returns, and with the 31 October deadline fast approaching, now’s the time to get cracking.

Don’t leave filing your tax to the last minute

ATO Assistant Commissioner Rob Thomson reminded Aussies that 31 October is a key date for everyone, no matter whether you’re a DIY tax filer or relying on a professional.

“If you’re lodging yourself, you need to have completed and submitted your return by 31 October. If you plan to lodge through a registered tax professional, you must be on their books by 31 October,” Thomson said.

And if you think dragging your feet will buy you extra time to pay any tax bilk, think again.

“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,” Thomson said. “If you have prepared your own tax return and incur a tax bill, it will be due on 21 November.”

The ATO says more than 8.7 million Australians have already filed their returns this year, with roughly half self-lodging and half using a tax agent.

Why a tax agent might be worth it

According to Chartered Accountants Australia and New Zealand (CA ANZ) 62 per cent of taxpayers already use a professional, and for good reason.

“Millions of Australians choose to self-lodge their own tax returns to the ATO – but 62 per cent of individual taxpayers rely on the expertise of a tax agent,” said CA ANZ tax expert Susan Franks. “There are benefits in using a Chartered Accountant who works as a registered tax agent, and the first is that you will be giving yourself more time to get your return ready.”

Tax agents have until 31 March or even 15 May next year to lodge, depending on your circumstances, giving you a lot more breathing space than the end of October rush.

“Additionally, a Chartered Accountant who works as a registered tax agent can give you greater peace of mind,” Franks said. “Their expert knowledge can help you complete your return while staying within the ATO’s guidelines and avoid potentially costly mistakes – plus their fee is tax deductible the following year.”

Follow the golden rules

Whether you’re lodging solo or through a pro, both the ATO and CA ANZ are singing from the same song sheet when it comes to deductions.

“Remember, there are three golden rules for claiming a deduction for any work-related expense – 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,” Thomson said.

Franks echoed the same advice, reminding taxpayers not to stretch the truth. “You need to ensure that your deductions are for genuine work expenses — not personal or capital ones,” she said.

What next?

If you’ve already lodged, good on you! You can track your return using the ATO app or online services, and just a reminder, calling to follow up on your return won’t make it go any faster.

As for the rest of us still in tax limbo, there’s no time to lose. Whether you’re a spreadsheet warrior or more of a ‘let the accountant handle it’ type, now’s the time to sort your tax before you miss the dealine.

Want more? Get our newsletter delivered straight to your inbox! Follow Business Builders on Facebook, X, Instagram, and LinkedIn.