Three jailed, 18 charged over millions in tax fraud
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Perth Now
7 hours ago
- Perth Now
‘Good to go': Why now is the best time for Aussies to lodge tax returns
With the average Aussie tax refund sitting at around $1,177 ING's Matt Bowen shares his top tips on how to make sure you don't waste a penny. Patient taxpayers with simple affairs have been given the thumbs up to lodge their returns after more than 90 million pieces of information was pre-filled into Australian myGov accounts. Four weeks into the new financial year, the Australian Taxation Office (ATO) said 'it's time to lodge'. WATCH THE VIDEO ABOVE: How to make the most of your tax refund. 'You've been patiently waiting, but now you're good to go,' Assistant Commissioner Rob Thomson said. 'Whether you lodge using a registered tax agent or lodge yourself through myTax, pre-fill information will now be available.' Thomson said taxpayers should check that pre-populated information from employers, banks, government agencies and private health insurers is accurate. They then need to work out what is missing and calculate any deductions they are entitled to. 'Don't forget that you need to include all sources of income in your tax return,' Thomson said. 'This includes side-hustles, linked income from providing ride sourcing services or selling services via an app. 'Remember, the ATO has 40 industry and occupation specific guides to assist you in what you can claim and what records are required to prove it.' Assistant Commissioner Rob Thomson said that the ATO had completed pre-fill of over 91 million pieces of information available for individual tax returns from employers, banks, government agencies and private health insurers. Credit: Australian Taxation Office Australians can file their tax returns from July 1, but experts suggest not getting twisted up in that date. That is because you want to make sure your document is complete and accurate before you hit the lodge button, to avoid a follow-up call from the ATO. CPA Australia tax lead Jenny Wong said it is not uncommon for early lodgers to have to amend their returns later, so holding fire can save you in the long run. 'Cost-of-living pressures could mean some people are eager to lodge their tax return as quickly as possible to access a refund, but it's important to be patient, gather your evidence and claim everything you are entitled to,' Wong said. 'Firing the starting pistol on your tax return too quickly means you could end up shooting yourself in the foot.' Deductions must be related to purchases made before June 30 if you intend to claim them in this tax return. What you can claim will depend on what you do for work. The ATO and accountants know the difference. 'It is important that taxpayers take reasonable care when lodging, as penalties may apply where people have not taken reasonable care and increase when they are reckless or intentionally provide false information,' Thomson said. More than $2.2 billion in penalties were dished out to taxpayers who failed to comply with their obligations in 2023-2024. October 31 is the deadline for Australians lodging their return themselves. For those using the services of a registered tax agent, you have more time — until May the following year. But make sure you have reached out to them and have the ball rolling before the start of November. If you fail to lodge in time, the ATO may impose penalties, starting with a $330 fine. 'We will consider your circumstances when deciding what action to take,' Thomson said. 'It is important that taxpayers take reasonable care when lodging as penalties may apply where people have not taken reasonable care and increase when they are reckless or intentionally provide false information. 'Our preferred approach is to work with taxpayers to help them meet their tax obligations.' Most refunds are issued within two weeks, but the process can take longer if the ATO has queries. 'This process cannot be sped up, even if you call us,' Thomson said. 'You can keep track of your return by logging into the ATO app or ATO online services through myGov. Paper tax returns can take up to 50 days to process. Wong said there is a misconception that lodging your return straight away puts you at the front of the queue for a refund, 'but it's not that simple'. 'Take your time, get your facts right, and lodge a full and comprehensive claim when you're ready,' she said.
7NEWS
12 hours ago
- 7NEWS
When do I lodge my tax return? ATO says now is the best time after myGov accounts pre-filled
Patient taxpayers with simple affairs have been given the thumbs up to lodge their returns after more than 90 million pieces of information was pre-filled into Australian myGov accounts. Four weeks into the new financial year, the Australian Taxation Office (ATO) said 'it's time to lodge'. WATCH THE VIDEO ABOVE: How to make the most of your tax refund. 'You've been patiently waiting, but now you're good to go,' Assistant Commissioner Rob Thomson said. 'Whether you lodge using a registered tax agent or lodge yourself through myTax, pre-fill information will now be available.' Thomson said taxpayers should check that pre-populated information from employers, banks, government agencies and private health insurers is accurate. They then need to work out what is missing and calculate any deductions they are entitled to. 'Don't forget that you need to include all sources of income in your tax return,' Thomson said. 'This includes side-hustles, linked income from providing ride sourcing services or selling services via an app. 'Remember, the ATO has 40 industry and occupation specific guides to assist you in what you can claim and what records are required to prove it.' Australians can file their tax returns from July 1, but experts suggest not getting twisted up in that date. That is because you want to make sure your document is complete and accurate before you hit the lodge button, to avoid a follow-up call from the ATO. CPA Australia tax lead Jenny Wong said it is not uncommon for early lodgers to have to amend their returns later, so holding fire can save you in the long run. 'Cost-of-living pressures could mean some people are eager to lodge their tax return as quickly as possible to access a refund, but it's important to be patient, gather your evidence and claim everything you are entitled to,' Wong said. 'Firing the starting pistol on your tax return too quickly means you could end up shooting yourself in the foot.' What can I claim? Deductions must be related to purchases made before June 30 if you intend to claim them in this tax return. What you can claim will depend on what you do for work. The ATO and accountants know the difference. 'It is important that taxpayers take reasonable care when lodging, as penalties may apply where people have not taken reasonable care and increase when they are reckless or intentionally provide false information,' Thomson said. More than $2.2 billion in penalties were dished out to taxpayers who failed to comply with their obligations in 2023-2024. When is the cut-off to lodge my tax return? October 31 is the deadline for Australians lodging their return themselves. For those using the services of a registered tax agent, you have more time — until May the following year. But make sure you have reached out to them and have the ball rolling before the start of November. Will I be fined for missing the October 31 deadline? If you fail to lodge in time, the ATO may impose penalties, starting with a $330 fine. 'We will consider your circumstances when deciding what action to take,' Thomson said. 'It is important that taxpayers take reasonable care when lodging as penalties may apply where people have not taken reasonable care and increase when they are reckless or intentionally provide false information. 'Our preferred approach is to work with taxpayers to help them meet their tax obligations.' When will I get my tax refund? Most refunds are issued within two weeks, but the process can take longer if the ATO has queries. 'This process cannot be sped up, even if you call us,' Thomson said. 'You can keep track of your return by logging into the ATO app or ATO online services through myGov. Paper tax returns can take up to 50 days to process. Wong said there is a misconception that lodging your return straight away puts you at the front of the queue for a refund, 'but it's not that simple'. 'Take your time, get your facts right, and lodge a full and comprehensive claim when you're ready,' she said.
7NEWS
a day ago
- 7NEWS
Two 18-year-old men charged after French tourist stabbed while breaking up fight in Fortitude Valley, Brisbane
Two 18-year-old men have been charged after a French national was stabbed while allegedly trying to break up a fight in Brisbane' s party precinct. Police said the alleged stabbing happened about 3.30am on Friday near the corner of Wickham St and Brunswick St in Fortitude Valley. Detectives allege an altercation broke out on the footpath, during which a 27-year-old man was stabbed multiple times in the chest. Two men allegedly fled the scene on foot and were arrested nearby on Costin St. The French tourist was out with his friends when he saw a fight breaking out outside a bottle shop, and he tried to intervene. 'We had a friend that was trying to ... break up a fight,' the man's friend Hugo told 7NEWS. 'Two people were fighting, and he was right in the middle and he got stabbed, I think, three times and he started bleeding a lot. 'And then we called the ambulance and the police and they arrived pretty fast.' He was rushed to hospital in a serious but stable condition. An 18-year-old Zillmere man has been charged with one count each of acts intended to cause grievous bodily harms, assault, and carrying a knife in public. An 18-year-old Bald Hills man faces one count of acts intended to cause grievous bodily harm. Both are due to appear before Brisbane Magistrates Court on July 26. Queensland Police said investigations into the circumstances of the incident are continuing and urged witnesses to come forward.
