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    Key tax date Aussies need to know

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    By Cameron Micallef

    Copyright news

    Key tax date Aussies need to know

    In its latest update, the ATO announced more than 6.4 million Australians had lodged their tax return, with 4.8 million getting a total of more than $12.7bn back from the tax man.

    That leaves millions of Australians with just 30 days left to lodge their tax return or risk penalties starting from $330 if they miss the October 31 deadline.

    If someone fails to lodge their tax return for 28 days after October 31 the ATO can go as far as prosecution, but this is reserved for extreme circumstances.

    If you miss the date, the ATO says they will warn Aussies over the phone or by writing.

    H & R Block director of tax communications Mark Chapman told NewsWire despite the upcoming deadline, it was important to take the time out and plan a tax return.

    “It’s as simple as having a full review of a taxpayer’s income during the course of the year and making sure it is all disclosed,” Mr Chapman said.

    “That’s not just employment income, but also rental property income, any dividends from shares or interest from a bank account, any sharing economy income that you’ve derived during the year or any capital gains from buying and selling assets.”

    Mr Chapman also reminded Australians of the importance of documenting any claims they can make to offset their tax liability.

    “Equally, it is important to pull together all your receipts for your expenses and claim everything you’re entitled to claim,” he said.

    “Basically that is anything in the course of your job, whether that’s working from home expenses, self education, work related clothing, make sure you do declare it if you’ve actually spent the money.”

    For Australians who will miss the October 31 deadline, Mr Chapman urges them to reach out to a tax professional as they’ll go beyond the ATO’s pre-fill.

    “Tax agents basically make sure Australians claim all the deductions they are entitled to, don’t claim anything they are not entitled and come with the reassurance that the return is correct, complete, fully accurate as well as potentially an additional six months to file it.

    “The cost of preparing your tax return is itself tax deductible if you use a tax agent.

    “If you go out and spend $100 to $200 getting your tax return done this year, you can claim it next year.”

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