What You Need to Know About Lodging Your Tax Return This Year
Hey everyone, with July 1 now here, it’s officially the start of the new financial year — and that means it’s tax time again. Whether you love it or hate it, tax season is unavoidable, and it's best to be informed before diving into your tax return.
You can technically lodge your tax return from today, but the Australian Taxation Office (ATO) strongly recommends waiting until late July. Why? Because they pre-fill a lot of the information for you — like your income, interest from bank accounts, and other financial details — which makes the process smoother and less prone to errors. So even though you can lodge now, waiting a few weeks could save you a lot of hassle.
Now, if you're wondering when your return is due, it depends on how you’re lodging it. If you’re doing it yourself, you’ve got until October 31 to submit. But if you’re going through a tax agent, you’ll often get more time — just make sure you’re registered with them by that same October deadline.
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One common question is: Will I get a refund? That really depends on your personal circumstances. If you’ve paid more tax than necessary throughout the year, you’ll likely get a refund. But if everything balances out or you’ve underpaid, you might not get anything — or you could end up with a bill. The good news? If you owe money and can't pay it all at once, the ATO offers payment plans and assistance options.
Wondering when the money will hit your account if you are eligible for a refund? If you lodge online, expect a turnaround of about two weeks. If you go the paper route, it could take up to ten weeks. And if you’re using a tax agent, it's typically still around two weeks — unless they deduct their fees from your refund first, which can cause some delays.
One important change this year is around how refunds are issued. The ATO now prefers direct deposit via electronic funds transfer (EFT). If you haven’t supplied your bank details, they may contact you, and you’ll have up to 90 days to provide that information. Miss that window, and a cheque will be sent instead — but cheques are being phased out by 2028, so better to update your banking info sooner rather than later.
And if you're struggling financially and can't afford a tax agent, there’s a free ATO program called Tax Help for individuals earning under $70,000 a year. It pairs you with trained volunteers who can guide you through your return — a fantastic option if you're feeling overwhelmed.
Lastly, don’t stress if you make a mistake. You generally have up to two years to amend your return, so there’s time to fix things if something gets missed.
So, whether you’re keen to get it done or dreading the paperwork, taking a little time to prepare and understand the process can really pay off. Happy tax season, and may your refund be swift and generous!
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