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Three days to file: Accountant’s warning as tax deadline nears
Australians racing to lodge their own tax return before Monday’s deadline are being told to slow down.
- The federal government’s new $1,000 work-related deduction can’t be claimed this tax time, Chartered Accountants Australia and New Zealand has warned.
- Taxpayers who appoint a registered tax agent before close of business on Friday can get until as late as 15 May 2027 to lodge their return.
- Selling shares, crypto or property can trigger a tax bill even if the proceeds were reinvested, and the tax office uses data-matching to spot undeclared side hustle income.
Australians racing to lodge their own tax return before Monday’s deadline are being told to slow down.
Chartered Accountants Australia and New Zealand (CA ANZ) have urged taxpayers to double-check their income, deductions and records before lodging.
Self-lodgers have until Monday, after the usual October 31 deadline was pushed back because it falls on a Saturday.
With just days to go, a rushed return risks rejected claims, later amendments and penalties, while anyone wanting more time has until Friday to act.
CA ANZ urged anyone unsure about their circumstances to seek professional advice rather than rush to meet the deadline.
“Rushing your tax return can lead to simple mistakes that create unnecessary stress, delays and potential amendments later on,” said CA ANZ Tax Leader Susan Franks.
“Tax time isn’t just about meeting a deadline. It’s about making sure your return is accurate, complete and supported by the right information.”
Taxpayers who need more time must appoint a registered tax agent before close of business on Friday, the statement noted.
“Once you’re on a registered tax agent’s client list, you’ll generally have until 15 May 2027 to lodge your return, or 31 March 2027 if your last return had a tax liability of $20,000 or more,” Franks said.
Self-lodgers whose return results in a tax bill have until 21 November to pay it, and any amount left unpaid after the due date attracts the Australian Taxation Office’s (ATO) general interest charge, which compounds daily, The Money Edition previously reported
Those who miss the deadline will be warned by phone or in writing before the ATO applies a failure-to-lodge penalty, though the tax office says it generally does not penalise isolated cases of late lodgment.
Five things to check
CA ANZ listed five things to check before lodging, starting with the federal government’s new $1,000 standard deduction for work-related expenses, which does not apply to returns for the year ended 30 June 2026.
Working-from-home deductions “remain a source of confusion for many taxpayers,” Franks said, urging claimants to check they are using the correct method and have the records to back it up.
Income from rideshare driving, delivery apps, online content creation, short-term rentals and digital platforms must also be declared.
“If you’ve earned income through a platform, don’t assume it has slipped under the radar,” Franks said, pointing to the ATO’s “sophisticated data-matching capabilities.”
Anyone who sold shares, managed funds, cryptocurrency or property should account for gains or losses, which Franks said can carry tax consequences “even if they have already reinvested the proceeds.”
Taxpayers should also make sure eligible donations to registered Deductible Gift Recipients are recorded and included in their return.
“A quick check of your records now could help ensure you don’t miss a deduction you’re entitled to,” Franks said.