Your tax return for the 2022-23 financial year is due by 31 October — one week from now.
The Australian Taxation Office (ATO) has been accepting tax returns for the 2022-23 financial year (1 July 2022 to 30 June 2023) since 1 July.
What’s a tax return?
A tax return provides the ATO with information about your annual income and any deductions you may wish to claim, to determine if you’ve paid the correct amount of tax for the year.
When a person has paid too much tax over the financial year, they receive money back.
Anyone who hasn’t paid enough tax will owe the ATO money, and receive a tax bill. Tax repayments are due on 21 November.
How do I lodge my tax return?
The quickest way to lodge your tax return is online. This is through myTax, an ATO system accessed through your myGov account.
myTax pre-fills most personal information needed for a tax return and is usually processed within two weeks. This can be accessed at https://my.gov.au/.
An accountant or tax agent can also lodge your tax return, generally for a fee. The ATO also accepts paper tax returns, lodged by mail.
What if I miss the deadline?
If you miss the deadline, the ATO says to submit your return “as soon as you can”.
This is important for anyone expecting to pay a tax bill. Any tax owing after 21 November will be charged interest. Personalised payment plans can be set up for eligible Australians struggling to repay their bill.
The ATO advises any person unsure of their tax bill or having difficulty making a payment to contact them directly or speak to their tax agent.