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Taxpayers put on notice over last-minute returns

Business

Individuals are more likely to cut corners and fall victim to fraudsters as the October deadline nears, CPA Australia has said.

By Christine Chen 11 minute read

Taxpayers who leave their tax returns to the last minute are more likely to make costly errors and expose themselves to scammers making promises that are “too good to be true”, CPA Australia has warned.

With the 31 October deadline looming, the accounting body urged individual taxpayers to set aside time over the next week to file their returns or engage a tax agent to help.

“We’re all busy and time can get away from us, but lodging your tax return on time is really important,” tax lead Jenny Wong said.

“So, if you haven’t already done it, set aside some time over the next week to compile your evidence and get your return in on time.”

“Or seek expert advice from a registered tax agent who can assist, especially if your finances are complicated.”

Rushed tax returns could lead to mistakes and result in a fine from the ATO.

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“Leaving it until the last minute comes with the risk that you cut corners, get things wrong and don’t submit your return accurately. You could ultimately receive a less favourable outcome as a result,” Wong said.

“If submitting yourself through myGov, make sure you check the pre-filled information is correct, and don’t just copy and paste the same deductions as last year.”

“The more complex your earning activities and finances, the more you would benefit from professional help from a registered tax agent, like a CPA. They will ensure your tax return is completed thoroughly and accurately, plus you’ll have longer to submit it. The sooner you get in touch, the better.”

The ATO identified taxpayers’ failure to include all income when lodging as one of three focus areas for tax time.

It also warned against landlords inflating claims for rental deductions and individuals incorrectly claiming work-from-home expenses.

CPA Australia said as the deadline approached, scammers would also ramp up their activity, targeting taxpayers with last-minute calls to action or promises of substantial refunds.

“Tax scams become more and more sophisticated every year, and scammers prey on the circumstances at the time – in this case, the deadline to lodge is approaching,” Wong said.

“Be very wary of anyone offering unsolicited, last-minute help to file your tax returns, especially if the offer or promise of returns sounds too good to be true.”

“Scams could come via email, social media, text message or phone call. It’s also a good idea to remind your friends and family to be extra cautious as scammers step up their activity in the lead-up to the deadline.”

Christine Chen

Christine Chen

AUTHOR

Christine Chen is a graduate journalist at Accountants Daily and Accounting Times, the leading sources of news, insight, and educational content for professionals in the accounting sector.

Previously, Christine has written for City Hub, the South Sydney Herald and Honi Soit. She has also produced online content for LegalVision and completed internships at EY and Deloitte.

Christine has a commerce degree from the University of Western Australia and is studying a Juris Doctor degree at the University of Sydney. 

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