Tax return filing in Australia is more time-sensitive and more consequential than most people realise. Miss the deadline, claim the wrong deduction, or leave an income source off your return — and the cost is not just a fine. It can trigger an audit, create an interest liability, and follow you for years in ATO records. This guide covers what you need to know to file correctly, on time, and with confidence.
Tax Return Deadlines in Australia: The Facts
Individual taxpayers — self-lodging
If you are lodging your own individual tax return through myTax, the deadline is 31 October each year, for the income year ending 30 June. Miss this date and the ATO automatically issues a Failure to Lodge (FTL) penalty. The current FTL penalty for individuals is $313 per 28-day period, up to a maximum of five periods.]
Individual taxpayers — using a tax agent
Registering with a tax agent before the 31 October deadline gives you access to an extended lodgement program, with most individuals’ returns not due until 15 May of the following year. This is one of the most underrated reasons to use an accountant for your tax return — the extra time is often worth the fee alone.
Business tax return deadlines
Sole trader returns are included in the individual return — same deadlines apply. Company, trust, and partnership returns typically follow the 28 February (self-lodging) or 15 May (via tax agent) schedule. Quarterly BAS lodgements have separate deadlines. Missing any of these triggers separate penalties.
What Documents You Need to File a Tax Return in Australia
For individuals
Gather the following before meeting your accountant or opening myTax:
- Payment summaries or income statements from all employers (available in myGov/ATO online after employer finalisation)
- Bank interest statements from all accounts
- Dividend statements and distribution statements from managed funds
- Private health insurance statement (for the Medicare Levy Surcharge assessment)
- Receipts and records for all deduction claims
- Rental property income and expense records, including property management statements
- Capital gains documentation — purchase and sale records for any assets sold
- HECS-HELP or student loan details (the ATO pre-fills this, but verify)
For businesses (sole traders, companies, trusts)
Business tax return documentation is more comprehensive:
- Full set of financial statements — profit and loss, balance sheet
- Bank statements reconciled to accounts
- BAS lodgements and payment records for the year
- Asset registers and depreciation schedules
- Payroll records including PAYG summaries and super payment confirmation
- Loan agreements and Director loan account records
- Stock-on-hand valuation at 30 June
The Most Costly Tax Return Filing Mistakes Australians Make
Claiming deductions without receipts
The ATO does not accept “I know I spent it” as evidence of a deduction. Records must exist at the time the deduction is claimed. For most expenses, this means a receipt, invoice, or bank statement clearly showing the amount, date, and purpose. The ATO’s record-keeping rules require substantiation — not good intentions.
Including only salary income and forgetting other sources
The ATO receives data from banks, share registries, managed funds, foreign pension authorities, and cryptocurrency platforms. If your return omits investment income, foreign income, or capital gains that the ATO already knows about, you will receive a discrepancy notice — and possibly an audit. Always disclose everything, then apply the correct deductions.
Claiming personal expenses as business deductions
The most common audit trigger for sole traders is expenses that mix personal and business use without apportionment. Your mobile phone, home internet, and vehicle may all have legitimate business components — but only the business portion is deductible. Log books for vehicles, detailed usage records for phones, and home office diaries are your protection.
Missing the residual depreciation on rental properties
Many rental property owners claim interest, rates, and repairs — but miss capital works deductions and plant and equipment depreciation. A quantity surveyor’s depreciation schedule, prepared when you acquire a property, can generate thousands of dollars in additional legitimate deductions over the life of the investment.
When to Use a Tax Agent Versus Lodging Yourself
The myTax platform handles straightforward returns efficiently. But the moment your return includes more than one income source, any deductions beyond standard work-related expenses, investment activity, or business income, the return complexity increases beyond what the platform was designed for.
Accountants for tax return preparation bring both accuracy and strategic awareness. They know what questions to ask to surface deductions you did not know existed, and they take responsibility for the accuracy of the return. If the ATO raises a query, your accountant deals with it — not you.
What Happens If You Have Missed Prior Years’ Tax Returns?
The ATO can and does pursue taxpayers who have not lodged returns for prior years. This becomes most visible when you apply for a home loan (lenders request ATO tax portal screenshots) or when the ATO’s data-matching identifies unfiled returns from employer data.
The good news: voluntary disclosure is treated more favourably than waiting to be caught. A registered tax agent can help you lodge overdue returns, negotiate penalty remission where appropriate, and put you back in good standing with the ATO. The sooner you address it, the better the outcome.
Frequently Asked Questions
What is the tax return filing deadline for individuals in Australia?
If self-lodging via myTax, the deadline is 31 October each year (for the prior 30 June income year). If you register with a tax agent before 31 October, your lodgement deadline typically extends to 15 May the following year. Business returns (company, trust, partnership) generally follow a 28 February self-lodgement deadline or 15 May via tax agent.
Can I lodge a tax return for a previous year?
Yes. You can lodge tax returns for prior years through a registered tax agent. Depending on how late the lodgements are, penalties may apply — but these can often be reduced or waived through a formal penalty remission request, particularly where there are genuine circumstances. Acting sooner rather than later produces better outcomes.
What deductions can I claim on my tax return?
Deductions must be directly related to earning your income. For employees, this includes work-related travel, self-education, tools, uniforms, and home office expenses (with proper records). For investors, interest on borrowings, property expenses, and investment-related fees are deductible. Business deductions are broader — almost all expenses incurred to earn business income are potentially deductible, subject to private-use apportionment.
How long should I keep tax records in Australia?
The ATO requires records to be kept for five years from the date you lodge a return, or five years from the date a transaction is completed (whichever is later). For capital assets — property, shares, business assets — keep records from the date of purchase until five years after the asset is sold. The burden of proof in an audit sits with the taxpayer.
RPS Accountants handles individual and business tax return filing for clients across Epping and Melbourne’s northern suburbs. If your return is overdue, complex, or you simply want it done right, our registered tax agents are ready to help. Call 1300 110 120 or book online at rpsaccountants.com.au.
