When Do You Need to Lodge a Tax Return?

In Australia, the financial year runs from 1 July to 30 June. Most individuals who earned income during that period are required to lodge a tax return with the Australian Taxation Office (ATO). This includes employees, sole traders, investors, and some retirees. Even if you believe you won't owe any tax, lodging a return may result in a refund if your employer withheld too much.

The standard deadline for self-lodged returns is 31 October each year. If you use a registered tax agent, you may qualify for an extended deadline.

What You'll Need Before You Start

  • Tax File Number (TFN) – Your unique identifier with the ATO
  • Income statements / payment summaries – Now usually available digitally via myGov
  • Bank interest statements – From all accounts that earned interest
  • Private health insurance statement – From your health fund
  • Records of any deductions – Receipts for work-related expenses, donations, etc.
  • Details of any investments – Dividends, rental income, capital gains

Three Ways to Lodge Your Return

1. myTax (Online via myGov)

myTax is the ATO's free online lodgement tool, accessible through your myGov account. It is the fastest and most common method. The system automatically pre-fills much of your information — including income from employers, bank interest, Centrelink payments, and private health insurance details — saving you significant time. Most straightforward returns can be completed in under 30 minutes.

2. Registered Tax Agent

If your tax situation is complex — for example, you have rental properties, run a business, or have overseas income — using a registered tax agent can be worthwhile. Tax agents can also find deductions you may have missed. Fees are generally tax-deductible in the following year.

3. Paper Tax Return

Paper returns are still available but are the slowest option, taking up to 50 days to process. They can be downloaded from the ATO website or ordered by phone.

Common Deductions You May Be Able to Claim

Deductions reduce your taxable income, which means you pay less tax. Common deductions for employees include:

  • Work-related vehicle and travel expenses
  • Home office expenses (if working from home)
  • Tools, equipment, and uniforms specific to your job
  • Self-education costs related to your current job
  • Charitable donations to registered deductible gift recipients (DGRs)
  • Income protection insurance premiums (if not paid through super)

Important: You must have records (receipts or invoices) to substantiate any deduction you claim. The ATO actively reviews returns for unsupported deductions.

Understanding Your Tax Assessment

After lodging, the ATO will issue a Notice of Assessment. This tells you:

  • Your total taxable income
  • The tax payable on that income
  • How much tax was already withheld by your employer
  • Whether you owe money or are due a refund

Refunds are generally deposited into your nominated bank account within two weeks for online lodgements.

The Medicare Levy

Most Australian residents pay a Medicare Levy of 2% of their taxable income, which helps fund the public health system. Higher-income earners who don't hold private hospital cover may also pay the Medicare Levy Surcharge. Low-income earners may qualify for a reduction or exemption.

Avoiding Common Mistakes

  • Don't claim deductions without supporting records.
  • Declare all sources of income, including side jobs and investment returns.
  • Check that your pre-filled data is accurate before submitting.
  • Lodge by the deadline to avoid late-lodgement penalties.

For personalised tax advice, always consult a registered tax agent or contact the ATO directly on 13 28 61.