By June Ramli
Sydney, Oct 9: With the October 31 tax return deadline fast approaching, the Australian Taxation Office (ATO) has revealed that over four million Australians have yet to submit their income tax returns for the 2024 financial year.
While more than 7.9 million individuals have already lodged their returns, a significant number of taxpayers still need to act quickly to avoid potential penalties and late fees.
In an exclusive email interview with DailyStraits.com, the ATO confirmed that, as of Sept 22, 7.9 million tax returns had been lodged out of 12.1 million registered taxpayers.
With only weeks left until the deadline, the ATO urged taxpayers to file as soon as possible to avoid last-minute stress.
The ATO is also working to ensure taxpayers have access to resources to help them navigate the process.
International students on work permits, for instance, often find the Australian tax system overwhelming.
To assist, the ATO provides a range of translated materials and digital self-help tools, such as the ATO app and myTax platform.
These tools are designed to make managing tax affairs easier and more convenient, enabling individuals to file their returns online without needing to call the ATO.
For those seeking extra assistance, the ATO’s Tax Help program is available to eligible taxpayers earning $60,000 or less.
Supported by accredited volunteers and community centres, this initiative offers free help with lodging tax returns.
Taxpayers are encouraged to visit the ATO website to find more information about the program and other resources available during tax time.
Australian businesses with overseas operations are also reminded of their responsibility to report all worldwide income.
Australian residents are taxed on their global income, meaning they must declare earnings from any foreign business activities in their Australian tax return.
The ATO conducts audits and data-matching exercises to ensure compliance, working with banks, financial institutions, and foreign tax authorities to verify that Australian taxpayers are reporting all their income correctly.
Businesses that have paid tax on foreign income may be entitled to an Australian foreign income tax offset to prevent double taxation.
The ATO’s compliance measures, including data matching and exchange of financial account information with participating foreign tax authorities, ensure that Australians with overseas business interests are fulfilling their obligations under the law.
With the tax deadline rapidly approaching, the ATO advises all taxpayers who have yet to lodge their returns to do so promptly.
Taxpayers can visit the ATO website for more information or seek assistance from a registered tax professional to ensure they meet the deadline and avoid penalties.
Media & PR: editor@dailystraits.com. Copyright 2021–Present DailyStraits.com. All rights reserved.