31 October Is 25 Days Away. If You Self-Lodge, Here's What's Still Open.
For individuals and sole traders who lodge their own tax return without a registered tax agent, 31 October is the usual due date. That is 25 days from today. It sounds like plenty of time, but the returns that run late are rarely held up by the lodging itself. They are held up by the records nobody gathered earlier.
Why Self-Lodgers Run Into Trouble Late
Without an agent working to a lodgment program, the deadline is the only deadline. Missing paperwork, unreconciled business transactions, and unanswered questions all pile up in the final week, when there is no room left to chase them.
What to Confirm This Week
- Is your income information complete? Income statements and other employer or bank data usually need to be finalised in the ATO system before you can lodge accurately. Lodging early on incomplete data can mean an amendment later.
- Are your business records reconciled? If you're a sole trader, your income and expenses for the full year need to be tied to actual records, not estimated from memory.
- Do you have evidence for every deduction? A deduction without a record behind it is a deduction you may not be able to keep if reviewed.
- Are you sure the 31 October date applies to you? It generally applies to self-lodgers. If you use a registered tax agent, a later date may apply under their lodgment program, and some circumstances differ again. Confirm your specific due date on ato.gov.au.
If You Won't Make It
Reach out before 31 October, not after. Lodging late carries a failure-to-lodge penalty, but a business owner who contacts a tax agent early has more options than one who simply goes quiet. Engaging an agent before the deadline can also bring a later lodgment date into play, depending on your circumstances and history.
What to Do This Week
- Gather your income statements, bank interest, and any other income records.
- Reconcile your business income and expenses for the year.
- Check every deduction has a record behind it.
- Decide now whether you are lodging yourself or handing it to an agent.
RBizz can take your return off your plate and confirm which lodgment date applies to you. Get in touch this week while there is still comfortable time.
