Australian residents are being urged to file their tax returns.

The Australian Tax Office has some important advice for taxpayers with straightforward financial situations. Initially, they had advised these individuals to hold off on filing their tax return for the previous fiscal year. However, now they are encouraging them to go ahead and submit their returns. This is because the ATO has received millions of pieces of information from banks, employers, government agencies, and private health insurers. These details have already been pre-filled, making the process much simpler for those with uncomplicated affairs.

According to Robert Thomson, the tax office's assistant commissioner, all that is left for these taxpayers to do is to double check the information and ensure its accuracy. This includes verifying personal and bank details and making sure that all accessible income is included before submitting the return. Those planning to claim deductions are also reminded to have the necessary records and to thoroughly review their expenses. It is important to note that the rules for what can be claimed as a deduction may change, so it is crucial to stay informed.

Thomson also emphasized the importance of having proper evidence to support any work-related deduction claims. Simply having a bank or credit card statement is not enough. Taxpayers should keep their receipts as proof of their expenses. As Thomson bluntly puts it, "No proof, no deduction." This is to ensure that all claims made are legitimate and supported by evidence.

In light of the upcoming Olympic Games in Paris 2024, the tax office is reminding Australians that they have until October 31 to submit their returns if they are doing it themselves. If they are using a registered agent, they may have a little more time. However, Thomson advises taxpayers not to wait until the last minute, as the process of finalizing returns may take up to two weeks. This time frame cannot be expedited, even if individuals call the ATO.

Finally, the tax office wants to stress that the person filing the return is responsible for all the information provided, even if they use a tax agent. So it is important to review the return and ensure all the information is accurate before submission. With the help of Channel 9 and 9Now, as well as Stan Sport, Australians can watch the Olympic Games live, free, and in 4K.

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