Tax return Australia 2023: Due Date & How do I lodge my tax refund?

In 2023, Australian taxpayers can anticipate key dates for filing their returns. For individuals, the deadline is October 31, 2023, covering the fiscal year from July 1, 2022, to June 30, 2023. Those utilizing registered tax agents may have a slightly extended deadline but are advised to consult by November 2 to avoid penalties.

Tax Return Australia 2023

The average tax refund Down Under stands at a substantial AU$2600, making it important not to miss the filing window. For businesses, various deadlines are scattered throughout the year, emphasizing the importance of timely lodgings and payments to navigate the Australian tax landscape effectively.

A tax return is a form that you use to declare your income and expenses to the Australian Taxation Office (ATO). The ATO uses this information to calculate how much tax you owe. 

You need to lodge a tax return if you are an Australian resident and you earned more than $18,200 in the 2022-2023 financial year. You may also need to lodge a tax return if you received certain types of income, even if it was less than $18,200.

When is the deadline for lodging your tax return in Australia?

The tax return dates for Australia in 2023 are as follows:

  • The deadline to file your tax return is October 31, 2023.
  • Due date for paying your tax bill: 31 October 2023 

However, if you use a registered tax agent, they may be able to lodge your return for you later than this date. If you are unable to lodge your tax return or pay your tax bill on time, you may be able to apply for an extension from the ATO.

How do I lodge my tax return?

You can lodge your tax return online or by mail. To lodge your return online, you need to create a myGov account and link it to your ATO account. You can then use the ATO’s myTax service to lodge your return.

If you are lodging your return by mail, you need to complete a paper tax return form and send it to the ATO. You can download the tax return form from the ATO website.

What details are required in order to file your tax return?

When you lodge your tax return, you will need to provide information about your income, expenses, and any other relevant information. This information may include:

  • Your employment income (e.g. salary, wages, and bonuses)
  • Your investment income (e.g. dividends, interest, and rental income)
  • Your government benefits (e.g. Centrelink payments and tax credits)
  • Your work-related expenses (e.g. travel expenses and car expenses)
  • Your charitable donations

What tax deductions are eligible to claim?

There are a number of deductions that you may be able to claim on your tax return. These deductions can reduce the amount of taxable income that you have, which can lower your tax bill. Some common deductions include:

  • Work-related expenses
  • Charitable donations
  • Self-education expenses
  • Medical expenses
  • Investment losses

How do you deduct expenses on your tax return?

To claim a deduction, you need to keep records of your expenses. These records can be in the form of receipts, invoices, or other documentation. When you lodge your tax return, you will need to provide details of your deductions and the records that you have to support them.

Tax return Australia 2023

What occurs if you don’t file your tax return by the deadline?

If you don’t lodge your tax return on time, you may be fined by the ATO. The amount of the fine will depend on how late you lodge your return. If you get stuck when lodging your tax return, you can get help from the ATO. The ATO has a number of resources available to help you, including a website, phone hotline, and tax help clinics.

Tips for lodging your tax return

Here are a few tips for lodging your tax return:

  • Start early: Don’t wait until the last minute to lodge your return. This will give you more time to gather your information and get help if you need it.
  • Keep good records: Throughout the entire year, keep a record of your earnings and expenses. This will make it easier to complete your tax return when it’s time.
  • Use tax preparation software: There are a number of tax preparation software programs available that can help you to complete your tax return. These programs can be a good option if you are not sure how to lodge your return or if you have complex tax affairs.
  • Get help from a tax agent: If you need help lodging your tax return, you can contact a registered tax agent. Tax agents can help you to complete your return and claim all of the deductions that you are entitled to.

What’s new for tax returns in Australia in 2023?

There are a few changes to tax returns in Australia in 2023. These changes include:

  • The Low and Middle Income Tax Offset (LOMITO) has ended. This means that taxpayers will no longer be able to claim this tax offset.
  • The Medicare levy surcharge has been increased to 2.05% for high-income earners. This means that high-income earners will pay a higher Medicare levy.
  • The instant asset write-off scheme has been extended to 31 December 2024. This means that businesses can continue to claim an immediate deduction for eligible assets costing up to $20,00.

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