But ATO Assistant Commissioner Rob Thomson issued a message on Tuesday that vital information from most banks, employers, government agencies and health insurers had now been submitted to the tax agency. This means your tax return has likely been "pre-filled".
"Whether you lodge using a registered tax agent or lodge yourself through myTax, pre-fill information will now be available. You just need to ensure the amounts are correct and make sure all your assessable income is included," Thomson said.
However, he did warn taxpayers to ensure they had the correct evidence to back up deductions they had planned to claim, particularly car and work-from-home expenses.
"Make sure you don’t just ‘copy and paste’ your deductions from last year, because you might be missing out on everything you’re entitled to. Check out the guidance on our website about what you can claim," said Thomson.
There are two ways you can claim work-from-home deductions.
One is the fixed rate method, which is just 67 cents per hour you work from home. It's quick and easy and allows you to have a dollar amount in seconds if you have a consistent work schedule.
This was updated last year from 52 cents per hour and covers energy expenses (electricity and gas), phone usage (mobile and home), internet, stationery, and computer consumables. No additional deduction for any expenses covered by the rate can be claimed if you use this method.
Nat and Tyrone are among Australians disappointed with their 2024 tax returns. ·Supplied
Tax lawyer Harrison Dell told Yahoo Finance you're "almost always worse off" if you use the ATO's flat rate system.
He advised using the actual cost method, however, to do so you'd need to go into far more detail.
Using this method, the ATO said you can claim:
The decline in value of depreciating assets – for example, home office furniture (desk, chair) and furnishings, phones and computers, laptops or similar devices.
Electricity and gas (energy expenses) for heating, cooling and lighting.
Home and mobile phone, data and internet expenses.
Stationery and computer consumables, such as printer ink and paper.
Cleaning your dedicated home office.
You can only claim a work-related expense if you spent the money yourself and weren't reimbursed, or it was related to earning your income and you have a record to prove it.
$2,300 mistakes and horror tax bills: Aussies burned by ATO
In a cost-of-living crisis, every dollar counts and some have been disappointed by their tax return.
Nat Zelez lodged on July 1 and told Yahoo Finance it meant she got a smaller tax refund than expected.
The 24-year-old was “so excited” to receive her estimated refund of $5,300. The Melbourne resident worked multiple jobs during the year and told Yahoo Finance she had paid extra tax as a result.
Zelez said her refund finally came through this week. But instead of the $5,300 she anticipated, she only got $3,000 back.
Other Australians have fumed after being slapped with a bill. Tyrone Northrop said he "worked like a dog" and was stunned that he owed the ATO money.
Zelez received a $3,000 tax refund, which was about $2,300 lower than she expected. (Source: Instagram/Supplied) ·Instagram/Supplied
"Someone, please tell me how the f**k I still owe the ATO," he said.
"I paid 60 grand in tax and I don't even get six f**king dollars back, not even six cents, and they still reckon I owe them...you owe me a f**king apology.
The young worker said he was stung with a $2,000 bill last year after paying $48,000 tax.
The ATO said it understands "many people expect a refund at tax time", but noted it wasn't always a good sign if you got one.
"Remember that for most people, any refund you receive is a result of too much tax being withheld or paid throughout the year," the ATO said.
“At the end of the day, the ATO has held onto that money for 12 months when you should have been earning 5 or 6 per cent interest on it,” Raso told Yahoo Finance.
“Even when people say, ‘Well, I’m not a great saver, this is better for me’ or ‘I don’t have HELP debt anymore and they’ve just withheld extra’.
“If you’re getting a $5,000 refund, think about how much you could have got in interest. Basically, the ATO has earned that interest. It’s not a good thing.”
When should I lodge my tax return?
You can claim your tax return from July 1. If you're lodging it yourself on the ATO's myTax system, you have until October 31.
Thomson said the system should now have all your personal details from last year, wages and salary information from employers, interest income, dividends received and private health insurance details.
If you're using a registered tax agent, you can lodge later, possibly as late as 15 May 2025.
To take advantage of extended deadlines, you need to be registered as a client of the agent by 31 October 2024.
Once you’ve lodged your return, you have to typically allow up to two weeks for the ATO to process and pay your refund.
"This process can't be sped up, even if you call us," Thomson said.
You can be slapped with a fine of up to $330 for every 28 days your return is late. That goes up to a maximum of $1,650 for every year not lodged, plus the General Interest Charge of 11 per cent p.a, which the ATO imposes if you owe them money.
You can find out more details from Yahoo Finance's extensive tax coverage here.
