Tax returns lodged by individuals are due on the 31st of October following the end of the financial year. For those using a tax agent to lodge their tax return, an extension is given. Most individuals who use a tax agent will get an automatic extension until the 15th of May.

More than a million people use a tax agent to prepare their return. Having a professional look over your tax affairs every year means youu’re less likely to miss out on things that you weren’t aware of. We’ve seen plenty of people lose thousands of dollars because they did not understand the tax law and tried to save on tax agent fees. Tax agent fees are tax deductible.

You can claim deductions in your tax return for expenses incurred in gaining or producing assessable income, except to the degree that it is of a capital nature. There are a wide range of deductions employees can claim, and you can read more about work related expenses here.

Once your tax return has been lodged, it will usually take around a week to be refunded to your bank account. This can sometimes be longer, especially if mistakes are picked up or if red flags are raised in your tax return.

If you have late tax returns it is best to get them up to date and lodge them in order. Sometimes a tax refund will be held back if you have more than one tax return overdue. Penalties can be applied for late tax returns, but they can often be waived if you have a reason.