Has your tax return been sitting in the “I’ll get to it later” pile? You have two weeks to get it in...
Has your tax return been sitting in the “I’ll get to it later” pile since July?
We’ve all been there!
But with the tax deadline of 2nd of November looming, it’s time to crunch those numbers.
Because unlike the hundred of unread emails in your inbox, this deadline isn't going to disappear if you ignore it.
As of September, over 8 million income tax returns have been filed by individuals for the 2025-2026 financial year.
If yours isn’t one of them, pull out your calendar and set some time aside to sit down with a coffee and smash through your tax return.
Your tax return is the form you lodge with the ATO after June 30 each year (that’s the end of the financial year).
Quick reminder: Australia has a ‘self-assessment’ tax system.
That means you’re responsible for reporting your taxable income and deductions you’re claiming to the ATO each year.
And the ATO uses your tax return to work out whether you’ve paid too much (or too little) tax.
If you’re entitled to a tax refund, the ATO generally won’t penalise you for submitting late (but you won’t know that until you complete your return).
But if you owe the ATO some extra tax, and you’re doing your tax return yourself, the ATO can impose penalties for late lodgements.
Here’s a quick breakdown:
The ATO applies one penalty unit every 28 days (or part thereof) that your tax is overdue, up to a maximum of 5 penalties.
That means for every 28 days your tax return isn’t lodged after 2nd of November, the ATO imposes a fine of $364, up to a maximum of $1,820 (from 1 July 2026).
Personally, we don’t think it’s worth giving charity to the Australian Tax Office - there are plenty of other charities out there…
If you’re using a registered tax agent to complete your tax return, you’ve actually got until 15th May 2027 as your deadline.
Buuut you’ve still gotta make sure you’ve engaged your tax agent before the 2nd of November to avoid copping any fines.
Engaging a registered tax agent can be a good idea if you’ve got a more complicated tax return (e.g. if you own an investment property, investment portfolio, family trusts or you’re a business owner).
The silver lining is, paying your tax agent typically counts as a tax deduction.
If your tax is pretty straightforward and you’re lodging it yourself, you can lodge your tax online via the myGov portal.
Most of your information will be pre-filled, all you need to do is double check it’s all correct.
If you’ve earned any additional income in the previous financial year that’s not already included in your MyGov, you’ll need to add that in.
Think dividend income, interest income, rental income, or any income from additional jobs or gigs.
And don’t forget to claim any deductions you’re entitled to. Your deductions will reduce your taxable income.
You can claim deductions like:
If you need a refresher on how to prep your tax return, and make the most of your deductions we’ve got you covered in the Your FY26 Tax Toolkit.
Flux disclaimer:
All information contained in the Flux app, www.flux.finance, www.joinflux.com, app.flux.finance and any podcast of Flux Media Pty Ltd (ABN 27 639 804 345) is for education and entertainment purposes only. It is not intended as a substitute for professional financial, legal or tax advice. While we do our best to provide accurate information on the podcast, we accept no responsibility for any inaccuracies that may be communicated.
Flux does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) and ASIC RG 36.66. Flux Technologies Pty Ltd provides general advice on credit products under our own Australian Credit Licence No. 530103. The product information presented does not constitute an offer and we are not recommending or suggesting any particular product.
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