With data-matching technology sharper than ever, it’s not just about what you remember to claim, it’s about what you can prove, and how accurate your timing is. So, what are the main reasons the ATO may adjust your tax return? Let’s break down the top culprits and how you can stay ahead.

1. Lack of Substantiation

Substantiation is the backbone of any legitimate tax claim. In simple terms: if you can’t prove it, you can’t claim it.

The ATO requires taxpayers to retain records such as receipts, invoices, bank statements, and logbooks for at least five years from the date their tax return is lodged. These records must clearly show what the expense was for, who incurred it, and how it relates to your income.

And while this might sound straightforward, it’s one of the most common areas where people fall short. Receipts fade, get thrown out, or disappear into the black hole of your car, handbag, or inbox.

Property investors, in particular, need to be especially diligent. From the day you purchase a property to five years after you sell, you need to maintain a full set of records. This includes things like purchase contracts, loan statements, invoices for repairs and improvements, depreciation schedules, and more. These documents are essential to calculate and substantiate your Capital Gains Tax (CGT) obligations correctly.

If you can’t produce this documentation, the ATO may disallow deductions or adjust your CGT calculations based on their own data-matching systems. And if that happens, penalties and interest can quickly add up. Especially if the adjustment affects multiple years of your return.

Pro tip: Don’t rely on your accountant to store your receipts for you. It’s your legal responsibility to keep records, whether that’s in a shoebox or a secure cloud-based platform.

2. Miscalculation and Incorrect Apportionment

The second major reason returns are adjusted is miscalculation, particularly when it comes to apportioning expenses.

This is where things can get tricky, as even well-meaning taxpayers can make mistakes that the ATO is quick to pick up on. Some common pitfalls include:

• Home office expenses: If you’re claiming deductions for electricity, internet, or phone usage, you must clearly identify and apportion the work-related percentage. Guesswork isn’t sufficient, and the ATO often requests a continuous 4 week representative diary or log of usage.
• Logbooks for vehicle expenses: If you’re claiming car expenses under the logbook method, that logbook must be current (less than five years old) and reflect a typical period of use. Many people continue using outdated or incomplete records, which puts the entire deduction at risk.
• Redrawn loans: If you’ve redrawn funds from an investment loan for personal use, for a holiday or a car, you need to split the interest portion accordingly. Even if you later repay the personal portion, the interest still becomes non-deductible from the point it was used for private purposes.
• Capital vs. repairs: Claiming improvements as repairs, or claiming costs for initial repairs after purchasing a property, can also be problematic. Initial repairs are typically considered capital in nature and must be added to the cost base of the property, not claimed as an immediate deduction.
• Private use of rental properties: If you or your family use your rental property personally, even for a weekend, you’re expected to apportion all expenses accordingly. Many property owners overlook this, but the ATO has sophisticated tools to identify short-term bookings, travel patterns, and more.

In each of these cases, the errors may be unintentional, but they can still lead to adjustments, penalties, and interest.

So, What Can You Do to Stay Ahead?

The most effective way to stay compliant and to reduce the stress of tax time is to stay organised year-round. That means:

• Keeping accurate, real-time records of income and expenses
• Digitally storing receipts and documents so they don’t get lost
• Using logbooks, diaries, and tracking tools to meet ATO requirements
• Understanding how to apportion expenses between private and income-generating use
• Maintaining a clear paper trail for all property-related expenses, including renovations, loans, and depreciation

And if that sounds overwhelming, there’s a much simpler solution.

Let TaxTank Do the Heavy Lifting

Tax time doesn’t have to be an anxious waiting game. The reality is, adjustments usually come down to two things: poor record-keeping and missed deadlines. And with 56% of Australians admitting tax time stresses them out, there’s real value in getting it right the first time.

That’s where smart tools like TaxTank come in:

• Audit-ready records at your fingertips – no shoeboxes, no scrambling for receipts.
• Live bank feeds and real-time tax positions, so you always know where you stand.
• Automatic updates across property, shares, and sole trader income, ensuring every deduction is substantiated.

Think of it this way: the ATO has invested billions into data-matching and compliance programs, so why go up against that with spreadsheets and guesswork?

Stay organised, stay compliant, and stay in control, because when it comes to the ATO, it pays (literally) to be one step ahead.

Try TaxTank and make this your easiest tax year yet.

Right now, they’re in the middle of what you could call a quiet data revolution. And by “quiet,” we mean most Aussies don’t even realise just how much the ATO already knows about them, and how much more it’s planning to know.

According to the ATO’s Second Commissioner, Jeremy Hirschhorn, the goal is to make tax returns disappear entirely for most Australians. You won’t lodge anything, you’ll just confirm what the ATO already thinks is correct.

Sounds simple? Maybe a bit too simple.

Where’s the ATO getting all this data?

Let’s be clear — they’re not just guessing, the ATO is already pulling in data from:

• Banks
• Employers
• Super funds
• Health insurers
• Government agencies
• Platforms like Uber, Airbnb, and even crypto exchanges
• Other institutions

All of this happens in the background, without you doing a thing. Your income, interest, dividends, capital gains, contractor earnings, private health cover — it’s all being matched, cross-checked, and auto-filled.

So while the pre-filled tax return might look like a handy shortcut, it’s actually just the tip of a much bigger, more powerful data iceberg.

But here’s the kicker: it’s not always in your favour

The more the ATO relies on its own data, the harder it is to add anything outside the box.

Say you’ve got a legit work-from-home setup. You’ve got receipts, logs, maybe even a dedicated space carved out in the spare room. But if what you’re claiming doesn’t match their benchmarks? You’ll get flagged with prompts like, “Are you sure you want to claim this much?”

And the burden of proof? That’s all on you.

The ATO assumes its data is right. If you say otherwise, you’d better be ready to back it up — in full, with detailed records.

Third-party data surveillance is now a pillar of tax compliance

Traditionally, tax compliance rested on four pillars: registration, lodgement, payment, and reporting.

Now there’s a fifth: surveillance.

The ATO calls it “data matching,” but let’s call a spade a spade. It’s real-time tracking of your financial life from dozens of sources — all stitched together into one central profile. This isn’t just about catching cheats. It’s about total visibility.

And once that system is running? It’s hard to stay invisible, even when you’ve done nothing wrong.

Remember Robodebt? That wasn’t so long ago

It’s impossible to talk about automated data systems in Australia without bringing up Robodebt. That whole debacle showed us what can happen when government departments rely on algorithms and averages instead of human nuance.

The ATO has said it didn’t endorse how its data was used in the Robodebt program. But its systems were used. And that tells us something: once your data is out there, you can’t control how it gets used.

Even the ATO’s own execs have admitted they need to be hyper-vigilant about AI and automated decisions. But the tech’s already moving fast as digital ID becomes more integrated, and AI gets a bigger seat at the table. These aren’t just tax changes. They’re structural shifts in how your financial life is monitored, measured, and judged.

So, what does all this mean for you?

Here’s the short version: the ATO is getting smarter. You need to be smarter too.

If you’re still treating tax like an end-of-year chore or assuming the ATO’s version of your finances is always spot-on, you’re putting yourself at risk.

• You could be missing out on deductions you’re entitled to.
  
• You could be overpaying tax.
  
• Or worse, you could get flagged for audit simply for colouring outside their automated lines even when you’ve done everything right. And you’ve only got 28 days to respond.
  

How to stay ahead of the system

You don’t need to panic, but you do need a plan. Here’s what smart taxpayers are doing in 2025:

Track everything in real time

Don’t wait until tax time to scramble through bank statements and emails. Use tools that track your income and deductions automatically — especially if you’re working from home, investing, or earning from side gigs.

Keep airtight records

If you’re claiming something, make sure you’ve got the documentation to prove it. That means receipts, logbooks, and detailed notes. If the ATO ever asks, you want to be ready.

Stop relying on myTax

It’s built for simplicity, not strategy. If you’re claiming anything beyond the basics, or you’ve got multiple income streams, a smarter tax tool can make a huge difference and save you serious money.

Understand what data the ATO has on you

This is a big one. You can actually access your pre-fill report and data files through the ATO’s online services. Don’t fly blind — know what they’re working with before you lodge.

The system’s changing — don’t get left behind

This isn’t about paranoia. It’s about awareness.

The ATO’s move towards fully automated tax returns isn’t a conspiracy — it’s a convenience. But convenience for them doesn’t always mean control for you. When the system assumes it knows everything, there’s less room for nuance, flexibility, or individual circumstances.

So if you’re a taxpayer who wants to maximise your refund, claim what’s fair, and not get caught in the ATO’s ever-tightening net, now’s the time to pay attention.

Because what the ATO knows is powerful — but what you know could save you.

Enter TaxTank: your weapon against blind compliance

That’s exactly why we spent over five years building TaxTank — to give the power back to you.

In a system that’s becoming more automated, more assumptive, and far less personal, TaxTank gives you control. Real-time tracking. Live bank feeds. Deduction records. Property logs. Business income. Investment data. All in one place. All backed by evidence. All ready if, and when, you need to justify your claims.

It’s like having your own smart tax hub. One that works with the ATO’s legislation, but always with your best interests in mind.

Because when the ATO assumes, you’d better be prepared. With TaxTank, you are.

If you’re ready to take control of your tax return before the ATO takes control of you, start your free trial with TaxTank today.

Start your free trial now

Rental Income and Deductions

What is Rental Income?

Rental income is any payment you receive from tenants for the use of your property. This includes income from sub-letting, short-term tenancies, and boarding. Beyond regular rent payments, rental income also covers additional fees such as lease premiums and reimbursements for expenses like water and electricity.

Mastering Allowable Property Investment Tax Deductions

One of the most significant advantages of property investment is the ability to claim various deductions, reducing your taxable income and enhancing your financial return. Here’s a closer look at some key deductions:

• Interest on Loans: One of the most substantial deductions you can claim is the interest on loans taken to purchase, construct, or improve your investment property. This interest is fully deductible, helping you manage your cash flow more effectively.
• Repairs and Maintenance: Regular upkeep is essential for maintaining your property’s value. Costs incurred for repairs and maintenance are deductible, provided they aren’t for initial repairs when you first acquired the property.
• Property Management Fees: If you hire a property manager or agent to handle the day-to-day operations, their fees are deductible, easing the burden of property management.
• Depreciation: Depreciation allows you to claim a portion of the property’s value and its fittings and fixtures each year. For newer properties, the benefits are more significant, but even older properties offer some depreciation advantages.
• Travel Expenses: Previously, travel expenses for property inspections were deductible. However, as of 1 July 2017, this deduction is no longer available for residential rental properties.
• Borrowing Expenses: The costs associated with taking out a loan, such as loan establishment fees, lenders mortgage insurance LMI, title search fees, and the costs of preparing and filing mortgage documents, are deductible. These expenses are usually spread over the life of the loan or five years, whichever is shorter. Tip: If you refinance don’t forget to claim any residual borrowing expenses in the same year!
• Prepaid Expenses: If you prepay expenses like insurance or interest for up to 12 months in advance, you can claim these as deductions in the year they are paid. This can be a useful strategy for managing taxable income.
• Land Tax: Land tax is a state or territory levy on the unimproved value of your land. Often misunderstood and mistakenly confused with capital expenses, land tax is a legitimate and deductible expense that should not be overlooked by property investors.

Understanding the Little Rules: Navigating the intricacies of property investment tax means understanding the specific rules that apply to different property types. For instance, vacant land has limited deduction capabilities, and the tax benefits can vary significantly for properties that are co-owned or let through short term accommodation platforms like AirBnB. Being aware of these nuances can help you maximise your deductions and avoid any compliance issues.

Importance of Apportioning Personal Use: The ATO closely scrutinises loans for mixed-use properties (ie. those that serve both personal and investment purposes). It’s crucial to accurately apportion personal and investment use. Only the portion of loan interest and expenses related to the investment is deductible. Properly separating these ensures compliance and avoids potential penalties.

Negative Gearing

What is Negative Gearing?

As you dive deeper into property investment, you may encounter the concept of negative gearing. Negative gearing occurs when the cost of owning a rental property exceeds the income it generates. The resulting loss can be offset against other income, such as your salary or wages, effectively reducing your overall taxable income.

Benefits of Negative Gearing

• Tax Deductions: The primary benefit of negative gearing is the ability to claim deductions on interest payments, maintenance, and other expenses. This can significantly reduce your taxable income, providing immediate financial relief.
• Long-term Growth: Many investors accept short-term losses for potential long-term capital gains, expecting property values to appreciate over time. This strategy can lead to substantial financial rewards if property prices rise, enhancing your overall investment returns.

Maximising Negative Gearing with Depreciation

Understanding depreciation is key to maximising the benefits of negative gearing. Unlike out-of-pocket expenses, depreciation is a non-cash deduction that reflects the wear and tear on the property and its fixtures over time. This means you can claim depreciation without affecting your cash flow, further increasing your property investment tax deductible expenses and amplifying the benefits of negative gearing.

What is Depreciation?

Depreciation allows investors to claim the reduction in value of the property’s structure and assets over time. There are two main types of depreciation allowances:

• Capital Works Deductions: These cover the building’s structure and fixed items such as walls, floors, and roofs. Typically, the deduction rate is 2.5% per year over 40 years.
• Plant and Equipment Deductions: These cover removable items like appliances and carpet. The depreciation rates vary depending on the item’s expected lifespan. .

How to Claim Depreciation

To claim depreciation, investors should obtain a depreciation schedule prepared by a qualified quantity surveyor. This schedule outlines the depreciable items and their rates, ensuring that investors maximise their deductions. It’s important to note recent law changes: for properties purchased after May 9, 2017, investors can no longer claim depreciation on previously used plant and equipment. This means that if you buy an existing property, you can only claim depreciation on the new assets you purchase for that property. These changes make having a professional depreciation schedule even more critical to ensure compliance and maximise your allowable deductions.

Capital Gains Tax (CGT)

What is Capital Gains Tax?

If you’re thinking about selling your investment property, it’s essential to understand Capital Gains Tax (CGT) and its implications. CGT applies to the profit made from the sale of an investment property. The capital gain is the difference between the property’s selling price and its original purchase price, adjusted for certain expenses and depreciation.

CGT Discount

Australian residents for tax purposes can benefit from a CGT discount of 50% if the property has been held for more than 12 months. This means only half of the capital gain is included in your taxable income, significantly reducing your tax liability on the sale.

Tip: The 12 months is calculated from contract date to contract date (not the settlement date) so don’t get caught out!!

Calculating CGT

Calculating CGT involves:

1. Determining the cost base: This includes the purchase price, stamp duty, legal fees, and any capital improvements made to the property.
2. Subtracting the cost base from the selling price to determine the capital gain.
3. Applying any eligible discounts or exemptions to the capital gain.

Tax Implications of Property Investment Structures

How you hold your investment property can also significantly impact your property investment tax obligations and benefits:

Individual Ownership

Owning property as an individual is straightforward, but it means that all income and deductions flow directly through to your personal tax return. This can be beneficial for claiming negative gearing losses but may expose you to higher tax rates on capital gains.

Joint Ownership

When property is owned jointly, the income and deductions are split according to the ownership percentage. For example, if you and a partner each own 50% of the property, each of you will report 50% of the rental income and 50% of the allowable deductions on your tax returns. This can be advantageous if one owner is in a lower tax bracket, as it can reduce the overall tax liability. However, it’s important to plan for the future, as Capital Gains Tax (CGT) will also be allocated according to the ownership percentage.

Company Ownership

Holding property in a company can offer asset protection and potentially lower tax rates, but it may limit the ability to access CGT discounts. Companies do not qualify for the 50% CGT discount available to individuals and trusts.

Trust Ownership

Trusts offer remarkable flexibility in distributing income and capital gains to beneficiaries, which can be highly tax-effective if the beneficiaries fall into lower tax brackets. An important aspect of managing a trust is that trustees must prepare minutes for the distribution of income before June 30 to ensure compliance, making real-time record-keeping crucial. Trusts also benefit from the Capital Gains Tax (CGT) discount, enhancing their appeal for property investment. However, exercise caution with land tax, particularly with a corporate trustee involved, as you might face higher land tax rates or different thresholds applicable to trusts, potentially catching you off guard.

Record Keeping and Compliance

Importance of Record Keeping

The ATO has had a sharp focus on property investors since 2017, claiming that 9 out of 10 investors make errors on their tax returns. Accurate record keeping is crucial to substantiate claims and comply with tax obligations, as the ATO cites lack of substantiation as the biggest cause for adjustments. The ATO uses data matching from insurance companies, real estate agencies, banks, and other financial institutions to cross-check information, making meticulous record-keeping even more important. Here’s what you need to know:

• Loan Statements and Refinancing Documents: Maintain comprehensive records of loan statements and any refinancing documents. This is crucial for verifying the apportioning of tax-deductible interest, ensuring that only the interest related to the investment portion of the property is claimed.
• Capital Expenses: Keep detailed records of all capital expenses and related contracts, such as renovations and improvements. These records are essential for substantiating your cost base calculations for Capital Gains Tax (CGT) purposes, potentially reducing your CGT liability when you sell the property.
• Receipts and Invoices: Collect and organise all receipts and invoices for property-related expenses. These documents are your primary evidence to support deduction claims and must be kept for at least five years from the date you lodge your tax return for expenses, and five years from sale for capital claims.
• Change of Use: If your property’s usage changes (e.g., from rental to personal use or vice versa), keep a solid record of the dates and market values at those times. This documentation is crucial for accurate Capital Gains Tax (CGT) calculations, as it can significantly impact your CGT liability when you sell the property.

Lodging Tax Returns

With the rising costs of compliance and accounting fees, being organised is more critical than ever for property investors. Reporting all rental income and deductions in your annual tax return is non-negotiable. Failure to do so can result in hefty penalties and interest charges. Embracing a digital solution to manage your records can streamline this process, making it easier to ensure all claims are accurately reported and compliant with Australian tax laws. Stay ahead of the game by staying organised!

Conclusion

Understanding property investment tax in Australia is crucial for maximising returns and ensuring compliance. From rental income and deductions to capital gains tax and depreciation, navigating these complexities requires careful planning and accurate record keeping.

Take control of your property investment tax management with TaxTank. As the only software built specifically for property investors, TaxTank empowers you to manage your tax obligations live throughout the year. Experience the power of real-time tracking, automated calculations, and comprehensive reports that ensure you maximise your deductions and stay compliant. Simplify your tax management, reduce the risk of costly errors, and focus on growing your investment portfolio with confidence. TaxTank is your partner in making property investment not only profitable but also stress-free. Join the savvy investors who trust TaxTank to turn tax time into a seamless, efficient process. Your path to smarter property investment starts here!

1. Nail Work-Related Expenses

The ATO is laser-focused on work-related expenses, especially those related to working from home. They’re keeping an eagle eye on claims to ensure they’re legitimate and accurately documented. To avoid a dreaded “please explain” call from the tax office, keep detailed records. Whether you’re using the actual cost or the fixed rate method, make sure you have all receipts and a log of your working hours from home.

Key Features of TaxTank:

• Live Bank Feeds: Create rules to auto allocate and track your work-related expenses, including vehicle claims and depreciation.
• Time Log: Helps you keep an accurate log of your working hours from home.
• Receipt Storage: Secure digital storage for all your receipts and documentation.

2. Get Real with Rental Property Claims

Rental property deductions are another hot spot. The ATO has found that 9 out of 10 rental property owners are making mistakes, often inflating claims to offset increased rental income. Remember, general repairs like replacing a broken window can be claimed immediately, but major improvements like a new kitchen can only be deducted over time. Keep meticulous records and categorise expenses correctly to avoid falling into this common trap​.

Apportionment of Loans: When it comes to rental properties, one of the key areas the ATO scrutinises is the correct apportionment of loan interest. If you’ve refinanced your property or taken out additional loans, ensure that only the portion related to income production is claimed.

Key Features of TaxTank:

• Loan Apportionment Tools: Set the claim percentage per property, and even personal, to accurately calculate and apportion loan interest for rental properties.
• Accurate Income and Expenses: Tracks all income and expenses related to your rental properties from live banks feeds, including depreciation.
• Capital vs. Repair Deductions: Assists in categorising expenses correctly to maximise deductions, plus additional tools for DIY projects.

3. Include All Your Income

It might seem obvious, but failing to declare all income on your tax return is a big no-no. The ATO is on the lookout for undeclared income from sources such as bank interest, dividends, and payments from other agencies. Ensure you wait until all your income is pre-filled in your tax return before lodging. This way, you’ll avoid mistakes and reduce the risk of your return being flagged for review.

Key Features of TaxTank:

• Live Bank Feeds: Open banking complaint to enable live feeds for most banks and financial institutes to track income in real time.
• Mapped to the Tax Return: Categories to allocate incomes and tax withholding across all reportable income types.

4. Perfect Your Record Keeping

Good record-keeping is your best defense against the ATO’s scrutiny. Whether it’s receipts for work-related expenses, proof of rental income and deductions, or documentation of any other claims, having everything in order will help you substantiate your claims and avoid penalties​ on your tax return.

Key Features of TaxTank:

• Digital Receipt Storage: Securely stores all your receipts and financial documents in one place.
• Comprehensive Reporting: Generates detailed reports and worksheets to support your claims.
• Audit Defence: Stores and collates capital expenses over time to ensure your capital gains tax (CGT) calculations are accurate in future years. 

5. Master Capital Gains Tax (CGT) for Property and Crypto

Speaking of capital gains tax (CGT), this is another area where the ATO is focusing its attention. Whether you’re selling property or dealing in cryptocurrency, accurate reporting is essential. The ATO is particularly interested in ensuring that all capital gains from crypto transactions are declared and that any applicable CGT discounts or exemptions are correctly applied​.

Key Features of TaxTank:

• CGT Calculator: Accurately calculates capital gains for property, shares and cryptocurrency year round, ensuring the optimal tax position.
• Asset Tracker: Helps you track purchase and sale dates, as well as any associated costs, to ensure accurate CGT reporting.
• Live Market Position: Reports on the closing market value for shares and other asset classes to monitor portfolio performances.  

6. Borrowing Expenses

Borrowing expenses, such as loan establishment fees, stamp duty on mortgages, and title search fees, are another area of focus. These expenses must be apportioned over the life of the loan or five years, whichever is shorter. Ensure you’re accurately apportioning these expenses to avoid any issues with the ATO.

Key Features of TaxTank:

• Borrowing Expense Calculator: Add in your borrowing expenses and we’ll automatically calculate them over 5 years to ensure an accurate claim.
• Auto Loan Payout: If you refinance a loan, any residual borrowing expense claim will be automatically written off in the relevant financial year ensuring nothing is ever missed.

Bonus Tip : Go Digital with TaxTank

Looking for a way to streamline your tax management and get ahead of the game when it comes to doing your tax return? Subscribe to TaxTank for a year. Not only will you benefit from cutting-edge digital tools to manage your taxes, but the subscription fee is fully tax-deductible so it’s a win-win!

By following these tips and keeping abreast of the ATO’s focus areas, you can navigate the tax season with confidence and potentially save a significant amount on your tax return. Happy filing!

In this article, we’ll go over the implications of missing the tax deadline and discuss the steps you can take to lodge a late tax return. We’ll also provide information on seeking assistance from professional services and using tax software to make the process easier. Lastly, we’ll answer the question on everyone’s mind – is it possible to submit a late tax return without all documents? Keep reading for all the information you need to get current with your overdue tax returns.

Understanding your overdue tax returns

Late tax returns can have significant implications so it’s important to understand the potential fines and penalties associated with overdue returns. Getting your overdue tax returns in order will not only bring you peace of mind but also help you stay current with your taxes. Take the necessary steps to rectify the situation and ensure that you meet your tax obligations promptly.

Fines and penalties associated with late tax returns

Delaying the lodgment of your tax returns can lead to significant financial repercussions, stemming from the penalty units imposed by the Australian Taxation Office (ATO). These penalties, which can escalate over time, serve to heighten the financial burden of late returns. Furthermore, unresolved tax returns may attract further late lodgment penalties, compounding the financial implications.

Beyond the immediate financial penalties, a delay in filing your tax returns can also impact the timeliness and amount of your tax refund. Prompt action to lodge any overdue returns is vital in mitigating these penalties and safeguarding your financial well-being. Ensuring your tax affairs are in order not only helps avoid unnecessary costs but also keeps your financial records clear and up-to-date.

Steps to lodge a late tax return

To lodge a late tax return, start by determining the number of overdue tax returns you need to submit. Gather all necessary documentation such as receipts and any income statements you may have, noting most incomes from employment and investments are reported to the ATO and available in MyGov. If needed, consider seeking assistance from a registered tax agent for a smoother process. Follow the guidelines provided by the Australian Taxation Office (ATO) to ensure compliance. Be sure to submit your late tax return by the deadline, which is usually in October for late lodgers.

Determining the number of overdue tax returns

To determine the number of overdue tax returns you have simply check MyGov for any overdue lodgments. MyGov will flag  any outstanding returns for specific years, including any PAYG or BAS lodgments if applicable. Or if you’re not sure, you can ask your tax agent to check for you.

Gathering necessary documentation for overdue tax returns

When preparing to lodge late tax returns, it’s crucial to gather all the necessary documentation. The first and most critical step is to ensure you have all the necessary documentation at hand. Here’s a structured approach to help you organise your paperwork effectively:

Collect expense receipts

Begin with rounding up all expense receipts for each tax year you’re filing late. Pay special attention to capital purchases related to work, such as laptops or vehicles. These documents are vital for claiming deductions accurately.

Logbooks for deductions

Maintain vehicle and home office logbooks to substantiate claims for these deductions. These records are key to maximising your return.

Review previous tax returns

Refer to your last submitted tax return to identify any depreciating assets that need to be accounted for in the current filings.

Compile additional documents

Gather all relevant paperwork, including donation receipts, loan statements, and receipts for self-education expenses and any related travel costs.

Property investors

For those with rental properties, ensure you have rental income statements, loan documents, and records of expenses not covered by property management. Additionally, for recent purchases, settlement statements and loan documents are necessary to identify borrowing costs and adjustments, alongside a depreciation schedule for the property.

Sole traders

If you’re self-employed and not utilising digital accounting software, your bank statements will be indispensable for tracking income and expenses.

Before you proceed to lodge your tax returns, take the time to verify the accuracy and completeness of all collected documents. Ensuring your documentation is thorough and up-to-date is crucial for a smooth lodgment process. Additionally, keeping detailed worksheets or records to backup your calculations and claims is essential, especially if you’re lodging the returns yourself. This preparatory work not only aids in filing your returns more efficiently but also positions you well in case of future audits.

Seeking assistance for overdue tax returns

Dealing with overdue tax returns doesn’t have to be a daunting task. Enlisting the help of a tax professional can be a strategic move to efficiently bring your tax filings up to date. Tax agents, especially those with expertise in handling late returns, offer invaluable guidance on maximising deductions, understanding your entitlements, and meeting the ATO’s lodging requirements. They can also negotiate on your behalf for the remission of interest or penalties that may have accrued.

Additionally, a little preparation goes a long way. The more organised you are with your documentation, the more straightforward the process will be, potentially reducing the cost of accounting services. Remember, leveraging professional help is about making a smart choice for your financial well-being and peace of mind.

How to deal with the ATO when you have overdue tax returns

If you don’t have a tax agent and find yourself in a situation where you have overdue tax returns, it is important to understand the consequences of not filing them on time. This includes potential penalties and interest charges. To address this issue, the first step is to contact the Australian Taxation Office (ATO) as soon as possible. Discuss your situation with them and gather all the necessary documentation and information to lodge your overdue tax returns. Consider seeking professional help from an accountant or tax agent who can guide you through the remission process. Lastly, it is crucial to develop a plan to stay current with your future tax returns to avoid any further issues with the ATO.

Is it possible to submit a late tax return without all documents?

Yes, it’s feasible to lodge a late tax return even if you’re missing some documents, though it’s far from the ideal route. Undertaking this path should be a last resort, primarily if the missing pieces are beyond your retrieval efforts. While the ATO can supply certain missing income documents, and bank statements might serve as stand-ins for expense records, this approach carries risks. Inaccuracies can creep in, potentially leading to penalties. It’s always best to strive for completeness and accuracy when lodging returns to avoid complications.

What to do if you missed the deadline again?

If you missed the tax deadline again, it’s important to act quickly. Lodge your overdue tax returns as soon as possible to minimise penalties and interest. Contact the ATO or a tax professional for guidance on how to proceed. Consider setting up a payment plan if you can’t pay all at once. Prevent future missed deadlines by setting reminders or hiring a tax professional.

Using tax software

Tax software emerges as a beacon of hope for navigating the treacherous waters of overdue tax returns. Crafted with the precision to tackle back taxes, these digital allies guide you step-by-step through the preparation of income, expenses, and all necessary worksheets and tax reports required for submission. Tools like TaxTank take it further with real-time tax tracking, live bank feeds, and automated deductions to help you stay on top of your tax position all year round — even if you’re playing catch-up. Using TaxTank also gives you a clear picture of exactly what you’ll owe (or get back), so you can plan ahead and avoid surprises.

However, it’s vital to remember that penalties and interest for late submissions are unavoidable companions to delayed returns, underscoring the importance of prompt lodging.

Frequently Asked Questions

Overdue Tax Returns: Penalties and Interest Explained

Submitting your tax returns late can indeed lead to penalties and interest charges, which can add a substantial burden to your tax liabilities. The ATO imposes a Failure to Lodge (FTL) on time penalty, which is typically calculated at the rate of one penalty unit for each period of 28 days that the return is overdue, up to a maximum of five penalty units. As of the last update, each penalty unit is valued at $222, making it crucial to address overdue returns promptly to avoid these financial penalties.

Additionally, the General Interest Charge (GIC) is applied to any unpaid tax amounts and accumulated penalties, further increasing the amount owed. The GIC is calculated daily and compounded, underscoring the importance of lodging overdue tax returns as soon as possible to halt the growth of these charges.

Final Thoughts

In conclusion, getting your overdue tax returns in order is essential to avoid the negative consequences of missing the tax deadline. Fines and penalties can add up quickly, so it’s crucial to take action as soon as possible. Determine the number of overdue tax returns you have and gather all the necessary documentation to complete them accurately.

If you feel overwhelmed or unsure about the process, seeking professional assistance can help you navigate through the complexities and ensure compliance. Remember, it’s possible to submit a late tax return even if you don’t have all the documents, but it’s important to make every effort to obtain them. To simplify the process, consider using tax software like TaxTank to get you up to date and on the road to better tax management.

However, armed with the right knowledge and expert advice, you can ensure a smooth and error-free tax time. In this comprehensive guide, we’ll delve into essential strategies to help you avoid common tax mistakes and make the most of your tax return experience.

Here are some key strategies and insights to help you navigate tax season successfully:

1. Understanding Your Tax Obligations and Deadlines

Navigating the Australian tax landscape starts with a clear understanding of your tax obligations. In Australia, the financial year runs from July 1st to June 30th, and individuals are required to lodge their tax returns by October 31st each year. This return should include income from various sources, such as employment, investments, and rental properties. Staying informed about these obligations and deadlines ensures that you fulfil your tax responsibilities and can plan your finances effectively.

2. Organised Record-Keeping To Avoid Common Tax Mistakes

Maintaining well-organised records is a cornerstone of effective tax management. Keep all relevant documents, such as receipts, invoices, and financial statements, neatly categorised and easily accessible. Utilise digital tools and tax software to streamline the process. Expert advice: Regularly reconcile your financial records to identify discrepancies.  Using a tax software like TaxTank, lets you connect live bank feeds to reconcile income and expenses throughout the year.

3. Accurate Income Reporting

Accurately reporting your income is essential to avoid unnecessary common tax mistakes and further scrutiny from the ATO.  Ensure that all sources of income, including wages, investments, and rental income, are accurately reported in your tax return. Insider tip: Cross-reference your bank transactions with your reported income to ensure consistency.

4. Claiming Eligible Deductions

Maximising deductions can significantly reduce your taxable income. Familiarise yourself with eligible deductions relevant to your situation, such as work-related expenses, charitable donations, and rental property expenses. Keep supporting documentation handy to substantiate your claims. Pro tip: The Australian Taxation Office (ATO) provides a comprehensive list of allowable deductions.

5. Understanding Capital Gains Tax (CGT)

If you’ve sold assets such as property, shares or crypto during the year, you may be liable for Capital Gains Tax. Understanding how CGT works is crucial to accurately calculate and report your capital gains. Seek expert advice if you’re unsure about CGT implications. Expert insight: CGT discounts may apply if you’ve held the asset for over a year.

6. Avoiding Last-Minute Rush

Procrastination often leads to mistakes and oversights. Avoid the last-minute rush by starting the tax preparation process well in advance. This allows you ample time to gather necessary documents, review your returns, and seek professional assistance if needed. Pro tip: Using tax software can help you manage your time and effort throughout the year instead of trying to do everything at the last minute.

7. Double-Check Details Before Submission

If you’re self lodging your tax return take a moment to double-check all the details in your tax return before hitting the submit button. Ensure that you’ve accurately entered all figures, deductions, and personal information. A simple typographical error could lead to unnecessary delays and potential discrepancies. Expert insight: Reviewing your return multiple times can catch some of the most common tax mistakes.

FAQs (Frequently Asked Questions)

Final thoughts

Tax time in Australia doesn’t have to be a stressful ordeal. By understanding your obligations, staying organised, and seeking expert advice when needed, you can avoid common tax mistakes and navigate the process with confidence. 

Remember, accurate reporting and proactive preparation are key to a successful tax season.  Why not try TaxTank for a free 14-day trial and start feeling more confident about the upcoming tax season. It’ll transform the way you think about and manage tax so you don’t have to stress about ATO crackdowns!

Review Your Financials

One of the primary steps in preparing for the end of the financial year is to conduct a thorough review of your financials. This comprehensive review encompasses analysing your income, expenses, and any investments you have made throughout the year. By meticulously examining your financials, you can identify potential discrepancies or areas that require attention. This proactive approach ensures the accuracy of your tax return, mitigating the risk of penalties associated with incorrect information.

Organise Your Records

Maintaining accurate records throughout the financial year is paramount. By organising your records well in advance, you can save considerable time and minimise stress as the EOFY approaches. It is essential to gather all the necessary documents, such as receipts, invoices, and bank statements, ensuring that they are easily accessible. To simplify the process, consider utilising cloud-based accounting software, which streamlines record-keeping and facilitates effortless organisation.

Consider Deductions

While preparing for the end of the financial year, it is important to carefully consider potential deductions for which you may be eligible. These deductions may include work-related expenses, charitable donations, and various other eligible expenses. By maximising your deductions, you can effectively reduce your taxable income and potentially increase your tax refund. It is advisable to consult relevant tax regulations or seek professional advice to ensure you are accurately identifying and claiming all eligible deductions.

Seek Professional Advice

If you find yourself unsure about any aspect of preparing for the end of the financial year, it is highly recommended you seek professional advice. Consulting with a qualified accountant can provide invaluable guidance on your tax obligations, deductions, and other financial matters. An accountant can ensure that you fulfil all your tax obligations and help you avoid potential penalties. Their expertise and experience can prove invaluable in navigating the complexities of the EOFY.

Utilise Cloud-Based Software

Employing cloud-based accounting software can significantly simplify and streamline the EOFY process. By utilising software such as TaxTank, which operates on the cloud, you gain the flexibility to access your financial records from anywhere, at any time. You can also see your tax position throughout the year while keeping track of all of your incomes and expenses. Real-time collaboration with your accountant also becomes effortless, eliminating the need for laborious manual data entry. The adoption of cloud-based software optimises both time and cost efficiency.

Final Thoughts

By adhering to these tips and commencing your preparations early, you can confidently approach the end of the financial year without the fear or stress. TaxTank can help you get organised at any time of the year and you can get started for free.

Remember, it is never too early to get your tax affairs in order.

Not to worry you too much but, when it comes to investment properties, the tax man is always watching!

In fact, the ATO has even gone so far as to warn investment property owners to ensure their tax affairs are in order come tax time, lest they come under scrutiny amidst an increasing number of ATO audits.

The numbers don’t lie

Tax time is stressful for a lot of people. But if you’re a property investor, it can be even more so. Not only do you have to worry about your own tax return, but you also have to think about the investment property and how it will affect your taxes.

Our recent survey revealed that feelings of dread and things being out of control were seen at double the rate in property investors as they were within the general populace.

We found that 40% of property investors feel uncertain, stressed, overwhelmed, or filled with dread at the thought of completing a property investor tax return. Whereas similar sentiments are shared by only approximately 20% of the general population.

Our poll also showed that 28% of property investors are spending more than $500 on their yearly tax returns.

Many Australian property investors have normalised the idea that tax time means uncertainty, becoming overwhelmed, and paying exorbitant accountant fees.

But it doesn’t have to be this way.

The best way for property investors to get ready for tax time

Investment property tax deductions help you get the best possible tax refund

You promise yourself this every year, yet somehow still fail to deliver. But being more proactive and getting organised early really is the best way to mitigate the experience of becoming overwhelmed come tax season. Not only that, it is a sure-fire way to save you by maximising your tax deductions.

The first step is to make sure you have all your investment property documentation in order. This includes things like tenancy agreements, rental income information, mortgage documents, interest statements, depreciation schedules, and receipts for any repairs or renovations you may have carried out.

Once you have all that sorted, the next thing to do is figure out which tax deductible claims you can claim. This will depend on a number of factors, such as the type of investment property you have, whether you’re an owner-occupier or tenant, and what expenses you’ve incurred.

For example, if you’re an investor who owns a residential property that is rented out, you may be able to claim tax deductions for things like interest on the investment loan, tenants body corporate fees, property management fees, insurance, and council rates.

But it’s not just about claiming deductions – you also need to make sure you’re getting the right tax return.

There’s no need to overpay on your property investment tax returns

If you’re like most property investors, you dread completing your tax return each year. The process can be long, tedious, and, worst of all, end up costing you more money than it needs to.

You bought your investment property for a reason: to make money. So why, then, are you giving so much of your hard-earned cash to the taxman?

You might think completing your own tax return when you own rental property is fraught with danger. It’s all too easy to make a mistake that could cost you dearly – both in terms of money and time.

And, even if you do manage to get it right, there’s a good chance you’re not claiming all the tax benefits and deductions you’re entitled to.

How the ATO tries to help

Yes, the ATO hands out some useful advice, like their record-keeping tips. But it’s one thing to be told what to do, and entirely another to invest in tax-help software that does it all for you! More on that in a moment. The good old ATO even try to clear up any confusion about keeping an up-to-date rental property schedule.

But, as any property investor knows, tax rules are constantly changing and it can be hard to keep up.

What’s more, if you make a mistake on your tax return, it can take months – even years – to sort out. And in the meantime, you’ll be worrying about an impending audit.

When it comes to tax time, many people feel like they are at a loss. They don’t understand the tax system, and they feel like they can’t do anything to change their tax position.

What’s needed is an innovative tax help tool

A recent survey conducted by TaxTank revealed that 1 in 10 Australians admit that their approach to tax time borders on the chaotic, with receipts and invoices, left unorganised and tax returns filed at the last minute.

This lack of organisation and understanding can be costly, with the ATO issuing penalties for the late lodgement of tax returns. Why put yourself through all that when you don’t have to?

Wouldn’t it be great if there was an easier way to manage your own property investment tax return without having to pay expensive accountant fees?

Doing your investment property tax return remains a key to financial health

Why? Because it allows you to take back the power and control over your own tax affairs. It gives you certainty about your tax position and can help you unlock serious savings and investment opportunities.

Let’s break these factors down a bit further.

When you do your tax return yourself, you are in control of the process. This means that you can ensure that everything is done correctly and on time. You won’t have to rely on someone else to get things right, and you won’t have to worry about being penalised for mistakes.

Doing your tax return also gives you a better understanding of your tax position. This knowledge can be used to save money in the future, by making sure that you are claiming all of the deductions that you are entitled to.

It can also help you make informed decisions about investments and other financial opportunities. For instance, if you know how much tax you will be paying on a potential investment, you can make a decision about whether or not it is worth pursuing.

So, if you’re looking to take control of your finances and save money, doing your own tax return is a good place to start.

Tax time and stress levels

To some people, doing their own tax returns seems daunting. To others, there is the worry that they will make a mistake and be penalised by the ATO. And to others again, they believe they don’t have enough knowledge and experience with tax laws to achieve the best tax return possible for themselves.

But, with a bit of organisation and planning, doing your tax return yourself is not as difficult as it seems. And, the benefits are well worth the effort.

There are a number of resources available to help you get better at doing your own rental property taxes.

The Australian Taxation Office (ATO) website is a great place to start, as it provides a range of information and tools to help you understand the tax system and your obligations.

Beyond that, there is TaxTank

TaxTank not only ensures you are claiming the maximum allowable deductions for your unique circumstances, but with its cloud-based software, it makes tax time a breeze by automating tax return processes and storing all your important tax receipts and documents in one place.

Plus, TaxTank is the only tax-help platform that allows you to see your tax position year round. This is a great innovation as it means you can start to plan and take advantage of tax opportunities as they arise, rather than waiting until tax time to find out what you could have done.

This is where TaxTank comes in

We’re here to help you with your property investment tax return so that you pay only what you owe – no more, no less.

According to our research, more than half (56%) of all property investors do not consider the tax system fair. But are they correct? Or, are most property investors not knowledgeable enough about property tax laws to achieve a fair property tax outcome?

We believe that it’s the latter. And we’re on a mission to change that!

At TaxTank, we want to help property investors like you get the best possible outcome from your property investment tax return. We do this by providing easy-to-use software that takes the guesswork out of completing your return.

We’ll help you claim all the deductions you’re entitled to and avoid making any costly mistakes. And we’ll do it all for a fraction of the cost of using an accountant.

If you’ve been thinking about doing your own property investment tax return, then TaxTank is the perfect solution. We make it easy, affordable, and most importantly – stress-free!

We help you get the best tax return for your investment property

TaxTank can help you get the most out of your deductions and ensure you’re not paying a cent more in tax than you need to. Why not take us up on our offer of a 14-day free trial of our tax help platform? What have you got to lose apart from overpaying on your property investment tax return?

TaxTank takes the guesswork out of preparing your investment property tax return.

This is especially important if you own investment property, as there’s more to think about than just your personal tax return.

At TaxTank, we understand that property investors have unique tax needs and requirements. That’s why we’ve designed a tax tank specifically for them.

We can help you maximise your investment property deductions and ensure you get the best possible tax return. And we’ll do it all without charging you an arm and a leg.

So if you’re looking for a stress-free way of getting the best tax return on your investment property, save all the last-minute scrambling around and ensure that everything is in order come tax time with TaxTank.

Sign up for our free 14-day trial and see the difference TaxTank can make to your property investing journey. Your future tax-confident self will thank you!

From July 1, if you earn less than $126,000  you will receive a one-off tax offset of $420 and when combined with the low-and-middle-income tax offset (LMITO), single-income households will save up to $1500 on their taxes, while dual-income households will save up to $3000.

Before you get too excited about booking your first international trip in two years or updating your wardrobe now that your tracksuit can officially be retired, 2022 will be the last juicy tax return for millions of Australians for a while, with the LMITO coming to an end.

So, how can you maximise what you get back this year?

Tax accountant and founder of cloud-based tax software TaxTank, Nicole Kelly said “Paying more tax than you need to is giving money away, particularly at a time when the cost of living is increasing and interest rate rises are looming. It could also be a while before we see any significant tax cuts again for the everyday taxpayer.

I have worked as a CPA and taxation specialist for a long time and it continues to surprise me how many Australians don’t realise there are some very simple ways to maximise deductions to ideally maximise the amount of tax you receive back each year,” said Nicole.

Here are Nicole’s five top tips to maximise your tax return in 2022:

1. Stop treating your tax return as a once a year event

We are always looking for ways to cut expenses in our everyday lives, however tax as an expense is so often overlooked and it is actually one of your highest yearly outlays.

One of the best ways to maximise your tax return each year is to dedicate time each month, or if you can each week, to track your expenses and record any possible deductions.

2. Go digital and ditch the spreadsheet

There are so many different ways to manage and organise your taxes but it’s important to find the right solution for your individual circumstances, especially if you have investment properties or other incomes to keep track of.

Moving away from multiple spreadsheets and the box of faded receipts to software can be a gamechanger.  Cloud-based tax software can be accessed anywhere and anytime with live feeds and built- in automation to organise all your incomes and deductions to deliver transparency of your tax position,  and of course a stress free tax time.

3. Substantiate substantiate substantiate

According to the ATO, the number one cause leading to audit adjustments is when a taxpayer is unable to substantiate a claim. In fact, failure to substantiate netted the ATO their own tidy little bonus of $13.7 billion from the total 467,884 adjustments in 2019-20.

To avoid becoming an ATO statistic you need to keep your receipts organised and of course readable, and the best way to do that is to go digital.

Once again, cloud-based software will let you attach receipts to transactions straight from your live feeds, and store them for easy retrieval to accommodate any ATO requests now or in future years. It really is that simple to prevent unnecessary adjustments.

4. Claim what you are entitled to

When you work hard for your money, claiming everything you are entitled to and paying attention to the smallest details will maximise your return.

For all deductions, there are a few important boxes to tick:

• You must have a record to prove it
• You must have spent the money yourself
• You must not have been reimbursed for the cost
• The expense must be related to your job or other income-generating activity
• If the expense you are claiming is for both work and private purposes, you can only claim the work portion of the cost.

Using a tax management software with smart tax tools combined with up-to-date taxation rules and live data makes it easy to identify what you are entitled to claim, and even make proactive decisions throughout the year to actually control how much tax you pay.

5. Don’t rely on pre-fill data from the ATO

The ATO’s MyTax isn’t going to pre-fill my data incorrectly right? Wrong.

Filling the fields in MyTax with data from the ATO can seem like a shortcut but you should always check their info against your own. Many sources pass information onto the ATO as late as August which means your pre-fill data is out of date. If you do not pick up on this error, the onus is also on you. Using software with live feeds to manage your taxes throughout the year will provide you with the most up to date information for inputting into MyTax. If you aren’t feeling confident navigating MyTax on your own, you can always reach out to an accountant or tax specialist for assistance.

The recent survey of 1000 Australian taxpayers revealed more than half (56%) find tax time stressful with missed deductions the leading cause of stress ahead of not knowing if they will receive a tax refund or bill and making a mistake.

Not only do Australian taxpayers find missing out on deductions the most stressful part of the tax return process, nine out of 10 (90%) respondents believe they are missing out or not claiming every possible deduction, with more than half (54.1%) certain they are definitely missing out, not confident, or find the rules too complicated to understand.

Tax accountant and TaxTank Founder, Nicole Kelly said: “It’s pretty clear from the research that the best way to avoid tax time stress is to address how you are managing your expenses throughout the year. Tax should not be a once a year event.

If you are scrambling around for your folder of receipts and scrolling through bank statements to consolidate expenses at the last minute, perhaps it’s time to look for a new method. Not only will it save you stress but ensure you don’t miss any deduction opportunities come tax time,” said Nicole.

The research also uncovered that almost half (47%) of all Australian taxpayers were uncertain what percentage of tax they paid last year, of which one-third (35%) claimed to have no idea.

“Knowing what percentage of tax you pay is what taxpayers should be focusing on, not the refund or payable amount, as it helps identify ways to reduce tax and optimise spending and investments. Keeping track of your taxes and optimising them throughout the year might not sound exciting, but can be easier than you think if you have the right systems in place,” Nicole added.

The research also uncovered women are far more uncertain than men of the percentage of tax they pay, with 45 percent claiming to have no idea in contrast to 24 percent of males.

To avoid tax time stress and avoid not missing a deduction here are Nicole’s top tips:

Stop treating your tax return as a once a year event

We are always looking for ways to cut expenses in our everyday lives, however tax as an expense is so often overlooked and it is actually one of your highest yearly outlays.

One of the best ways to ensure you can claim every possible deduction and reduce stress each year is to dedicate time each month, or if you can each week, to track your expenses and record any possible deductions.

Go digital and ditch the spreadsheet

There are so many different ways to manage and organise your taxes but it’s important to find the right solution for your individual circumstances, especially if you have investment properties or other incomes to keep track of.

Moving away from multiple spreadsheets and the box of faded receipts to software can be a gamechanger. Cloud-based tax software can be accessed anywhere and anytime with live feeds and built- in automation to organise all your incomes and deductions to deliver transparency of your tax position, and of course a stress free tax time.

Substantiate substantiate substantiate

According to the ATO, the number one cause leading to an audit is when a taxpayer is unable to substantiate a deduction. In fact, 467,884 taxpayers failed to substantiate deductions in 2019-20, which amounted to $13.7 billion dollars of taxpayer money lost to the ATO.

To avoid becoming an ATO statistic you need to keep your receipts organised and of course readable, and the best way to do that is to go digital. The time and stress saved is invaluable.

Using cloud-based software, you can attach receipts to transactions straight from your live bank feeds, and store them for easy retrieval now and for future years.

Claim what you are entitled to

When you work hard for your money, claiming everything you are entitled to and paying attention to the smallest details will maximise your return.

For all deductions, there are a few important boxes to tick which will also remove any uncertainty and stress from the process:

• You must have a record to prove it
• You must have spent the money yourself
• You must not have been reimbursed for the cost
• The expense must be related to your job or other income-generating activity
• If the expense you are claiming is for both work and private purposes, you can only claim the work portion of the cost.

Using a tax management software with smart tax tools combined with up-to-date taxation rules and live data makes it easy to identify what you are entitled to claim. It can also assist in making decisions throughout the year to proactively control how much tax you pay.

About the survey

The survey was commissioned by TaxTank and undertaken by Pureprofile to analyse habits of individual Australian taxpayers ahead of the 2022 tax season. Their attitudes towards managing their taxes, sentiment towards the Australian tax system and spending intentions was also analysed. From 29 April – 4 May 2022, Pureprofile conducted an online quantitative survey, interviewing 1000 Australian taxpayers. The survey is nationally representative.