This tax time, here’s what to watch out for – and when it’s better to lodge early or later
This tax time, here’s what to watch out for – and when it’s better to lodge early or later
Publish Date: 2026-06-07 16:09:00
Source Domain: theconversation.com
Tax time is coming – and with it, the unfortunate reality of needing to do something to get ready.
Don’t put your head in the sand and ignore it. That’s how you can end up missing the October 31 deadline and potentially end up with fines and penalties.
And don’t risk taking tax advice from unofficial sources.
This year, the Australian Taxation Office (ATO) has warned against relying on online tips or “tax hacks” from “finfluencers”: financial influencers on social media. It’s also warned artificial intelligence platforms can draw from outdated, inaccurate or foreign sources – so using them for your tax can be risky.
If you’re seeking advice, always ensure you are dealing with a registered tax agent.
Luckily, the ATO has been improving its online tax tools, so lodging your tax yourself is not as daunting as it once was.
A growing trend to DIY taxes
More than 6.1 million Australians (around 43%) did their own tax online with MyTax in 2025.
More than 8.1 million (around 57%) still choose to use a tax agent.
But doing your own tax has been a steadily growing trend for more than a decade, as more people realise the ease of using MyTax.
The tax office knows a lot
As a taxpayer, you have the obligation to tell the ATO what you have earned – even if you think you don’t have to pay any tax.
While the ATO know a lot more about you than you might realise, they are not mind readers.
The tax office collects more than 600 million transactions annually from various third parties. Sometimes they share the information with you – such as when they pre-fill sections of your MyTax form – but sometimes they don’t.
While articles like this about tax time often focus on claiming deductions, being transparent about your income is non-negotiable.
Whatever you claim on your tax return, the onus is on you to get it right.
If you have deposits in your bank account, can you explain where those came from? If not, the ATO may deem…
