Have you lodged? The 2023 tax return deadline is looming

A back pocket of someone's jeans with $180 in Australian notes poking out of the top.

The deadline for lodging your tax return this year is 31 October 2023. 

The Australian Taxation Office (ATO) urges those who have yet to lodge their return to get online or contact a registered tax agent to get it sorted. Otherwise, they may receive a fine for failing to lodge on time.

ATO Assistant Commissioner Rob Thomson says over 9.5 million Australians have already lodged their tax return, but that there are some stragglers still leaving it to the last minute. 

“We've seen a last-minute rush in recent weeks with lodgments increasing by 14%, but there are still some people yet to lodge,” said Thomson.

Lodging online can take as little as 30 minutes 

If you’ve got simple affairs (ie. one source of income and a few deductions to claim), then lodging your tax return through myGov’s ATO portal often takes less than 30 minutes, according to the ATO. 

Most of the information will be pre-filled and all you’ll need to do is make sure everything looks right – including adding any extra income you received and claiming tax deductions

RELATED: Australian tax deductions you should know about in 2023 

“For people with straight-forward affairs, lodging should take less time than mowing the lawn or folding the laundry,” said Thomson. 

Tax Help program to assist low-income earners lodge online 

The government’s Tax Help program is available to those earning less than $60,000 for the financial year, provided you did not: 

  • Work as a contractor (e.g. contract cleaner, taxi or rideshare driver) 
  • Run a business (including as a sole trader) 
  • Have partnership or trust matters
  • Sell your shares 
  • Sell an investment property
  • Own a rental property
  • Have capital gains tax (CGT) 
  • Receive royalties
  • Receive contributions from a trust (other than a managed fund)
  • Receive foreign income (not including a pension or annuity).

However, those not eligible for the Tax Help program may still qualify for the National Tax Clinic program

So, if you’re struggling to lodge your tax return for this year online, you’ve got a couple of options there that could help you avoid a fine for late lodgement. 

For more, check out our family finances hub! If you're trying to figure out what to do with your tax return, check out some of these savings accounts below to stash it in.

Savings account comparisons on Mozo

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Last updated 15 December 2024 Important disclosures
  • High Interest Savings Account

    5.60% p.a. (for $0 to $250,001)

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    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

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    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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    4.50% p.a. (for $0 and over)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Increase account balance by any amount and make no more than two withdrawals

    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

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  • MoneyMAX Account

    No Current Offer

    4.70% p.a.(for $1 and over)

    Yes up to $250,000

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

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  • Savings+Bonus

    5.00% p.a. (for $1 to $250,000)

    2.00% p.a.(for $1 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

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  • PremiumSaver

    5.35% p.a. (for $0 to $250,001)

    1.45% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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^See information about the Mozo Experts Choice Savings Account Awards

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