Big mistake Aussies make with tax return
Cost-of-living pressures are tipped to cause millions of Australians to lodge their tax returns early this year, but such a move could cost them in the long run.
According to CPA Australia, taxpayers will rush through their returns to try to get a refund as soon as possible, but this could mean they make mistakes or underclaim everything that they are entitled to.
CPA Australia tax lead Jenny Wong said Australians often rushed to get their money back from the tax man.
'Cost-of-living pressures could mean some people are eager to lodge their tax return as quickly as possible to access a refund, but it's important to be patient, gather your evidence and claim everything you are entitled to,' she said.
'There's a misconception that lodging early means you'll receive your refund first, but it's not as simple as that. It's common for people who lodge early to end up having to amend their returns later anyway, so it's best to wait.' Taxpayers could be hundreds of dollars worse off due to rushing their tax return. NewsWire / Nicholas Eagar Credit: NewsWire
According to H & R Block director of tax communications Mark Chapman, Australians are likely to take short cuts when it comes to their tax returns.
While the MyTax model was praised for its simplicity, Mr Chapman said it was costing taxpayers on average $525.50.
'If you've started a side hustle, invested in shares, bought property or even just worked from home – your return is no longer simple, 'Mr Chapman said.
'The ATO doesn't tell you what you're entitled to claim – that's up to you. And in a year where budgets are stretched, getting it right can make a real difference.
Finder survey data estimates that one in three Aussies need a cash injection this financial year.
Finder head of consumer research Graham Cooke said Aussies were eagerly awaiting their tax refunds, set to arrive from July 1.
'Many households living month-to-month will be particularly keen to access these funds,' he said.
'For those struggling with the rising cost of living, a cash boost will offer some necessary financial reprieve.' Australians are urged to track all their tax expenses. NewsWire / Emma Brasier Credit: News Corp Australia
Ms Wong said another common mistake people made was not giving enough thought to how their circumstances had changed over the past 12 months.
'Some people go into autopilot when they do their tax returns,' she said.
'They cut and paste from their last return and fail to consider any changes to their personal circumstances.
'Turn off the autopilot and take time to seriously consider what's different about your expenses this year and think about what you could claim.'
Ms Wong also explained there were several ways Australians could save more money.
'Remember that you have until June 30 to purchase any work-related items and claim the deductions this year,' she said.
'So, if you need any equipment for your home office, like a new desk or computer chair, or maybe you need to replace your old work tools, do it before the end of the financial year.
'Individuals can claim an immediate deduction for items they need for work that cost $300 or less, so long as your employer does not reimburse you for that expense.'
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The Advertiser
2 hours ago
- The Advertiser
The billion-dollar industry with scant consumer protections
Virtually every man, woman and teenager has a mobile phone. Ninety-eight per cent of adults use mobile phones for calls. Behind your phone service is a multibillion-dollar industry critical to education, health, business, leisure, civic life and - in an emergency - life and death. But can we trust our telco providers? And as consumers what protections can we rely upon? Late last month deeply concerning allegations were levelled at Telstra by rival telco TPG/Vodafone which yet again raised red flags about the trust consumers can place in telcos. TPG claims that Telstra - which is Australia's largest telco by some margin - has misled consumers by making false claims about the size of its mobile network in its advertising, website content, annual reports and other sales material. Australians take note of claims made by telcos about their network size, network reliability and network performance in deciding their mobile provider. They do so on the presumption that telcos are honest with this information. Many Australians, particularly in regional and remote areas, sign up for more expensive plans with Telstra because they believe it's the only option for reliable coverage. If these latest allegations are true - and the coverage advantage is not as big as people have been led to believe - regional consumers could be forgiven for feeling betrayed. When consumers are misled, markets are distorted, and trust is eroded. That is why these latest allegations are so serious and should be investigated by the ACCC. Of course, the latest allegations are not the only indication that our trust in the major telcos is brittle. New research undertaken by Essential Media shows that 41 per cent of consumers have limited faith in their telco to act in their best interest -and almost a third said the coverage they received didn't match what they were led to expect. The Telecommunications Industry Ombudsman has recently identified a spike in complaints, including those for poor sales conduct - misleading and high-pressure tactics - as the most common systemic issue it investigates. In parallel, credit assessments in the telco sector remain inconsistent and inadequate. Complaints to the Ombudsman about poor credit checks increased by over 30 per cent in the past financial year, with financial counsellors reporting that many of their clients are routinely signed onto contracts they simply cannot afford. These concerns are not academic, they have a real-world impact everyday for Australians. The fact that we cannot rely on what telcos tell us about their coverage is why ACCAN supports the Government's National Audit of Mobile Coverage, which is gathering real-world data through 180,000 kilometres of on-the-ground testing each year. This information is important as it could help to build an independent coverage map, a key recommendation of the recent Regional Telecommunications Review, giving Australians accurate, unbiased insight into where they can expect service. But independent mapping will not fix all the problems with the nation's major telecommunications carriers. The fact is there is precious little to protect telecommunications consumers. The telecommunications industry itself develops the TCP Code (the sector's consumer protections rulebook) and is required to conduct a review every five years. The TCP Code already offers inadequate consumer protections and is not underpinned by effective compliance, enforcement and penalty arrangements. There are countless examples of consumer harm from this weak regulation. In May, ACCAN voted "no" in a ballot of the TCP Code Review Committee- of which we are a part - on the question of whether the draft Code should be sent to the regulator, the Australian Communications and Media Authority for consideration. Despite this, and despite 22 other consumer groups already walking away from the industry led code process, the ballot was carried. The revised Code has now been submitted to the ACMA for potential registration - a process that raises significant questions about whether the proposed updates meet community needs. Domestic, family and sexual violence and financial hardship have been taken out of the TCP Code, replaced with direct regulation in the last 18 months. This is a recognition of the critical nature of the problems, and the inadequacy of the code system. The current TCP Code fails to provide adequate consumer protections in two critical areas: irresponsible sales and inadequate credit assessments. These gaps result in thousands of Australians being sold plans they can't afford, don't understand, or never needed in the first place. These harms are exacerbated by sales incentive structures that reward telco staff for maximising sales volume and value - an eerily similar model to that called out and reformed in the financial services sector following the banking royal commission. Despite months of consultation, the final version of the draft Code submitted to the ACMA has not meaningfully strengthened these protections. The sales clauses still allow commission-based incentives and fail to impose clear duties to ensure affordability or product suitability. We are concerned that proposals in the Telecommunications (Enhancing Consumer Safeguards) Bill 2025 before parliament to make code compliance mandatory will not fully solve the problem - because the issue lies in the content of the industry-led code. The Ombudsman, the ACMA and the Australian Competition and Consumer Commission (ACCC) have all criticised the process in which the industry is in charge of writing the nation's telecommunications protections. ACCAN has now joined the 22 consumer groups fed up with weak telecommunications regulation in the Fair Call Coalition. The answer is simple: new Minister for Communications, Anika Wells must reject the farcical process by which the industry (Communications Alliance) writes the nation's primary consumer protection code for telecommunications - and apply robust and enforceable rules in key areas of consumer harm. Consumers deserve and demand appropriate protections - and will be closely watching the leadership brought to bear by the federal government and the regulator to ensure their safety. Virtually every man, woman and teenager has a mobile phone. Ninety-eight per cent of adults use mobile phones for calls. Behind your phone service is a multibillion-dollar industry critical to education, health, business, leisure, civic life and - in an emergency - life and death. But can we trust our telco providers? And as consumers what protections can we rely upon? Late last month deeply concerning allegations were levelled at Telstra by rival telco TPG/Vodafone which yet again raised red flags about the trust consumers can place in telcos. TPG claims that Telstra - which is Australia's largest telco by some margin - has misled consumers by making false claims about the size of its mobile network in its advertising, website content, annual reports and other sales material. Australians take note of claims made by telcos about their network size, network reliability and network performance in deciding their mobile provider. They do so on the presumption that telcos are honest with this information. Many Australians, particularly in regional and remote areas, sign up for more expensive plans with Telstra because they believe it's the only option for reliable coverage. If these latest allegations are true - and the coverage advantage is not as big as people have been led to believe - regional consumers could be forgiven for feeling betrayed. When consumers are misled, markets are distorted, and trust is eroded. That is why these latest allegations are so serious and should be investigated by the ACCC. Of course, the latest allegations are not the only indication that our trust in the major telcos is brittle. New research undertaken by Essential Media shows that 41 per cent of consumers have limited faith in their telco to act in their best interest -and almost a third said the coverage they received didn't match what they were led to expect. The Telecommunications Industry Ombudsman has recently identified a spike in complaints, including those for poor sales conduct - misleading and high-pressure tactics - as the most common systemic issue it investigates. In parallel, credit assessments in the telco sector remain inconsistent and inadequate. Complaints to the Ombudsman about poor credit checks increased by over 30 per cent in the past financial year, with financial counsellors reporting that many of their clients are routinely signed onto contracts they simply cannot afford. These concerns are not academic, they have a real-world impact everyday for Australians. The fact that we cannot rely on what telcos tell us about their coverage is why ACCAN supports the Government's National Audit of Mobile Coverage, which is gathering real-world data through 180,000 kilometres of on-the-ground testing each year. This information is important as it could help to build an independent coverage map, a key recommendation of the recent Regional Telecommunications Review, giving Australians accurate, unbiased insight into where they can expect service. But independent mapping will not fix all the problems with the nation's major telecommunications carriers. The fact is there is precious little to protect telecommunications consumers. The telecommunications industry itself develops the TCP Code (the sector's consumer protections rulebook) and is required to conduct a review every five years. The TCP Code already offers inadequate consumer protections and is not underpinned by effective compliance, enforcement and penalty arrangements. There are countless examples of consumer harm from this weak regulation. In May, ACCAN voted "no" in a ballot of the TCP Code Review Committee- of which we are a part - on the question of whether the draft Code should be sent to the regulator, the Australian Communications and Media Authority for consideration. Despite this, and despite 22 other consumer groups already walking away from the industry led code process, the ballot was carried. The revised Code has now been submitted to the ACMA for potential registration - a process that raises significant questions about whether the proposed updates meet community needs. Domestic, family and sexual violence and financial hardship have been taken out of the TCP Code, replaced with direct regulation in the last 18 months. This is a recognition of the critical nature of the problems, and the inadequacy of the code system. The current TCP Code fails to provide adequate consumer protections in two critical areas: irresponsible sales and inadequate credit assessments. These gaps result in thousands of Australians being sold plans they can't afford, don't understand, or never needed in the first place. These harms are exacerbated by sales incentive structures that reward telco staff for maximising sales volume and value - an eerily similar model to that called out and reformed in the financial services sector following the banking royal commission. Despite months of consultation, the final version of the draft Code submitted to the ACMA has not meaningfully strengthened these protections. The sales clauses still allow commission-based incentives and fail to impose clear duties to ensure affordability or product suitability. We are concerned that proposals in the Telecommunications (Enhancing Consumer Safeguards) Bill 2025 before parliament to make code compliance mandatory will not fully solve the problem - because the issue lies in the content of the industry-led code. The Ombudsman, the ACMA and the Australian Competition and Consumer Commission (ACCC) have all criticised the process in which the industry is in charge of writing the nation's telecommunications protections. ACCAN has now joined the 22 consumer groups fed up with weak telecommunications regulation in the Fair Call Coalition. The answer is simple: new Minister for Communications, Anika Wells must reject the farcical process by which the industry (Communications Alliance) writes the nation's primary consumer protection code for telecommunications - and apply robust and enforceable rules in key areas of consumer harm. Consumers deserve and demand appropriate protections - and will be closely watching the leadership brought to bear by the federal government and the regulator to ensure their safety. Virtually every man, woman and teenager has a mobile phone. Ninety-eight per cent of adults use mobile phones for calls. Behind your phone service is a multibillion-dollar industry critical to education, health, business, leisure, civic life and - in an emergency - life and death. But can we trust our telco providers? And as consumers what protections can we rely upon? Late last month deeply concerning allegations were levelled at Telstra by rival telco TPG/Vodafone which yet again raised red flags about the trust consumers can place in telcos. TPG claims that Telstra - which is Australia's largest telco by some margin - has misled consumers by making false claims about the size of its mobile network in its advertising, website content, annual reports and other sales material. Australians take note of claims made by telcos about their network size, network reliability and network performance in deciding their mobile provider. They do so on the presumption that telcos are honest with this information. Many Australians, particularly in regional and remote areas, sign up for more expensive plans with Telstra because they believe it's the only option for reliable coverage. If these latest allegations are true - and the coverage advantage is not as big as people have been led to believe - regional consumers could be forgiven for feeling betrayed. When consumers are misled, markets are distorted, and trust is eroded. That is why these latest allegations are so serious and should be investigated by the ACCC. Of course, the latest allegations are not the only indication that our trust in the major telcos is brittle. New research undertaken by Essential Media shows that 41 per cent of consumers have limited faith in their telco to act in their best interest -and almost a third said the coverage they received didn't match what they were led to expect. The Telecommunications Industry Ombudsman has recently identified a spike in complaints, including those for poor sales conduct - misleading and high-pressure tactics - as the most common systemic issue it investigates. In parallel, credit assessments in the telco sector remain inconsistent and inadequate. Complaints to the Ombudsman about poor credit checks increased by over 30 per cent in the past financial year, with financial counsellors reporting that many of their clients are routinely signed onto contracts they simply cannot afford. These concerns are not academic, they have a real-world impact everyday for Australians. The fact that we cannot rely on what telcos tell us about their coverage is why ACCAN supports the Government's National Audit of Mobile Coverage, which is gathering real-world data through 180,000 kilometres of on-the-ground testing each year. This information is important as it could help to build an independent coverage map, a key recommendation of the recent Regional Telecommunications Review, giving Australians accurate, unbiased insight into where they can expect service. But independent mapping will not fix all the problems with the nation's major telecommunications carriers. The fact is there is precious little to protect telecommunications consumers. The telecommunications industry itself develops the TCP Code (the sector's consumer protections rulebook) and is required to conduct a review every five years. The TCP Code already offers inadequate consumer protections and is not underpinned by effective compliance, enforcement and penalty arrangements. There are countless examples of consumer harm from this weak regulation. In May, ACCAN voted "no" in a ballot of the TCP Code Review Committee- of which we are a part - on the question of whether the draft Code should be sent to the regulator, the Australian Communications and Media Authority for consideration. Despite this, and despite 22 other consumer groups already walking away from the industry led code process, the ballot was carried. The revised Code has now been submitted to the ACMA for potential registration - a process that raises significant questions about whether the proposed updates meet community needs. Domestic, family and sexual violence and financial hardship have been taken out of the TCP Code, replaced with direct regulation in the last 18 months. This is a recognition of the critical nature of the problems, and the inadequacy of the code system. The current TCP Code fails to provide adequate consumer protections in two critical areas: irresponsible sales and inadequate credit assessments. These gaps result in thousands of Australians being sold plans they can't afford, don't understand, or never needed in the first place. These harms are exacerbated by sales incentive structures that reward telco staff for maximising sales volume and value - an eerily similar model to that called out and reformed in the financial services sector following the banking royal commission. Despite months of consultation, the final version of the draft Code submitted to the ACMA has not meaningfully strengthened these protections. The sales clauses still allow commission-based incentives and fail to impose clear duties to ensure affordability or product suitability. We are concerned that proposals in the Telecommunications (Enhancing Consumer Safeguards) Bill 2025 before parliament to make code compliance mandatory will not fully solve the problem - because the issue lies in the content of the industry-led code. The Ombudsman, the ACMA and the Australian Competition and Consumer Commission (ACCC) have all criticised the process in which the industry is in charge of writing the nation's telecommunications protections. ACCAN has now joined the 22 consumer groups fed up with weak telecommunications regulation in the Fair Call Coalition. The answer is simple: new Minister for Communications, Anika Wells must reject the farcical process by which the industry (Communications Alliance) writes the nation's primary consumer protection code for telecommunications - and apply robust and enforceable rules in key areas of consumer harm. Consumers deserve and demand appropriate protections - and will be closely watching the leadership brought to bear by the federal government and the regulator to ensure their safety. Virtually every man, woman and teenager has a mobile phone. Ninety-eight per cent of adults use mobile phones for calls. Behind your phone service is a multibillion-dollar industry critical to education, health, business, leisure, civic life and - in an emergency - life and death. But can we trust our telco providers? And as consumers what protections can we rely upon? Late last month deeply concerning allegations were levelled at Telstra by rival telco TPG/Vodafone which yet again raised red flags about the trust consumers can place in telcos. TPG claims that Telstra - which is Australia's largest telco by some margin - has misled consumers by making false claims about the size of its mobile network in its advertising, website content, annual reports and other sales material. Australians take note of claims made by telcos about their network size, network reliability and network performance in deciding their mobile provider. They do so on the presumption that telcos are honest with this information. Many Australians, particularly in regional and remote areas, sign up for more expensive plans with Telstra because they believe it's the only option for reliable coverage. If these latest allegations are true - and the coverage advantage is not as big as people have been led to believe - regional consumers could be forgiven for feeling betrayed. When consumers are misled, markets are distorted, and trust is eroded. That is why these latest allegations are so serious and should be investigated by the ACCC. Of course, the latest allegations are not the only indication that our trust in the major telcos is brittle. New research undertaken by Essential Media shows that 41 per cent of consumers have limited faith in their telco to act in their best interest -and almost a third said the coverage they received didn't match what they were led to expect. The Telecommunications Industry Ombudsman has recently identified a spike in complaints, including those for poor sales conduct - misleading and high-pressure tactics - as the most common systemic issue it investigates. In parallel, credit assessments in the telco sector remain inconsistent and inadequate. Complaints to the Ombudsman about poor credit checks increased by over 30 per cent in the past financial year, with financial counsellors reporting that many of their clients are routinely signed onto contracts they simply cannot afford. These concerns are not academic, they have a real-world impact everyday for Australians. The fact that we cannot rely on what telcos tell us about their coverage is why ACCAN supports the Government's National Audit of Mobile Coverage, which is gathering real-world data through 180,000 kilometres of on-the-ground testing each year. This information is important as it could help to build an independent coverage map, a key recommendation of the recent Regional Telecommunications Review, giving Australians accurate, unbiased insight into where they can expect service. But independent mapping will not fix all the problems with the nation's major telecommunications carriers. The fact is there is precious little to protect telecommunications consumers. The telecommunications industry itself develops the TCP Code (the sector's consumer protections rulebook) and is required to conduct a review every five years. The TCP Code already offers inadequate consumer protections and is not underpinned by effective compliance, enforcement and penalty arrangements. There are countless examples of consumer harm from this weak regulation. In May, ACCAN voted "no" in a ballot of the TCP Code Review Committee- of which we are a part - on the question of whether the draft Code should be sent to the regulator, the Australian Communications and Media Authority for consideration. Despite this, and despite 22 other consumer groups already walking away from the industry led code process, the ballot was carried. The revised Code has now been submitted to the ACMA for potential registration - a process that raises significant questions about whether the proposed updates meet community needs. Domestic, family and sexual violence and financial hardship have been taken out of the TCP Code, replaced with direct regulation in the last 18 months. This is a recognition of the critical nature of the problems, and the inadequacy of the code system. The current TCP Code fails to provide adequate consumer protections in two critical areas: irresponsible sales and inadequate credit assessments. These gaps result in thousands of Australians being sold plans they can't afford, don't understand, or never needed in the first place. These harms are exacerbated by sales incentive structures that reward telco staff for maximising sales volume and value - an eerily similar model to that called out and reformed in the financial services sector following the banking royal commission. Despite months of consultation, the final version of the draft Code submitted to the ACMA has not meaningfully strengthened these protections. The sales clauses still allow commission-based incentives and fail to impose clear duties to ensure affordability or product suitability. We are concerned that proposals in the Telecommunications (Enhancing Consumer Safeguards) Bill 2025 before parliament to make code compliance mandatory will not fully solve the problem - because the issue lies in the content of the industry-led code. The Ombudsman, the ACMA and the Australian Competition and Consumer Commission (ACCC) have all criticised the process in which the industry is in charge of writing the nation's telecommunications protections. ACCAN has now joined the 22 consumer groups fed up with weak telecommunications regulation in the Fair Call Coalition. The answer is simple: new Minister for Communications, Anika Wells must reject the farcical process by which the industry (Communications Alliance) writes the nation's primary consumer protection code for telecommunications - and apply robust and enforceable rules in key areas of consumer harm. Consumers deserve and demand appropriate protections - and will be closely watching the leadership brought to bear by the federal government and the regulator to ensure their safety.
Sky News AU
4 hours ago
- Sky News AU
Nationals Leader David Littleproud demand Prime Minister Anthony Albanese rules out kowtowing on US beef imports
Prime Minister Anthony Albanese 'needs to' immediately rule out kowtowing to Donald Trump on biosecurity laws on US beef imports, Nationals Leader David Littleproud has demanded. Government officials reportedly told The Sydney Morning Herald that Australia could alter its biosecurity laws to allow US beef exports without risks to local industry, in a move to appease Trump as he wages his trade war. Australia banned US beef in 2003 after a mad cow disease outbreak before undoing this in 2019 when the outbreak subsided. Cattle raised in Mexico and Canada but slaughtered in the US is still banned, however, this could be changed according to the report. Mr Littleproud raised concerns about Australia's cattle industry on Friday and urged the Prime Minister not to use the sector as a bargaining chip in negotiations with the US President. 'There needs to be certainty. The Prime Minister needs to rule it out immediately,' the Nationals Leader said on Sky News. 'He needs to make sure that he's very clear with Australian producers that our biosecurity standards will not be reduced and that … if we want to get imports that originated from Mexico or Canada, that there's some traceability on it like Australian producers have.' He called for the Prime Minister to be transparent with Australian beef producers as concerns fester about the nation's biosecurity following this report. 'I don't think Australian producers are asking for anything unfair here, they're just trying to protect their production systems, making sure that they can not only feed Australians but feed the world,' Mr Littleproud said. 'The Prime Minister and his department who are mooting these things need to be very, very clear with Australian beef producers that it's not on the table and it won't be on the table at all. 'But when you start getting these reports - you don't start seeing these reports unless there's smoke and when there's smoke, there's fire.' Australia exports more than $4b of beef to the US annually, making it the largest market for Aussie beef exports behind China. After Trump revealed his sweeping tariffs and invited impacted nations to negotiate, Prime Minister Anthony Albanese vowed to protect the nation's biosecurity laws, Pharmaceutical Benefits Scheme and news publishers against tech giants. 'We will not weaken the measures that protect our farmers and producers from the risks of disease or contamination,' he said in a statement. Cattle Australia chief executive Chris Parker issued a statement highlighting the importance of traceability for foreign-produced beef. 'Our position is that the US needs to be able to demonstrate it can either trace cattle born in Mexico and Canada, or has systems that are equivalent to Australia's traceability, before imports of meat could occur from non-US cattle,' Mr Parker said. 'Cattle Australia is in ongoing communication with the Federal Government regarding this issue and the vital importance that our science-based biosecurity system is not compromised as part of trade discussions with any country.' Mr Albanese is expected to have a meeting with Trump either on the sidelines of the G7 meeting in Canada or in the US later in June where the Prime Minister will make Australia's case for tariff exemptions. Australia faces 50 per cent tariffs on steel and aluminium alongside a broad 10 per cent levy on all goods, which is still paused by the Trump Administration.
Perth Now
11 hours ago
- Perth Now
West Aussie Lotto player banks entire division one prize
One WA Lotto player is starting the weekend $1 million richer after taking a chance on Friday's Millionaire Medley draw. The lucky West Aussie was the only player to match six winning numbers required to snag the division one sum. Division two produced two winners who will be celebrating hauls worth more than $18,400. An additional 98 Aussies will walk away with a handy cash boost of $582.45 each from division three. The winning numbers for draw #4556 were 20, 44, 41, 15, 16 and 43. The supplementary numbers were 42 and 40. Luck in the west comes after three ticketholders from the State managed to bag $1.2m each in Saturday's game. One of those tickets belonged to a retired couple who made the winning purchase from Albany Lottery News and Gifts. After coming forward to claim their prize, the couple revealed they plan to use the cash to splash out on new carpets and curtains. Albany Lottery, News and Gifts owner Cathy Campbell said the winning division one ticket, worth a total $1,228,899 is the second highest cash prize they have ever sold. 'We did a $2.17m one in 2011, but this is the next biggest one after that,' she said. 'It's always exciting selling a winning ticket, even if its only $1000 as people get excited about it.'
