Self-prepared returns on the rise in latest tax return data
The proportion of agent prepared tax returns has seen a slight decrease from the same period last year, according to the ATO.
The ATO has received approximately 2 million returns since 1 July, representing around a 1 per cent increase compared with the same time last year.
Of the 2 million returns lodged, around 500,000 were agent prepared, representing a 3 per cent decrease from the same period last year.
The ATO has received 1.5 million self-prepared tax returns, which was an 8 per cent increase compared with the same time last year.
Ninety per cent of employers have finalised their single touch payroll (STP) income tax statements, measuring a 12 per cent increase.
As part of its recent Tax Practitioner Stewardship Group (TPSG) meeting, the ATO also said the high demand in its call environment had eased, with call volumes on the registered agent phone line having dropped by 7 per cent.
One million users logged into the ATO online system on July 17, with most of these users accessing the portal between mid-morning and midday.
The ATO said system health was“tracking well” overall and the online services waiting room had not been required for individuals over the week ending on July 16.
The ATO said it was continuing to focus its communications on the support options available for individuals ready to lodge their tax return.
“This includes the tax help and tax clinics services, the assistance available in using a registered tax agent, as well as support for first nations, and culturally and linguistically diverse taxpayers.”
Other communication avenues the ATO is focused on include a second tax time 2024 video, highlighting steps clients can take before meeting with their tax agent to lodge their returns.
This is followed by the plan to keep employer clients updated with super obligations, as well as providing information about the updated Division 7A calculator and decision tool for 2024-25.
The ATO will also aim to communicate that “Not-for-profit (NFP) entities that don’t have an ATO approved substituted accounting period (SAP) can lodge their NFP self-review return based on their purpose, and activities undertaken in the year ending 30 June 2024.”
“NFPs may not need to apply for an ATO approved SAP before they lodge their 2023-24 NFP self-review return.”
Reminders about treating repairs and capital expenses, what expenses small businesses can claim and how to check annual lodgement performance through online services also remain priority for the ATO.
The ATO said the 2024 tax time toolkit for small businesses is available for information, tools calculators, learning resources, other support services and updated factsheets, if needed.
