As the Oct. 31 tax return deadline approaches, CPA Australia is warning Australians not to let procrastination, mistakes, or scams turn their finances into a “horror story” — while also welcoming the government’s common-sense revisions to the proposed $3 million superannuation tax.
Australia’s largest accounting body said both issues highlight the need for accuracy, fairness, and planning when managing personal finances — whether preparing a tax return or safeguarding long-term super savings.
CPA Australia Tax Lead Jenny Wong (pictured left) said thousands of Australians risk missing the Oct. 31 deadline for DIY tax returns — or worse, lodging incomplete or incorrect information in a last-minute rush.
“Don’t let your tax return haunt you,” Wong said. “We’re all busy and the deadline has crept up on us, but lodging your tax return on time is important. It’s your responsibility.”
She said leaving it too late can lead to costly errors or penalties.
“Leaving it until the last minute comes with the risk that you cut corners, get things wrong and don’t submit your return accurately. You could receive a less favourable outcome, plus missing the deadline could summon a scary penalty from the ATO.”
CPA Australia’s advice: set aside time this week to finalise your return or get on a tax agent’s books before Oct. 31 to secure an extension.
Wong said ATO has warned that scammers are targeting Australians during tax season with fraudulent texts, emails, and fake refund offers.
“Rushing to lodge your tax return can also put you at greater risk of falling for scams as scammers target people with last-minute calls to action, or promises of substantial refunds,” she said.
“Scammers are like vampires – they thrive in the shadows and feed on urgency. Be wary of unsolicited SMS messages and emails claiming to be from the ATO, including those with hyperlinks and urgent calls to action.”
CPA Australia recommends that taxpayers register for myID to increase online security and reduce identity fraud risk.
In a separate statement, CPA Australia Superannuation Lead Richard Webb (pictured right) said the government’s revisions to the proposed $3 million super tax were a major win for fairness and long-term sustainability.
“The government has listened to our concerns. The outcomes will help make Australia’s superannuation system fairer and more equitable,” Webb said.
The changes include indexing the Division 296 proposal and taxing only realised earnings — two steps Webb said would prevent bracket creep and maintain confidence in the super system.
“The indexing of the Division 296 proposal and taxing of realised earnings will ensure that Australia’s superannuation system remains fit for purpose for future generations,” Webb said.
Webb also welcomed the increase to the low-income superannuation tax offset (LISTO) from $500 to $810 and a higher eligibility threshold of $45,000.
“If legislated, this change is expected to benefit millions of low-income earners by improving their capacity to contribute to superannuation and build long-term retirement savings,” he said.
Webb added that failing to index the $3 million threshold or address bracket creep would have undermined savings outcomes.
“Bracket creep already has a silent eroding effect on personal finances,” he said. “Allowing further erosion of superannuation savings would have been contrary to the fundamental principles of our tax system.”
CPA Australia was also relieved to see the government scrap the plan to tax unrealised capital gains.
“This was a particularly egregious element of the government’s initial proposal,” Webb said. “Providing certainty and financial stability for this and future generations of retirees is critical. Taxing unrealised gains would have distorted our tax system, which needs broader reform.”
CPA Australia said both messages — lodging returns accurately and reforming superannuation fairly — reinforce the same theme: Australians benefit when they take a measured, informed approach to managing money.
“Set aside some time over the next week to compile your evidence and get your return in on time. Or seek expert advice from a registered tax agent who can assist, especially if your finances are complicated,” Wong said.
Webb agreed that long-term planning and professional advice are key.
Tax and super settings play a critical role in a client’s financial position — directly influencing borrowing capacity, refinancing eligibility, and long-term investment strategy.
Mortgage brokers who help clients stay proactive on their tax obligations and informed about super changes can better position them for lending success.
Accurate income reporting and compliant recordkeeping also reduce delays and errors in loan assessments, while broader super reforms affect clients’ overall wealth management, including SMSF and property-linked investments.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
