If you’ve been an employee and haven’t submitted your tax returns from previous years, you might be missing out on a goldmine of unclaimed refunds. Many of us, especially when we’re just starting out in the workforce or juggling studies and jobs, might forget to file our taxes. From conversations I’ve had, this can be more common than you think. Here’s how you can capitalise on those unsubmitted tax returns, the DIY way.

First, it’s important to know that the Australian Taxation Office (ATO) allows you to lodge tax returns for up to ten years in arrears. This means if you haven’t submitted tax returns for the last few years, you still have time to do so and potentially claim refunds you’re owed. Start by gathering all your necessary documents. These include your income statements, payment summaries from employers, and any records of expenses you might have incurred that are tax-deductible. If you’ve misplaced some documents, don’t worry. Some of these can be accessed through your myGov account, which links directly to the ATO.

Next, if you don’t wish to use an accountant, consider using the ATO’s online services. The myTax tool is a free and user-friendly way to lodge your tax returns. It guides you step-by-step through the process, making it straightforward even if you’re not familiar with tax jargon. Since it’s linked to your myGov account, many of your details will already be pre-filled, saving you time and reducing the chance of errors.

For young professionals and students, including those in First Nations communities, this approach can be especially beneficial. The cost of hiring an accountant can be a barrier, but using the resources available through the ATO can help you manage your tax affairs independently.

One approach is to start with the most recent tax return and work your way backward. The more recent the return, the fresher the information in your mind, making it easier to recall details and find necessary documents. Once you complete the latest return, you’ll have a better understanding of the process, which may make the earlier returns easier to tackle.

When you lodge your returns, don’t forget to look at all the deductions you’re entitled to. For students and young professionals, this could include expenses related to education, work-related travel, and even some home office expenses if you’ve been working from home. Keeping good records throughout the year can make this part of the process much smoother.

It’s also worth noting that lodging your overdue returns can sometimes result in penalties, but the ATO may waive these if you come forward voluntarily and have a good reason for the delay. If you’re unsure about whether you’ll face penalties, you can contact the ATO directly. Their staff are there to help and can provide advice on your specific situation.

For First Nations young people, there are additional resources and support available. Organisations such as Indigenous Business Australia (IBA) offer financial literacy programs and can provide guidance on tax and other financial matters. Connecting with community groups and networks can also provide support and advice from others who have navigated similar challenges.

Lastly, make sure to stay informed about any changes to tax laws and deadlines. The ATO website is a great resource for up-to-date information, and subscribing to their updates can ensure you don’t miss any important news.

By taking these steps, you can potentially recover unclaimed refunds, avoid penalties, and gain a better understanding of your financial situation. It might seem like a lot of work at first, but once you start, you’ll find it’s often manageable and worth the effort. Taking control of your tax obligations is a smart move that can have a positive impact on your financial health.

Like every article on this website, this is not personal financial advice.

You can call the ATO Indigenous Helpline if you need support – 13 10 30. You may also be able to get help from a volunteer – click here to find out more.