Frequently Asked Questions

An individual tax return is a form submitted to the ATO annually to report income, claim deductions, and determine tax payable or refundable.

The standard deadline is October 31st each year, but if you use a registered tax agent, you may have extended lodgement dates.

Yes, you can claim deductions for work-related expenses, donations, and other eligible costs that reduce your taxable income.

Late lodgement can result in penalties and interest charges from the ATO. It’s important to submit on time to avoid these consequences.

Even if you earn below the tax-free threshold, it’s important to check if you need to lodge, as you may still have obligations or refunds available.

If you lodge online, refunds usually take 1-2 weeks. Paper lodgements take longer, up to 6-8 weeks.

Yes, Factor1 offers personalised tax return services to ensure you maximise deductions, avoid errors, and meet lodgement deadlines.