The key question for many Australians once they have lodged their tax return will be — when will the refund drop into my bank account?

The Australian Taxation Office has an answer for that important point, while experts have also provided tax insight into the obligations of those earning income from the likes of cryptocurrency, OnlyFans and Uber.

Plus there’s a warning about the sinister messages that could be sent directly to your phone or email over the coming weeks and months in a bid to catch you out.

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I trade cryptocurrency — do I have tax obligations?

Some people might think that income from crypto trading is not taxable, but digital or virtual currency is not exempt.

“The ATO treats money earned this way just like any other income, so it needs to be reported and taxed,” Two Sides Accounting director and Xero Partner Advisory Council member Natalie Lennon told www.20304050.best.

“Keeping clear records and being upfront with the ATO helps you avoid penalties and stress later on.”

Chartered Accountants ANZ’s tax lead Susan Franks said the ATO has an “extensive data matching program with crypto exchanges operating in Australia”.

“Client identification and transaction details are provided and matched to ATO systems to identify people who have failed to report the disposal of crypto assets in their tax return,” Franks said.

CPA Australia tax lead Jenny Wong said it is vital for cryptocurrency holders to understand their obligations.

“Crucial to this is understanding whether you’re a ‘trader’ or an ‘investor’. This distinction will determine how your crypto transactions are taxed,” Wong said.

OnlyFans, Airtasker, Airbnb and Uber

Since July, 2024, platforms such as YouTube, social media sites and OnlyFans have started reporting data on their users and their income to the ATO for data-matching purposes, meaning “nothing will go under the radar”.

“This includes revenue from ride-sourcing, renting out assets such as car parks, handbags or a room in your home,” Wong said.

“So, if you think your online earning activity is not taxable, you’ll need to think again.”

Franks said the ATO requires electronic platform operators, including ride sharing and accommodation platforms including Uber and Airbnb to report certain identity and income information on transactions to make sure that sellers are paying tax on their income.

“The ATO also receives data from financial institutions and can use that to detect if you are earning income through social media,” Franks said.

How long will it take to get my money once I’ve lodged my tax return?

Most refunds are issued within two weeks, but the process can take longer if the ATO has queries.

“This process cannot be sped up, even if you call us,” ATO Assistant Commissioner Rob Thomson said.

“You can keep track of your return by logging into the ATO app or ATO online services through myGov.

Paper tax returns can take up to 50 days to process.

Wong said there is a misconception that lodging your return straight away puts you at the front of the queue for a refund, “but it’s not that simple”.

“Take your time, get your facts right, and lodge a full and comprehensive claim when you’re ready,” she said.

What tax offsets am I eligible for?

An offset can trim the amount of tax you pay on taxable income.

The ATO will work out some offsets automatically when you lodge your return however others will need to be claimed in the offsets section of your tax return.

For more on these, visit the ATO website.

When will Labor’s $1000 instant tax deduction kick in?

During the lead up to the federal election, Anthony Albanese announced a re-elected Labor Government would introduce a $1000 instant tax deduction from 2026-27 as part of cost-of-living relief to help about 5.7 million Australians.

It will mean taxpayers will not need receipts to claim the deduction of less than $1000 for work-related expenses “saving time and money”.

“The reform will allow taxpayers to choose to claim a $1000 instant tax deduction instead of claiming individual work-related expenses, saving time and money,” Prime Minister Anthony Albanese and Treasurer Jim Chalmers said.

However it will not apply to tax time 2025.

Some accounting experts say taxpayers who have little to claim will be better off.

“However, in reality, many taxpayers may still need to keep receipts,” according to H&R Block.

“That’s because you won’t know if your total work-related expenses exceed $1000 until the end of the financial year.”

Scam season

Australians should be on alert for emails, phone calls and texts claiming to be from the ATO, as scammers look to cash in on tax season.

In one recent con job, scammers pretending to be from the ATO were emailing taxpayers and telling them their taxable income had been recalculated and they are were in line “to receive compensation”.

“To claim the amount, they are asked to reply to the email with personal identifying information such as payslips, tax file numbers, driver’s licences and Medicare details,” the ATO said.

Scammers would then use that information in a variety of ways, including to steal identities.

In another scam, taxpayers were texted a link and encouraged to click through to a fake myGov sign-in page designed to steal usernames and passwords.

“We will never send an unsolicited message asking you to return personal identifying information through SMS or email,” the ATO said.

If in doubt, “don’t respond”.

You can report suspicious activity to ReportScams@ato.gov.au.

Tax reform

Treasurer Jim Chalmers has flagged tax reform in on the agenda.

The topic featured heavily during an address to the National Press Club on June 18.

He said reform is bigger than balancing spending and collecting, saying it is about about lowering the personal tax burden and increasing the incentive to work, creating a simpler system to fund vital services and improving intergenerational equity.

“No sensible progress can be made on productivity, resilience or budget sustainability without proper consideration of more tax reform,” Chalmers said.

Opposition finance spokesperson James Paterson said he is up for working with Labor on reforms but would not be giving them a “blank cheque”.

“I am concerned that the Treasurer is possibly preparing the ground here for higher taxes,” Paterson said.

“And in the middle of a productivity crisis, and particularly in the middle of a business investment crisis, which is at decade lows, the last thing the Australian economy needs right now is higher taxes.

“We are up for a conversation with the government to work with them constructively to make our tax system more efficient, to collect revenues in ways that are less distortionary.

“But we are not going to give them a blank cheque to increase taxes on Australians at the worst possible time for our economy.”