Taxman's October 31 deadline gone, get your return in order

The taxman's clock is ticking.

The October 31 deadline for filing the tax returns has gone and failure to do so may attract penalties.

If you are a property investor, it might be a good time to lodge your tax returns as you can reduce your taxes due to depreciation.

According to the ATO website, the deadline applies to all individuals and trusts where one or more prior year tax returns were outstanding as at June 30, 2016.

If you get your return right, you will likely receive your Notice of Assessment over the next few weeks. If a refund is due, it will come around the same time as the Notice of Assessment.

Property Observer has an eBook on depreciation which will assist property investors which you can download here.