There are just two days left to lodge your 2023-2024 tax return and the Australian Taxation Office has warned that heavy fines apply to those who fail to file.
The final date for lodging a personal tax return is Thursday, October 31, with millions at risk of copping a fine.
There is a charge of $330 for every 28 days beyond the deadline that a person doesn’t file their return.
And this can accumulate up to a maximum of five times, meaning the fine could end up being a massive $1,650.
ATO assistant commissioner Rob Thomson has urged those who have not yet filed their tax returns to do so now to avoid having to pay late lodgment penalties.
‘If you believe you may have difficulty meeting your tax obligations, contact the ATO prior to the deadline to lodge so that we can take your circumstances into account,’ Mr Thomson said.
‘It is your choice if you lodge yourself or use a registered tax agent.’
He said that for taxpayers with simple tax affairs, lodging online through myTax is easy as most of the information you need is already pre-filled.
With just over four weeks left to do your 2023-2024 tax return, the Australian Taxation Office has warned that heavy fines apply to those who fail to file. Stock image
‘You simply need to check your details, add any additional income, and claim the deductions you’re entitled to.
‘For those with more complex affairs, you may want to consider engaging a registered tax agent.’
The ATO has also reminded people to ensure they have kept proof of any deductions they are claiming, and to not just copy the same deductions they claimed last year.
Mr Thomson said that if a person’s circumstances have changed, so will the deductions they are entitled to claim.
‘We see a lot of people changing jobs but not their claims,’ he said.
‘We want people to get their deductions right on the first go and claim what they are entitled to, nothing more, nothing less.’
If you miss the October 31 deadline, the tax office will contact you with a phone call or in writing.
‘We recognise that sometimes people don’t meet their lodgment obligations on time, even with the best intentions,’ the ATO advice said.
‘Generally, we don’t apply penalties in isolated cases of late lodgment.
‘We consider your circumstances when deciding what action to take.’
Not filing your tax return on time could end up costing you $1,650 in fines. Stock image
If a person is fined, the ATO will send a written notice of the reason for the penalty and the amount.
If you have already lodged your tax return online and owe some money to the ATO, another date to watch out for is November 21.
This is when you need to pay your bill by to avoid interest being added to it.
The due date may be later if you went to a registered tax agent to file your return.
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