The one thing you MUST do tonight: Four million Australians are set to be fined thousands over paper work
- Today is the last day Australians can lodge of their tax return or will be penalised
- Taxpayers who fail to lodge their returns can be fined up to a maximum of $1050
- About four million taxpayers have not lodged their return from the financial year
Today is the last day Australians can lodge their tax return or else they will face thousands of dollars in fines.
Taxpayers who fail to lodge their returns will be slapped with a penalty of $210 for every four weeks they are overdue.
The maximum fine for missing the deadline is $1050.
October 31 is the last day Australians can lodge their tax return or could face fines up to $1050
About four million taxpayers have not lodged returns from the 2017-2018 financial year.
‘We are expecting at least 100,000 people will lodge via myTax today,’ Australian Tax Office assistant commissioner Kath Anderson told news.com.au.
The Australian Taxation Office expects a majority of tax returns to be lodged by tax agents in the next few months.
Some taxpayers may be delaying their tax return because they are expecting a small refund and don’t see the task as a priority.
Others may be deliberately postponing their lodge to avoid paying a large debt such as capital gains tax after selling a property.
A majority of taxpayers did their tax return online via myTax, which took less than half an hour
A majority of taxpayers have lodged their returns through an online form called myTax, accessed through myGov – a website that allows access to online government services.
Taxpayers who lodge on myTax can receive their refund generally in about two weeks.
Those who lodged online took less than half an hour to make their lodge.
The average tax return of Australians is $2500.
‘Get your return in as quickly as you can or contact us if you are having difficulties,’ said Ms Anderson.
About four million Australians are yet to lodge their tax returns with 100,000 expected to do so today