With just over four weeks left to file your 2023-2024 tax return, the Australian Taxation Office has warned that hefty fines will apply to those who fail to file.
The final date to file a personal tax return is Thursday, October 31, and although 7.9 million people had done so by September 22, this means that many millions more are at risk of having to pay a penalty.
There is a $330 fee for every 28 days after the deadline that a person does not file their return.
And this can stack up to a maximum of five times, meaning the fine could end up being $1,650.
ATO Assistant Commissioner Rob Thomson has urged those who have not yet lodged their tax returns to do so now to avoid having to pay late filing penalties.
“If you think you may be having difficulty meeting your tax obligations, please contact the ATO before the application deadline so we can take your circumstances into account,” Mr Thomson said.
“It is your choice whether to file yourself or use a registered tax agent.”
He said that for taxpayers with simple tax matters, hosting online through myTax is easy as most of the information they need is already pre-populated.
With just over four weeks left to file your 2023-2024 tax return, the Australian Taxation Office has warned that hefty fines will apply to those who fail to file. stock image
‘Just check your details, add any additional income and claim the deductions you’re entitled to.
“For those with more complex matters, you may want to consider hiring a registered tax agent.”
The ATO has also reminded people to ensure they keep evidence of any deductions they claim and not just copy the same deductions they claimed last year.
Thomson said if a person’s circumstances have changed, the deductions they are entitled to claim will also change.
“We see many people change jobs, but not claims,” he said.
“We want people to make their deductions correctly the first time and claim what they are entitled to, nothing more and nothing less.”
If you miss the October 31 deadline, the tax office will contact you by phone call or in writing.
“We recognize that sometimes people do not meet their accommodation obligations on time, even with the best of intentions,” the ATO advice said.
‘We generally do not apply sanctions in isolated cases of late filing.
“We consider your circumstances when deciding what action to take.”
Failure to file your tax return on time could end up costing you $1,650 in penalties. stock image
If a person receives a fine, the ATO will send written notification of the reason for the fine and the amount.
If you’ve already filed your tax return online and owe the ATO some money, another date to look out for is 21 November.
This is when you should pay your bill early to avoid interest being added.
The due date may be later if you went to a registered tax agent to file your return.