500000 Australians face potential $1650 fine with just three days to act
More than 500,000 Australians are facing a looming deadline, with just three days remaining to file their income tax returns. The Australian Taxation Office (ATO) has confirmed that these individuals risk facing a penalty of up to $1,650 for late submissions.
Critical Deadline Approaches
The deadline for filing tax returns for the financial year 2024-2025 is set for Friday, October 31. Around 10.2 million Australians have successfully lodged their returns on time, but many are yet to comply.
Potential Fines for Late Filing
Those who miss the tax return deadline will incur immediate penalties. Here’s what you need to know about these fines:
- Initial fine of $330 for late filing
- Additional $330 for every 28 days the return remains unfiled
- Maximum penalty capped at $1,650
For instance, submitting a return 30 days late will still incur an extra charge of $330, even if it is only two days past the first 28.
Payment Due Dates and Common Myths
All tax bills must be paid by November 21. ATO Assistant Commissioner Rob Thomson emphasized that there is a misconception regarding late lodgment functioning as an extension for payment deadlines. “Delaying lodgment of your tax return does not extend your payment due date,” he noted.
Options for Taxpayers
Those who have enlisted a tax agent before October 31 may bypass this deadline. However, it’s crucial to verify that the agent is registered with the Tax Practitioners Board (TPB) to ensure compliance and protection.
Australians are urged to act quickly to avoid hefty penalties. Filing your tax return on time is essential to evade unnecessary fines.
