Key Points
- The ATO says more than 1.5 million people who would usually submit their own tax returns have not yet done so.
- The deadline for lodging a tax return without the possibility of facing penalties is 31 October.
- Some people may have begun their tax return online, but still need to log back in and submit a finalised version.
With one week left for 2023/2024 tax returns to be lodged more than a million Australians are yet to get theirs done.
The Australian Taxation Office (ATO) is urging those who have not yet done so, to submit their.
The ATO’s tax deadline is looming
The deadline for lodging a tax return without the possibility of facing penalties is 31 October.
ATO Assistant Commissioner Rob Thomson said more than 9.4 million Australians have already done theirs.
"The ATO is receiving a spike of lodgements, with an average of almost 60 thousand individuals lodging each day in October as the deadline approaches. In fact, we’ve had over 1 million lodgements so far this month alone," he said.
However, tax returns can be submitted by registered tax agents after this date as long as the individual has registered with that agent ahead of 31 October.
Those who prepare their tax return without having the assistance of a tax agent to lodge them must complete their tax return by 31 October. Source: Getty / LPETTET
Stick a pizza in the oven and do your tax
According to the ATO, more than 1.5 million Australians who would usually submit their tax returns without the help of an accountant have not yet done so.
Thomson reminded those who may have started their return and deliberately held off finalising it until pre-filled information was available, "to log back into the App or myTax, finalise and press lodge."
"For those who haven’t yet started, it’s not scary or complicated. People with simple affairs will find that you should be able to lodge your tax return in the time it takes to cook a frozen pizza," Thomson said.
Those on a low income who feel they need assistance to prepare their tax return may make use of the free Tax Help program, which provides accredited volunteers to assist people lodge their taxes.
The Australia Tax Office has received more than a million tax lodgements already this month. Source: Getty / juanma hache
How much is the fine for not submitting a tax return?
The longer it takes for a person to lodge their tax after 31 October, the more they could be fined.
A $330 fine can be imposed for each period of 28 days or part thereof, which means delaying doing your tax return until the end of November could cost $660.
The maximum fine for not lodging a tax return on time is $1650.
