As the clock ticks down to the end of October, Australians are now preparing to file their tax returns.

The Australian Taxation Office (ATO) is not shy about reminding everyone that procrastination could cost them dearly.

The ATO reiterated the need to lodge tax returns before 31 October or face the financial consequences.

For those who may miss the deadline, a minimum fine of $313 would be imposed.

This fine would renew every month and could balloon up to a staggering $1,565 within five months.

Australians have two more days to lodge their tax returns. Image Credit: Pexels/Tara Winstead

ATO's Assistant Commissioner, Rob Thomson, shared that about 9.4 million Australians have already lodged their returns.

Yet, around 1.5 million self-preparing tax payers still need to get their papers in order.

'The ATO is receiving a spike of lodgments, with an average of almost 60,000 individuals lodging each day in October as the deadline approaches,' Mr Thomson shared.

'In fact, we've had over 1 million lodgments so far this month alone.'

'A reminder to those who deliberately held off finalising their tax return until pre-filled information is available, now's the time to log back into the App or myTax, finalise, and press lodge,' Mr Thomson added.

'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.'

Completing tax returns could save anyone from future headaches and financial strain, yet it's not just about avoiding penalties.

Lodging tax returns promptly will keep Aussies up to date with tax obligations and allow them to receive refunds or credits without delay.

Alternatively, Aussies may hire a registered tax practitioner to file tax returns on their behalf.

Tax professionals like CPA Australia's Tax Lead, Jenny Wong, emphasised the importance of seeking advice, especially for those with complex financial situations.

However, with the rush to lodge returns, CPA Australia also warned about scammers looming around tax season.

Taxpayers should be wary of tax scams, especially around the deadline, including ATO impersonation and unsolicited help in filing tax returns.

The ATO will notify taxpayers about missed deadlines through phone or mail.

However, they encouraged everyone to stay vigilant about text messages, emails and social media posts with suspicious links.

So, check your documents, lodge your tax return, and stay alert.

Reach out to a registered tax agent for any assistance, and keep hard-earned money by avoiding fines.

Key Takeaways

• Over 1.5 million Australians could face fines if they don't lodge their tax returns by 31 October.
• The Australian Taxation Office (ATO) warned of a $330 penalty for late lodgment, which could increase every month.
• Taxpayers were urged to lodge returns on time or consult with a registered tax practitioner.
• The ATO and CPA Australia also warned about scammers taking advantage of the seasonal rush.

Have you lodged your tax return yet? Do you have any tips for navigating tax season smoothly? Share your experiences and advice with us in the comments below!

 

[IAN3005]

Don't know why people worry about tax returns . I didn't do one for 9 years...

 

[kenrconn]

I have spoken to a few elderly people lately and when I asked if they had completed their tax returns I was told that they are on a state pension so don’t need to. This is now not true as all people MUST complete a tax return or they will be fined. Tax is not payable on their pension so long as they have no other income and this includes bank interest, share dividends and the like.
The, so called, rules of the past have been updated. GET PROFESSIONAL ADVICE!!!

 

[Macarj]

I thought most of us don't work anymore

 

[Wayneo]

I have spoken to a few elderly people lately and when I asked if they had completed their tax returns I was told that they are on a state pension so don’t need to. This is now not true as all people MUST complete a tax return or they will be fined. Tax is not payable on their pension so long as they have no other income and this includes bank interest, share dividends and the like.
The, so called, rules of the past have been updated. GET PROFESSIONAL ADVICE!!!

Our friend has just recently seen her accountant and he informed her that she no longer has to lodge a tax return.

 

[Luckyus]

I thought most of us don't work anymore

Even the youth of the country?

 

[IAN3005]

I have spoken to a few elderly people lately and when I asked if they had completed their tax returns I was told that they are on a state pension so don’t need to. This is now not true as all people MUST complete a tax return or they will be fined. Tax is not payable on their pension so long as they have no other income and this includes bank interest, share dividends and the like.
The, so called, rules of the past have been updated. GET PROFESSIONAL ADVICE!!!

I did get an email from the ATO saying I wouldn't have to do a return.