Attention, Aussies: Are YOU at risk of a snowballing $330 fine? Find out now!

As the deadline for the 2023-2024 tax return looms, many Australians could be facing a financial headache if they don't act promptly.

As the nation grapples with changing laws and increased scrutiny, many individuals are unaware of the potential penalties that could affect them.

This situation underscores the importance of staying informed about legal requirements to avoid financial repercussions.


The clock is ticking, and with just over four weeks remaining to file your taxes, it's time to get your financial affairs in order.

As of September 22, while 7.9 million people have already lodged their tax returns, there are still millions more who could be hit with a hefty fine if they fail to meet the October 31 deadline.


compressed-shutterstock_1813956818.jpeg
ATO has issued a warning that failing to submit tax returns by the deadline incurs a $330 fine every 28 days, potentially escalating to a maximum of $1,650. Credit: Shutterstock


The Australian Taxation Office (ATO) has set a fine of $330 for every 28 days that your tax return is overdue.

This penalty can accumulate up to five times, which means procrastination could cost you as much as $1,650.

It's a sum that could put a serious dent in anyone's budget, especially for those who are managing their finances carefully in retirement.


Rob Thomson, ATO Assistant Commissioner, has issued a call to action for those dragging their feet: lodge your tax returns now to avoid these late lodgment penalties.

‘If you believe you may have difficulty meeting your tax obligations, contact the ATO prior to the deadline to lodge so that we can take your circumstances into account,’ Mr Thomson advised.

‘It is your choice if you lodge yourself or use a registered tax agent.’

For those with straightforward tax affairs, Mr Thomson recommended using myTax, the online lodging system.

Most of your information will be pre-filled, simplifying the process.

‘You simply need to check your details, add any additional income, and claim the deductions you're entitled to,’ the Assistant Commissioner explained.

‘For those with more complex affairs, you may want to consider engaging a registered tax agent.’


It's also important to remember that the ATO expects you to have proof of any deductions you're claiming.

Don't fall into the trap of copying last year's claims without considering changes in your circumstances.

Job changes, for example, can affect the deductions you're entitled to.

‘We see a lot of people changing jobs but not their claims,’ Mr Thomson pointed out.

‘We want people to get their deductions right on the first go and claim what they are entitled to, nothing more, nothing less.’


If you do miss the October 31 deadline, don't panic just yet. The ATO will reach out to you, typically with a phone call or in writing, to remind you of your obligations.

‘We recognise that sometimes people don't meet their lodgment obligations on time, even with the best intentions,’ the ATO advice stated.

‘Generally, we don't apply penalties in isolated cases of late lodgment.’

‘We consider your circumstances when deciding what action to take,’ it continued.

Should you find yourself fined, the ATO will issue a written notice explaining the reason for the penalty and the amount due.

And if you've lodged your tax return but owe money to the ATO, keep an eye on another important date: November 21. That's the deadline to settle your bill to avoid accruing interest.

However, your due date may be extended if you file your return through a registered tax agent.


With many Australians facing potential fines for late tax returns, it's crucial to stay informed about financial responsibilities and deadlines.

This urgency extends to various government processes, including important notifications from Centrelink that require immediate attention.

Understanding these obligations not only helps avoid penalties but also ensures that you are maximising your entitlements.
Key Takeaways

  • The Australian Taxation Office warned that failure to file tax returns by the deadline results in a $330 fine every 28 days, which can increase up to $1,650.
  • Taxpayers have until October 31 to lodge their personal tax returns, and millions are at risk of incurring fines.
  • Taxpayers were urged to file their returns on time, and those with simple affairs can use the pre-filled myTax system online.
  • If a tax return or debt is not filed or paid on time, the ATO may issue fines or contact individuals but may also consider individual circumstances before taking action.
So, dear members of the Seniors Discount Club, don't let this fine snowball into a mountain of stress. Take action now, seek assistance if needed, and ensure you're not caught out by the looming deadline.

Have you had experiences with tax time pressures or tips for managing the process smoothly? Share your stories and advice in the comments below—your insights could be invaluable to fellow readers!
 
Sponsored
The ATO was being lenient through the Covid years, but no more.
Now they are ruthlessly cracking down and no longer extending payment times w/o penalties.
They have a history recently of bankrupting large, well-known corporations who owe them money.
All this to appease an ever more wastrel government.
The ATO has a difficult imprimatur - I couldn't work for them.
 
  • Like
Reactions: Chicky and Abby2
The ATO was being lenient through the Covid years, but no more.
Now they are ruthlessly cracking down and no longer extending payment times w/o penalties.
They have a history recently of bankrupting large, well-known corporations who owe them money.
All this to appease an ever more wastrel government.
The ATO has a difficult imprimatur - I couldn't work for them.
Three things.
What a load of crap that the ATO is bankrupting large companies.
The large companies are bankrupting themselves, the ATO is just collecting what every other honest person and business pays.
What is a “Wastrel Government “
What do you mean by “Imprimatur”.

imprimatur
/ˌɪmprɪˈmɑːtə,ˌɪmprɪˈmeɪtə/
noun
noun: imprimatur; plural noun: imprimaturs

1. an official licence issued by the Roman Catholic Church to print an ecclesiastical or religious book."the imprimatur for this edition was granted by Cardinal O'Casey"
 
Three things.
What a load of crap that the ATO is bankrupting large companies.
The large companies are bankrupting themselves, the ATO is just collecting what every other honest person and business pays.
What is a “Wastrel Government “
What do you mean by “Imprimatur”.

imprimatur
/ˌɪmprɪˈmɑːtə,ˌɪmprɪˈmeɪtə/
noun
noun: imprimatur; plural noun: imprimaturs

1. an official licence issued by the Roman Catholic Church to print an ecclesiastical or religious book."the imprimatur for this edition was granted by Cardinal O'Casey"
As Nelson Muntz would say, "Ha Ha"
 
The ATO was being lenient through the Covid years, but no more.
Now they are ruthlessly cracking down and no longer extending payment times w/o penalties.
They have a history recently of bankrupting large, well-known corporations who owe them money.
All this to appease an ever more wastrel government.
The ATO has a difficult imprimatur - I couldn't work for them.
"The ATO was being lenient through the Covid years, but no more.
Now they are ruthlessly cracking down and no longer extending payment times w/o penalties."
That seems to only apply to the people who cannot afford an accountant - No extensions for them.
 
  • Like
Reactions: Ingot
Money grab
If people avoid their taxes where do you think our pensions are going to come from.
Why should some people pay and others not.
Some people are so self entitled.
Money grab, what a stupid statement. Some people are due a refund and are still too either stupid or lazy to put their return in.
 
Some Employers issue their Group Certificates earlier than others. If you have yours done by an accountant they often get so many people making appointments that occasionally they get behind too
 
  • Like
Reactions: Gsr
People who use an accountant or tax agent get much longer to get the returns done. We usually don’t get ours done til April the following year, never had a fine yet.
 
  • Like
Reactions: Tervueren and Ingot
Three things.
What a load of crap that the ATO is bankrupting large companies.
The large companies are bankrupting themselves, the ATO is just collecting what every other honest person and business pays.
What is a “Wastrel Government “
What do you mean by “Imprimatur”.

imprimatur
/ˌɪmprɪˈmɑːtə,ˌɪmprɪˈmeɪtə/
noun
noun: imprimatur; plural noun: imprimaturs

1. an official licence issued by the Roman Catholic Church to print an ecclesiastical or religious book."the imprimatur for this edition was granted by Cardinal O'Casey"
BruceC
You need to look at more contempory usage of the word "Imprimatur."
There instances of where it is used as a form of mandate or permission, or approval.
You are correct in its original usage.
Thanks for highlighting - we can all learn something - even me, though most of what I know is in Encyclopaedia Britannica!
😂
A "wastrel" is a person who squanders his assets or his substance.
(You didn't look it up, did you!!)
Therefore the adjective can easily be applied to an entity, such as a govt that squanders its financial resources such as taxes, and intellectual resources such as what it has learned from history, and the failure to utilise the brains Australians demonstrate in the fields of the Sciences, Physics, Chemistry and Mathematics, (and Computer Sciences.)

As far as the ATO bankrupting companies goes, I'll have to phone a friend on that one.
I'll see if Richard Boyle is at home tonight. (Look up "Richard Boyle" - a bit of knowledge won't hurt you). You could do worse than watch the 4Corners ABC story on what happened to RB.

I believe there is an article of tax law that states that the ATO may NOT collect taxes, if in so doing an individual or Corporations may be driven into insolvency and thus bankruptcy.

The ATO did show leniency during the years of Covid which was welcomed and commendable.
So why are they now not continuing to do so?
It was at the behest (you may need to look that one up too) of the govt of the day that the ATO was asked to tread lightly when collecting taxes during Covid.
That shows they have the prerogative (look that one up too while you are there) and the capacity to go hard or go easy.

Companies ARE being pressed into bankruptcy due to the ATO no longer allowing time to pay and/or payment plans where this once was the case.
It is a directive of the current govt that these measures be scaled back.
I have personal experience in dealing with this issue so it is not just a partisan issue, but happens regardless of the flavour of the govt.
 
  • Like
Reactions: Abby2
If you are a Labor supporter, you could be (and darned well should be) embarrassed that your Party is handling public money so contemptuosly.
See attachments.

Don't feel too bad though - the LNP will behave exactly the same once Labor is booted - they are the Uniparty that One Nation speaks of - a duopoly with no particular point of policy differences.
You boot Labor, you get LNP ... and you get exactly the same policies.

Best thing is to think a bit harder I suppose - there are other choices, than to stick with a couple of boofhead parties that have brought Australia to a Cost of Living crisis and a housing crisis.
Flooding the place with immigrants may have deliver a gross GDP that looks ok on paper, but individual-generated GDP has never been lower. A disgrace that the nation's standard of living is languishing for the sake of political expediency.

Enjoy this little reading list: a small-but-incomplete dossier that is a surprise to no one.
 

Attachments

  • Labor3.PNG
    Labor3.PNG
    34.9 KB · Views: 0
  • Labor4.PNG
    Labor4.PNG
    36.7 KB · Views: 0
  • Like
Reactions: Abby2
BruceC
You need to look at more contempory usage of the word "Imprimatur."
There instances of where it is used as a form of mandate or permission, or approval.
You are correct in its original usage.
Thanks for highlighting - we can all learn something - even me, though most of what I know is in Encyclopaedia Britannica!
😂
A "wastrel" is a person who squanders his assets or his substance.
(You didn't look it up, did you!!)
Therefore the adjective can easily be applied to an entity, such as a govt that squanders its financial resources such as taxes, and intellectual resources such as what it has learned from history, and the failure to utilise the brains Australians demonstrate in the fields of the Sciences, Physics, Chemistry and Mathematics, (and Computer Sciences.)

As far as the ATO bankrupting companies goes, I'll have to phone a friend on that one.
I'll see if Richard Boyle is at home tonight. (Look up "Richard Boyle" - a bit of knowledge won't hurt you). You could do worse than watch the 4Corners ABC story on what happened to RB.

I believe there is an article of tax law that states that the ATO may NOT collect taxes, if in so doing an individual or Corporations may be driven into insolvency and thus bankruptcy.

The ATO did show leniency during the years of Covid which was welcomed and commendable.
So why are they now not continuing to do so?
It was at the behest (you may need to look that one up too) of the govt of the day that the ATO was asked to tread lightly when collecting taxes during Covid.
That shows they have the prerogative (look that one up too while you are there) and the capacity to go hard or go easy.

Companies ARE being pressed into bankruptcy due to the ATO no longer allowing time to pay and/or payment plans where this once was the case.
It is a directive of the current govt that these measures be scaled back.
I have personal experience in dealing with this issue so it is not just a partisan issue, but happens regardless of the flavour of the govt.
Thank you for that long winded response.
I have a son who is quite high up in the ATO and I can assure you that if companies are honest the ATO will work with you to make sure you do not become insolvent.
The only companies they will “bankrupt“ are those who are not willing to work with them or those who partake in criminal activities!
But thanks for all your insight into how the ATO works.
I also had a small business which struggled early in its 26 year existence and it was the ATO who helped through the tough times.
 
  • Like
Reactions: Ingot
If people avoid their taxes where do you think our pensions are going to come from.
Why should some people pay and others not.
Some people are so self entitled.
Money grab, what a stupid statement. Some people are due a refund and are still too either stupid or lazy to put their return in.
or some people are not very understanding of filling in their own tax returns. If I used the same accountant I've been using for 18 plus years, last year he would have charged me more than my return was worth.

So I'm a guessing that I just fall into your stupid category but then again, I could also just be plain lazy too. Thanks.
 
or some people are not very understanding of filling in their own tax returns. If I used the same accountant I've been using for 18 plus years, last year he would have charged me more than my return was worth.

So I'm a guessing that I just fall into your stupid category but then again, I could also just be plain lazy too. Thanks.
Why didn't you just find a different accountant if yours was too expensive.
An accountant should never cost you more than your return, unless it was a very basic return that you could have done yourself.
Having been in business for most of my adult life I always followed the advice that a good
accountant will always save you more than he costs.
That advice, given to me by my parents and taught at my business college has never let me down.
 
  • Haha
Reactions: PaulB21
Thank you for that long winded response.
I have a son who is quite high up in the ATO and I can assure you that if companies are honest the ATO will work with you to make sure you do not become insolvent.
The only companies they will “bankrupt“ are those who are not willing to work with them or those who partake in criminal activities!
But thanks for all your insight into how the ATO works.
I also had a small business which struggled early in its 26 year existence and it was the ATO who helped through the tough times.
I wonder if I can get to speak to your son.
I have some taxation issues that will require some inside compassion.
But believe me, I am not expecting any sympathy from the ATO>
I know they have a job to do, and they do not make the laws, but I believe they do have some flexibility on how the law is applied/administered.
Anyway - they cannot get blood out of a stone, so I expect during this Cost of Living crisis, there will be increasing voluntary and forced bankruptcies.

Not looking too good in this link:
 
  • Like
Reactions: Abby2

Join the conversation

News, deals, games, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.
  • We believe that retirement should be a time to relax and enjoy life, not worry about money. That's why we're here to help our members make the most of their retirement years. If you're over 60 and looking for ways to save money, connect with others, and have a laugh, we’d love to have you aboard.
  • Advertise with us

User Menu

Enjoyed Reading our Story?

  • Share this forum to your loved ones.
Change Weather Postcode×
Change Petrol Postcode×