Millions of Australians at risk of $330 fine that increases monthly

With just over four weeks left to file your 2023-2024 tax returns, the Australian Taxation Office has warned that there will be stiff penalties for those who don’t file their tax returns.

The deadline for filing a personal tax return is Thursday, October 31, and although 7.9 million people had done so by September 22, this means many millions more are at risk of being fined.

A $330 fee will be charged for every 28 days after the deadline that someone fails to file their return.

And this can go up to a maximum of five times, meaning the fine could end up being a whopping $1,650.

ATO Assistant Commissioner Rob Thomson has urged those who have not yet filed their tax returns to do so now to avoid paying late filing penalties.

“If you think you are having difficulty meeting your tax obligations, please contact the ATO before the filing deadline so we can take your circumstances into account,” Mr Thomson said.

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

He said for taxpayers with simple tax matters, booking online through myTax is easy because most of the information you need is already pre-populated.

‘All you have to do is check your details, add any additional income and claim the deductions you are entitled to.

‘For those who have more complex matters, you may want to consider engaging a chartered tax adviser.’

The ATO has also reminded people to ensure they have kept evidence of the deductions they are claiming, and not to simply copy the same deductions they claimed last year.

Mr Thomson said if a person’s circumstances have changed, the deductions they are entitled to will also change.

“We see a lot of people changing jobs, but not their claims,” he said.

‘We want people to immediately get their deductions correct and claim what they are entitled to, nothing more and nothing less.’

If you miss the October 31 deadline, the Tax Authorities will contact you by telephone or in writing.

“We recognize that sometimes people do not meet their accommodation obligations on time, even with the best intentions,” the ATO advice said.

“We generally do not apply sanctions in isolated cases of late filing.

‘We will take your circumstances into account when deciding what action to take.’

If you don’t file your tax return on time, it could cost you €1,650 in fines. Stock image

If someone is fined, the ATO will send a written notice stating the reason for the fine and the amount.

If you’ve already filed your tax return online and owe money to the ATO, November 21 is another date to look out for.

This is when you need to pay your bill to avoid interest being added to it.

The due date may be later if you went to a registered tax office to file your return.