Australian Taxation Office urges people to file their own tax returns by October 31 deadline

Millions of Aussies who have not yet filed their latest tax return are being urged to act quickly to avoid hefty penalties.

Australians who haven’t lodged their own income tax returns only have one month to file their paperwork before they risk facing hefty penalties.

The Australian Taxation Office is warning taxpayers that they must have their own income tax returns submitted by the October 31 deadline to avoid potential late lodgement fees.

Anyone who hasn’t lodged their return by this date risks copping a $330 fine.

The penalty could continue to increase by $330 every 28 days beyond the deadline, with a maximum fine of $1650.

ATO Assistant Commissioner Rob Thomson said those looking to engage a registered tax agent must also act before the end of the month to avoid being stung by fines.

“If you’re using a tax agent, you need to be on their books before then (October 31),” Mr Thomson said.

The tax deadline is October 31.

“It is important taxpayers are aware there can be penalties for lodging a tax return late.

“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.”

The reminder comes as the ATO has already received more than 7.9 million income tax returns from individuals for the 2024 financial year.

More than 4 million individuals self-lodged their income tax return, while 3.8 million chose to use a registered tax agent.

“It is your choice if you lodge yourself or use a registered tax agent,” Mr Thomson said.

“For taxpayers with simple tax affairs, lodging online through myTax is easy as most of the information you need is already pre-filled.

“You simply need to check your details, add any additional income, and claim the deductions you’re entitled to.

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

ATO Assistant Commissioner Rob Thomson says people need to be aware of the looming October 31 deadline. Picture: Supplied

Mr Thomson said it was important that people double check that the claims they make for work-related expenses are accurate.

“If your circumstances have changed, then so will your deductions. We see a lot of people changing jobs but not their claims,” he said.

“Remember, the job that you do affects the deductions you can claim, that’s why we have a series of 40 occupation and industry-specific guides which can assist you.

“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’re procrastinating to avoid a tax bill, it’s important to know that the due date to pay most tax bills is the same regardless of when you lodge.

“That means 21 November 2024 if you lodge your own tax return, however your due date may be later if you are using a registered tax agent.”

Originally published as Australian Taxation Office urges people to file their own tax returns by October 31 deadline