Time running out to lodge tax return

THE tax office has already issued more than $17.6 million in refunds for the 2014/15 financial year - but you have to act quickly to get any money you are owed.

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THOSE choosing to adopt a do-it-yourself approach with their tax affairs have only a few weeks left to do so or risk getting fined up to $900.

The October 31 deadline is less than three weeks away for those who go it alone when lodging their return and for anyone who has left it this late they’re being urged to spring into action.

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H & R Block’s director of tax communications Mark Chapman says the penalties are costly if you don’t file by the end of the month.

“It takes time, you need to get all of your records together if you intend on lodging yourself and use either e-tax or MyTax depending on how complex your tax affairs are,’’ he says.

“It’s very stressful and a tall order so if you’ve left it this late it’s probably worthwhile going to see an accountant provided you are registered with them by the end of the month.”

The Australian Taxation Office has already issued more than six million refunds totalling more than $17.6 million for the 2014/15 financial year.

Anyone who earned more than $18,200 in the last financial year or had tax taken out of their pay during this period is required to lodge a tax return.

The ATO’s assistant commissioner Graham Whyte urged Australians to take action quickly before it’s too late.

“If you are using a tax agent for the first time or a different tax agent to last year you need to contact them before the end of the month to qualify for their lodgement dates and avoid penalties,’’ he says.

For those who have registered their details with a registered tax agent they can breathe easy and lodge their return later than the October deadline.

Chapman says late self-lodgers could be hit with an immediate penalty of $180 and risk this increasing by a further $180 for each successive 28-day period that their return is overdue, up to a total of $900.

@sophieelsworth