Deadline for tax returns looms as ATO warns of potential penalties

Millions of Australians are being warned time is almost up to do their tax as they face the possibility of up to $1500 in fines.

Australians planning to file their own tax return this year have just two weeks left before the deadline, as the ATO warns of potential penalties.

As of September 22, the Australian Taxation Office had received more than 7.9m income tax returns for individuals for the 2024 financial year.

About 3.8 million of those were lodged through a registered tax agent, while more than 4m were individually self-lodged by taxpayers.

ATO Assistant Commissioner Rob Thomson urged anyone yet to finalise their own tax returns to do so or approach a registered agent to avoid late penalties.

“If you’re lodging your own tax return, the due date to lodge is October 31. If you’re using a tax agent, you need to be on their books before then,” he said.

“You need to ensure they are a registered tax agent which you can check by searching the Tax Practitioners Board’s Public Register.”

Individuals can be fined $313 for every 28 days their tax return is overdue, with the maximum fine capped at a whopping $1565.

Mr Thomson encouraged any taxpayers to reach out to the ATO if they faced difficulties meeting their “tax obligations”.

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

ATO Assistant Commissioner Rob Thomson. Picture: Supplied

“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.”

The tax office also urged people to make sure their work-related expenses were accurate and to not simply “copy and paste” the previous years.

“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.”

The due date for most tax bills is the same regardless of when the return is lodged.

For self-lodged returns, that means the due date for any money owed to the government is November 21.

Those using an agent may have a later due date.