More than 1.5 million Australians face $313 fine
More than a million Australians could face fines of more than $300 for not doing one thing amid a major deadline.
More than a million Aussies could face $300 fines as late taxpayers scramble to file their returns on time.
The tax deadline is October 31, with the threat of $313 fines looming over Australians who are still yet to lodge their returns.
Australian Taxation Office assistant commissioner Rob Thomson said about 1.5 million Aussies were yet to lodge a tax return, while more than nine million have already put their returns through.
He assured Australians that the process wasn’t “scary or complicated”, urging those who haven’t already to finalise their lodgement.
“For those who haven’t yet started, it’s not scary or complicated,” Mr Thomson said.
“People with simple affairs will find that you should be able to lodge your tax return in the time it takes to cook a frozen pizza.
“We’re all guilty of sometimes leaving things to the last minute, but taking half an hour this weekend to complete your tax return will save you time and money in the long run, as penalties can apply if you lodge late.”
So far NSW has had the most tax return lodgements at 2.8 million, followed by Victoria at 2.34 million and Queensland at two million.
The deadline for tax bill payments is November 21; however, those who lodged their return through a registered tax practitioner may have more time.
Mr Thomson previously warned those looking to engage a registered tax agent that they must 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.
“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.”
He also issued a reminder that if “circumstances have changed, then so will your deductions”.
“We see a lot of people changing jobs but not their claims,” Mr Thomson 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 reminders come after data from tax and accounting service Hnry last week revealed more than 10 per cent of self-employed Aussies hadn’t even started preparations.
The data found 43 per cent of Aussie sole traders put off tax returns due to time constraints, while 26 per cent reported stress surrounding the process, and 17 per cent believe rebates would be minimal.
A third of respondents reported feeling stressed about tax returns, with tracking down receipts being listed as a top concern for 25 per cent of people as well as uncertainty about rebate amounts (21 per cent) and confusion over what can and can’t be claimed as tax-deductible expenses (15 per cent).