With just a week left until the October 31 deadline, over 1.5 million Australians have yet to submit their tax returns, putting them at risk of penalties. So far, 9.4 million returns have been lodged, with around 60,000 filed daily. The Australian Taxation Office (ATO) highlights the importance of timely submissions, noting that individuals who prepare their own returns face this imminent deadline, while those using registered tax agents may have extended timeframes.
ATO assistant commissioner Rob Thomson reassured those yet to start their returns that the process is straightforward and can be completed quickly. He likened the time it takes to lodge a return for simple tax affairs to cooking a frozen pizza. Procrastination could lead to significant financial repercussions, with fines of $313 for each four-week delay, capping at $1,565. More serious infractions might result in court action, potentially leading to further fines or even imprisonment.
As the deadline approaches, the ATO urges Australians to act promptly to avoid unnecessary penalties. Taking just half an hour this weekend could save taxpayers from the stress and financial burden of late submissions.