As the clock ticks down, Australians have just hours left to lodge their tax returns before facing potential fines from the Australian Taxation Office (ATO).
The deadline for self-lodged tax returns is 31 October 2024, and missing this cutoff could result in a penalty of up to $313.
Why You Shouldn’t Miss the Deadline
The ATO has been actively reminding taxpayers of the importance of lodging their tax returns on time. For those who haven’t yet filed, the consequences can be costly.
The Failure to Lodge on Time penalty starts at one penalty unit for every 28 days your return is late, up to a maximum of five penalty units. In 2024, one penalty unit is valued at $62.50, meaning the fine can quickly add up to $313 if you delay too long.
What Happens If You Miss the Deadline?
If you fail to lodge your tax return by 31 October and haven’t engaged a registered tax agent, you may face the following:
- Late Lodgment Penalty: As mentioned, this can reach up to $313.
- Interest Charges: If you owe taxes, interest may accrue on unpaid amounts.
- Delayed Refunds: If you’re expecting a refund, filing late will delay when you receive it.
How to Avoid Penalties
If you’re running out of time and are worried about missing the deadline, here’s what you can do:
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- Lodge Online via myTax: The fastest way to submit your tax return is through the ATO’s online platform, myTax. Most information is pre-filled, making it easier for individuals with simple tax affairs.
- Engage a Registered Tax Agent: If your tax situation is more complex or if you’re unable to lodge by 31 October, consider using a registered tax agent. By being on their books before the deadline, they can file on your behalf later.
- Contact the ATO: If you’re experiencing difficulties meeting your obligations, reach out to the ATO before the deadline. They may consider your circumstances and offer extensions or alternative arrangements.
What You Can Claim
To maximize your refund and avoid errors, ensure that all deductions are accurate and relevant to your current employment situation.
The ATO has emphasized that claims for work-related expenses should reflect any changes in your job or work environment.
Some common deductions include:
- Work-related travel expenses
- Home office costs
- Protective clothing
- Tools and equipment
Make sure to keep proper records for all claims as proof in case of an audit.
Key Dates to Remember
- 31 October 2024: Deadline for lodging self-prepared tax returns.
- 21 November 2024: Payment due date for any outstanding tax liabilities if you lodge on time.
