Tax time in Australia: When do you have to lodge your return by to avoid a fine?

Time is running out to file your tax return or face a hefty fine, the Australian Taxation Office warns.

If you are lodging your own return, October 31 is the date to mark in your calendar. As of September 22, more than 7.9 million people have lodged their returns, four million of which were through self-lodgement.

ATO assistant commissioner Rob Thomson urged those who are yet to finalise their tax returns or engage with a registered tax agent to act now to avoid potential late lodgment penalties.

Anyone who has not done so before the deadline risks copping a $330 fine.

There will also be an extra $330 charge every 28 days, up to a maximum of five times, meaning the fine could cost you $1,650.

“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,” Thomson said.

“It is your choice if you lodge yourself or use a registered tax agent.

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

“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 is also reminding people to make sure they can back up any deductions listed and to not simply cut and paste last year’s.

‘If your circumstances have changed, then so will your deductions,” Thomson said.

“We see a lot of people changing jobs but not their claims.

“We want people to get their deductions right on the first go and claim what they are entitled to — nothing more, nothing less.”

So, what if you forget to lodge?

The ATO will warn you by phone or in writing that you have missed the deadline.

“We recognise that sometimes people don’t meet their lodgment obligations on time, even with the best intentions,” it said.

“Generally, we don’t apply penalties in isolated cases of late lodgment.

“We consider your circumstances when deciding what action to take.”

The ATO will send you a written notice of the reason for the penalty and the amount, should it choose to impose the penalty.

If you are expecting a tax bill this year, another date to remember is November 21.

This is when you need to pay your bill by if you lodged your return yourself to avoid interest being applied.

Your due date may be later if you are using a registered tax agent.