When do I need to file my tax return? Deadline triggers warning over ATO penalties of $330 and more for late lodgers

Australians who have put off filing their 2024/25 tax returns now have under a month do so.

More than 6.4 million individual returns have been lodged with the tax office since July 1.

Of those, the ATO has issued over 4.8 million refunds totalling more than $12.7 billion.

When is the 2024/25 tax deadline

The key date for those yet to lodge their return is Friday, October 31.

That can be extended into early next year for those using the services of a registered tax agent.

But you you need to reach out to them and be on their books before the end of the month.

Will I be fined for missing the October 31 deadline?

If you fail to lodge in time, the tax office may impose a hefty fine.

The penalty starts at $330 and goes up by another $330 for each 28-day period that you are late, topping out at $1,650.

“More importantly, leaving it late can hold up any refund you’re owed and create extra stress down the line,” H&R Block’s tax communications director Mark Chapman told 7NEWS.com.au.

“The ATO doesn’t normally impose late lodgement penalties if you are in a refund situation.”

The tax office says it takes your circumstances into consideration when deciding what action to take.

“Our preferred approach is to work with taxpayers to help them meet their tax obligations,” Assistant Commissioner Rob Thomson told 7NEWS.com.au earlier this year.

How can I lodge my return?

There is more than one way to prepare and lodge your return, including a paper tax return by mail, online through myTax or through a tax agent if you have more complex affairs.

More than 14 million individual tax returns were lodged for the 2023/24.

Of those, 5.9 million were lodged by self-preparers and 8.1 million were filed by tax agents.

The average claim made by taxpayers is about $3000.

When will I get my refund?

While refunds are not guaranteed, most are issued within two weeks.

It can take longer if the ATO has queries.

“This process cannot be sped up, even if you call us,” Thomson said.

“You can keep track of your return by logging into the ATO app or ATO online services through myGov.

Paper tax returns can take up to 50 days to process.

How long will I have to pay any bill I owe?

If your return results in a bill, the due date is generally 21 dates after the notice of assessment is issued, Chapman said.

“The ATO does offer payment plans if you can’t pay in full, but ignoring the debt can quickly lead to interest charges and harsher collection measures,” Chapman said.

What mistakes are late lodgers making?

Experts say Australians overwhelmed by the process must know that the problem does not disappear.

“The ATO will eventually catch up,” Chapman said.

“We also see some strange last-minute claims, like trying to write off family holidays as work travel or claiming pets as ‘security expenses’.

“It’s usually a sign someone has left it too late and is throwing everything at the wall.”

CPA Australia tax lead Jenny Wong said there are stories every year about outrageous purchases that people try to sneak past as tax deductions.

“The important thing to remember is that any claim must be backed up by evidence,” she told 7NEWS.com.au.

“Not just evidence of the purchase but you must be able to explain why the purchase is crucial to help you do your job properly.

“Expenses must be relevant to your specific job, so there’s no point trying to claim the cost of a laptop bag if you’re a bus driver, for example.”

Click here for more on the three golden rules for deductions.

Prime time for scammers

Experts say the looming deadline opens up opportunities to target late lodgers with calls to action or promises of substantial refunds.

“They’ll send texts, emails or calls claiming you owe money or are due a refund,” Chapman said.

“The ATO will never threaten arrest or demand payment through gift cards or crypto, so if you get a message like that, it’s a scam.”