October 24th 2024.
With only a week left until the deadline, there are still over a million Australians who have not yet filed their tax returns and may face penalties if they don't do so soon.
The Australian Taxation Office has already received over 9.4 million tax returns, with an average of 60,000 being submitted every day. However, they estimate that there are still 1.5 million people who still need to get their paperwork in.
For those who are preparing their own tax returns, the deadline is October 31. However, if you have appointed a registered tax agent before this date, you are given more time to file.
The ATO's assistant commissioner, Rob Thomson, reassures those who have not yet started their returns that it is not a scary or complicated process. In fact, for those with simple tax affairs, it should only take as long as cooking a frozen pizza.
But as the saying goes, "better late than never." Taking just half an hour this weekend to complete your tax return can save you time and money in the long run. This is important to note, as penalties can apply if you file late.
These penalties can range from fines to even imprisonment. For every four weeks that you delay filing your return, you can be fined $313, up to a maximum of $1565. In more serious cases, the ATO may take court action, which could result in further fines or even up to 12 months in jail. So, it is essential to file your tax return on time.
Don't let procrastination get the best of you. Use this weekend to complete your tax return and avoid any potential penalties. Your future self will thank you for it.
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