Yahoo Finance Tax deadline looms: Aussies risk $1,375 fine
Aussies have until October 31 to lodge their tax returns.
The deadline for Aussies to lodge their tax returns for the 2022-23 financial year is looming, and failure to lodge on time comes with a pretty hefty fine.
As of September 3, 2023, around 6.6 million individual taxpayers had lodged their 2022-23 tax returns, an ATO spokesperson told Yahoo Finance.
At the same point last year, more than 6.8 million individual taxpayers had lodged their 2021-22 tax returns.
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The deadline to file your return actually differs depending on whether you are lodging yourself or using a professional tax agent.
If you are lodging yourself, you have until October 31 to lodge your return.
If you are using a tax agent, you will need to register with one before October 31 and they will have until May 15, 2024 to lodge your return.
When you will get your tax return
It can take anywhere between a few days to 10 weeks for your tax return to hit your bank account.
If you file your return online, it can take up to two weeks, but filing a paper return can take up to 10 weeks.
If you have made a mistake or set off a red flag with the ATO, you’ll be looking at a longer wait while your documents are manually checked.
You can check the progress of your tax return either online, by phone or with your tax agent.
Once your return has been processed by the ATO, you’ll get a notice of assessment letting you know if you need to pay extra tax or are entitled to a refund.
Penalty for missing the tax deadline
If you have missed the tax deadline you can be hit with fines, which increase every 28 days it is late.
For the first 28 days the return is late, the fine is $275, but if you’re really late, that can increase to $1,375.
However, if you’re owed money by the ATO or generally have a good tax history, you can often have the fine withdrawn.
The same goes for if you are unable to lodge due to a natural disaster or an illness.
Deadline to pay ATO if you owe money
If you owe money to the ATO, you need to pay by November 21, regardless of whether you filed on time.
After that date, the ATO will start charging interest on the due amount.
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