Australian workers can expect to be slogged a hefty sum as the deadline for lodging their tax returns inches closer, industry experts warn.
Taxpayers have been able to lodge their returns since the new financial year started on July 1.
But, if the task has escaped your mind, you might soon be expecting a fine in the mail.
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H&R Block Mark Chapman director of tax communications said the cutoff day for someone lodging their own return is October 31.
But if they register with a tax agent, that deadline is pushed out to May 15, 2023.
If it hits November 1 and you haven’t lodged your return or registered with an agent, it could cost dearly.
“If you lodge any later than that, you’re potentially up for a penalty which is $220 for each 28 days that it’s turned in late,” he said.
“So that can multiply and continue to multiply up to five times.”
That would bring the total fine up to $1100.
In the video below: How you can save money at tax time.
“If you get into October, you’re planning to self-lodge but you haven’t made any progress and you kind of give up and think I can’t do this, you can register with a tax agent by October 31 and you will get that extended deadline for May 15,” Chapman said.
If a taxpayer lodges their return and they owe the ATO money, there’s also a due date for payments to be made.
Chapman said it varies but is generally sometime in November.
If the taxpayer fails to pay the fee by that deadline, it will begin to accrue interest.
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