today Expert warns Australians to lodge tax returns by October 31 cut-off date
A brutal cut-off date is looming for all Aussies — and if you stuff up, the ATO will “bring out the big guns” and “escalate the pain”.
Part: Procrastinators have been put on notice as the October 31 tax deadline fast approaches, with those who fall foul of the tax man risking fines of up to $1050 — or worse.
According to H & R Block’s director of tax communications Mark Chapman, Aussies could face serious penalties if they fail to lodge a tax return by the end of the month.
The punishment for overdue tax returns increases depending on just how late you are, with fines increasing by $210 for every 28-day period you’re overdue.
“On November 1 you could potentially be fined $210 and 28 days later another $210 and so on, which keeps accumulating all the way up to a maximum financial penalty of $1050,” Mr Chapman told news.com.au.
“If you still haven’t lodged after that, the ATO will bring out the big guns and issue you an estimation of assessment where the ATO guesses your income and potentially prosecutes.
