More than a million Australians are yet to lodge their tax return and are at risk of being fined, with the deadline only a week away.While 9.4 million returns have already been lodged, and about 60,000 people are submitting one every day, the Australian Taxation Office (ATO) said it believes 1.5 million Australians still need to get their paperwork in.The deadline for taxpayers who prepare their own return is October 31, although those who appoint a registered tax agent before the cut-off date are given longer to lodge.
About 1.5 million Australians still need to get their tax returns in. (Glenn Campbell)"We've had over 1 million lodgments so far this month alone," ATO assistant commissioner Rob Thomson said."For those who haven't yet started, it's not scary or complicated."People with simple affairs will find that you should be able to lodge your tax return in the time it takes to cook a frozen pizza."We're all guilty of sometimes leaving things to the last minute, but taking half an hour this weekend to complete your tax return will save you time and money in the long run, as penalties can apply if you lodge late."
The ATO can take court action against people who don't lodge a tax return. (AFR/ Luis Enrique Ascui)Those penalties can include fines or even imprisonment.People who don't submit their return on time face a fine of $313 for every four weeks they delay, up to a maximum of $1565.These countries have the highest income tax rates in the developed worldView GalleryIn more serious cases, the ATO can take court action, leading to further fines or up to 12 months in jail.
