Days left until Australians face fines

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The tax filing deadline is fast approaching. This is what you need to know. (Images: Getty).

Australian taxpayers have one week to complete their tax return or register with a tax agent, before they have officially missed the tax deadline.

The tax filing deadline this year falls on Monday, November 1, as the traditional date of October 31 falls on a Sunday.

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“If you’re thinking of tinkering with your tax but haven’t done so yet, don’t worry. For people with straightforward tax matters, hosting through our myTax service can be done and dusted in less than 30 minutes, ”ATO Deputy Commissioner Tim Loh said on Monday.

“Most of your income and personal data will already be there; just confirm it’s correct, add any additional income, and claim your allowable deductions.

LOOK: Homework expenses that you can deduct from tax.

People staying with tax agents will have the same information pre-populated and usually have until May to submit their return, provided they are on their agent’s books by November 1.

So far this tax period, over $ 20 billion has been refunded to over 7.2 million taxpayers.

The ATO has so far reimbursed 7.2 million taxpayers over $ 20 million, but errors such as incorrect bank details, forgetting to report ineligible income or expenses will delay reimbursements.

“Four in five people receive a refund, with most refunds issued within two weeks. This process cannot be expedited, even if you call us, ”Loh said.

“If you would like to keep an eye on the progress of your return, you can do so by logging into the ATO app or through myGov.”

Once DIY taxpayers file their tax return, they should receive an SMS when the ATO is about to finalize the refund. This text should include an estimate of when they should receive a refund.

What happens if I miss the ATO tax deadline?

Failure to file a tax return or register with a tax agent by the November 1 date means taxpayers run the risk of fines ranging from $ 222 to $ 1,110.

However, the ATO is unlikely to impose a fine on those receiving a tax refund or those who do not normally submit late.

“If you are unable to file on time, we encourage you to contact us or speak to a registered tax agent as soon as possible,” Loh said.

“If you are delaying the deposit due to an overdue invoice that you cannot pay right away, we encourage you to deposit this week.”

This is because the ATO wants to see that taxpayers will strive to meet their tax obligations, even if they cannot cover the tax bill immediately.

“We can work with you to tailor a payment plan to your situation. In most cases, taxpayers can easily set up their own online payment plan depending on how much they owe. “

How much will I get back in my tax refund this year?

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However, this will depend on the amount of tax a taxpayer paid during the year and their personal circumstances.

People earning up to $ 126,000 will automatically receive tax compensation for low and middle income. This provides compensation of between $ 255 and $ 1,080, depending on the person’s income.

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