Tax return 2025 deadline: Aussies face fines up to $1650

Australian Community Media

Millions of Aussies are at risk of copping fines up to $1650 if they miss the October 31 tax return deadline. This video includes ACM-produced voiceover powered by AI.

Transcript

00:00More than two million Aussies have less than three weeks to lodge their 2024 to 2025 tax returns

00:07or face failure to lodge penalties that can reach $1,650.

00:14The Australian Taxation Office reported that while 8.7 million returns have already been submitted,

00:21about 15 million are expected this year.

00:24Individuals who miss the October 31st deadline risk a starting penalty of $330,

00:30which increases every 28 days up to the maximum $1,650.

00:37Delaying lodgement does not give extra time to pay, with any tax owed due by November 21st.

00:44You need to actually be able to show not only that you spent the money but what you spent it on and when.

00:49The ATO usually contacts taxpayers before applying penalties and may consider extenuating circumstances

00:57such as illness or natural disasters when deciding on fines.

01:02CPA Australia urged taxpayers with complex finances, including rental properties, crypto assets or side

01:09hustles to seek professional help to ensure accuracy and potentially gain extra time.

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