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  • 2 months ago
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00:00More than 2 million Aussies have less than three weeks to lodge their 2024 to 2025 tax
00:07returns or 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
00:20submitted, about 15 million are expected this year.
00:24Individuals who miss the October 31st deadline risk a starting penalty of $330 which increases
00:32every 28 days up to the maximum $1,650. Delaying lodgement does not give extra time to pay
00:41with any tax owed due by November 21st. You need to actually be able to show not only that you spent
00:46the money but what you spent it on and when. The ATO usually contacts taxpayers before applying
00:54penalties and may consider extenuating circumstances such as illness or natural disasters when deciding
01:01on fines. CPA Australia urged taxpayers with complex finances including rental properties,
01:08crypto assets or side hustles to seek professional help to ensure accuracy and potentially gain extra time.
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