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Time Is Running Out to Lodge Your Own Tax Return

Think you still have plenty of time to lodge your tax return? Think again. 

The 31 October 2024 deadline is closer than you think, and if you’re one of those people who’s been putting it off, time is running out faster than you’d like to admit. It might seem tempting to wait until the last moment, but that could come with some serious consequences.

Don’t fall into the trap of thinking you can just handle it later. Late lodgment penalties and the headache of rushing through your paperwork aren’t worth it. Why not make it easy on yourself and get ahead before the deadline catches up with you?

Why Waiting Can Cost You

Maybe you’re dreading a tax bill or just haven’t had the time to sit down and go through everything. It’s easy to push it aside when life is already busy. But here’s the thing: the longer you wait, the more you risk being stuck in a panic as the deadline approaches. 

Lodge Your Own Tax Return by 31 October

And let’s not even talk about the possibility of a fine for lodging late. That’s money you could put to better use elsewhere, right?

Plus, delaying your return doesn’t push back the date you might owe any tax. No matter when you lodge if you owe money, the due date for payment is still the same—21 November. So, there’s really no benefit in waiting until the last minute. Get it out of the way now, and you’ll save yourself from that unnecessary stress later.

It’s Easier Than You Think

Here’s some good news: lodging your own tax return doesn’t have to be complicated. If your financial situation is pretty simple, the process can be quick and painless. The ATO’s myTax system already has most of the information you need, pre-filled and ready to go. 

All you have to do is double-check the details, add any additional income, and claim your deductions. If you’re eligible for a refund, that’s money back in your pocket—and who wouldn’t want that?

And let’s face it, the relief you’ll feel once it’s done is priceless. Instead of worrying about deadlines or possible fines, you can sit back and enjoy the peace of mind that comes with ticking off that box.

What Happens If You Miss the Deadline?

Not to sound dramatic, but missing the 31 October deadline isn’t something to take lightly. If you don’t lodge on time, you could face penalties, starting at $313 just for being one month late. The more you delay, the bigger the fines grow. 

And it doesn’t stop here. If you owe tax and don’t pay by 21 November, interest charges could start piling up, too. It is not worth the hassle or the extra cost. Getting your tax sorted now means you avoid these potential issues altogether. 

The 31 October 2024 deadline to lodge your tax return in Australia

Should You Use a Tax Agent or Not?

If your financial situation is a bit more complex, you might be thinking about using a tax agent. It’s a good option for those with multiple income sources or more complicated deductions. 

But here’s something important: if you plan to go down that road, you need to be on their books before 31 October. Miss that, and you’re still on the hook for lodging on time yourself.

But if your tax affairs are pretty straightforward, lodging yourself is often the faster, easier option. You don’t have to wait for someone else to do it for you, and if you’re owed a refund, you’ll get that cash back sooner.

Time’s Running Out—Take Action Now

The 31 October deadline might feel like it’s still a little while away, but time flies, and before you know it, you could be scrambling to get everything together. Why leave it to the last minute when you can cross it off your list now?

Don’t let procrastination get the better of you. Whether you’re using myTax or planning to see a tax agent, the important thing is to act now. Not only will you avoid the last-minute rush, but you’ll also dodge the risk of fines and interest charges. And hey, if you’re lucky, you might even get a refund—so why wait?

Time’s almost up. Are you ready to get it done and enjoy the relief of having it out of the way?

 

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