Australians risk a hefty fine for failing to file their tax return on time, but there is another threat waiting to cash in on those scrambling to meet the October 31 deadline.
People lodging their own income tax return have just over a week to do so, with a $330 penalty on the cards for those who do not submit the document before the end of the month.
There will also be an extra $330 charge every 28 days, up to a maximum of five times, meaning the fine could ultimately cost you $1,650.
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For those turning to a tax agent, you “need to be on their books before” the deadline.
“If you haven’t already done it, set aside some time over the next week to compile your evidence and get your return in on time,” CPA Australia’s tax lead Jenny Wong said.
“Or seek expert advice from a registered tax agent who can assist, especially if your finances are complicated.”
Experts say the late rush to lodge a return can open you up to the threat of scammers, who will “target people with last-minute calls to action, or promises of substantial refunds”.
Australians need to be on alert, particularly for SMS messages that purport to be from the ATO.
“Tax scams become more and more sophisticated every year and scammers prey on the circumstances at the time – in this case, the deadline to lodge is approaching,” Wong said.
“Be very wary of anyone offering unsolicited, last-minute help to file your tax returns, especially if the offer or promise of returns sounds too good to be true.
“Scams could come via email, social media, text message or phone calls.”
The ATO will warn you by phone or in writing that you have missed the deadline.
“We recognise that sometimes people don’t meet their lodgment obligations on time, even with the best intentions,” the ATO said.
“Generally, we don’t apply penalties in isolated cases of late lodgment.
“We consider your circumstances when deciding what action to take.”
The ATO will send you a written notice of the reason for the penalty and the amount, should it choose to impose the penalty.