Australia tax deadline: Two million people yet to lodge returns

Approximately two million Australians have yet to lodge their tax returns ahead of the upcoming deadline. While the traditional cutoff is October 31, because the date falls on a Saturday this year, self-lodgers have until 11:59 pm on Monday, November 2, to submit their paperwork.

Failure to meet the deadline can result in significant financial consequences. Individuals face an initial fine of $364, which increases by $364 every 28 days, up to a maximum of $1,820. Additionally, the Australian Taxation Office (ATO) may apply an interest charge of 11.51 per cent on outstanding amounts, which can be compounded daily. Penalties for underpaying or recklessly filing can range from 25 per cent to 75 per cent of the shortfall.

Experts warn that while those using registered tax agents may be eligible for extensions into 2027, they must be registered with an agent before the October 31 deadline. The ATO has already blocked over 10,000 tax returns this year involving deductions worth $170 million from suspected unregistered agents.