ATO TELLS LATE FILERS REFUNDS LIKELY

TAX season stragglers risk fines of up to $1110 if they continue to “bury their heads in the sand” and fail to prepare for the looming deadline.

November 1 is the last day you can enter your 2020-21 tax return without risking a fine from the Australian Taxation Office, with the potential $222 “failure to lodge” penalty growing the longer you wait.

But the image of the malevolent tax bogeyman is something the ATO is trying to dispel, with the agency this year hoping to help people realise filing a return is not the drama they might expect.

ATO assistant commissioner Tim Loh said late lodgement fines were usually reserved for those who owed money, and not the 80 per cent of people who ended up receiving something back.

“There’s a four in five chance you’ll be getting a refund anyway, so the odds are better than backing a Melbourne Cup winner,” Mr Loh said. “The longer you wait, the chances are you’re missing out on a refund. And if you’re receiving childcare support, CCS or the family tax benefit, you’re required to do it so you get those benefits.”

Those using a registered tax agent usually have until May to make an appointment, meaning a fine is unlikely if they miss November 1.