Aussies set to be fined $1,650 for making a simple mistake with their tax ... trends now
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Aussies could be fined up to $1,650 for lodging their tax return late if new legislation passes before the end of the financial year.
The current late penalty of $313 is to be increased by 5.4 per cent to $330, with the penalty increasing every three years after that, due to indexation.
This year's deadline for submitting tax returns is October 31.
If a tax return has not been submitted by this date, the expected penalty of $330 will be allocated, and the Australian Tax Office (ATO) warns the fine may be increased every 28 days after the deadline.
There is a maximum amount of times the fine can be applied - five - which means the new fine could total $1,650.
Aussies lodging their own tax return are set to face a higher penalty if they miss the October 31 deadline (pictured stock photo of a woman doing paperwork)
When it comes to medium and large entities, the fine increases by two and five respectively.
Aussies using a tax agent get a later deadline - usually in May the following year - as long as they are registered with the professional who is lodging their return before the October 31 deadline.
The $17 increase to the fine, called the 'Commonwealth penalty unit', was detailed in the mid-year economic and fiscal outlook 2023-2024,
