Don’t Miss the 31 October Tax Deadline:
What You Need to Know About Lodgement, Penalties & Extensions
📅 1. Who Needs to Lodge by 31 October?
If you’re an individual taxpayer and not using a registered tax agent, your tax return for the financial year ending 30 June must be lodged with the Australian Taxation Office (ATO) by 31 October.
This deadline applies to:
- Individuals lodging their own return via myTax
- Those who haven’t engaged a tax agent before 31 October
Missing this deadline can trigger penalties and interest charges — even if you’re due a refund.
⚠️ 2. What Happens If You Lodge Late?
📌 Failure to Lodge (FTL) Penalty
The ATO applies FTL penalties to late-lodged returns, reports, and statements. These penalties are calculated in 28-day blocks, up to a maximum of 5 blocks, and vary depending on your entity size:
| Entity Type | Turnover Range | Penalty Units per 28 Days | Max Penalty (5 Blocks) |
|---|---|---|---|
| Small Entity | Under $1 million | 1 unit | 5 units |
| Medium Entity | $1 million – $20 million | 2 units | 10 units |
| Large Entity | Over $20 million | 5 units | 25 units |
- As of November 2024, each penalty unit is $330, meaning a small entity could face up to $1,650 per lodgement.
- These penalties apply per lodgement, so if you have multiple outstanding returns, penalties may apply to each one individually.
📄 Lodgements That May Incur FTL Penalties
According to the ATO, FTL penalties may apply to the following:
- Activity statements
- Tax returns
- FBT returns
- PAYG withholding annual reports
- Single Touch Payroll (STP) reports
- Annual GST returns and information reports
- Taxable payment annual reports (TPAR)
💰 General Interest Charge (GIC)
If you owe tax and lodge late, the ATO may also apply GIC — a daily compounding interest on your unpaid tax debt. This is calculated using the ATO’s quarterly rates and can add up quickly.
✅ 3. How to Avoid Penalties
- Lodge on time via myTax or paper return
- Engage a registered tax agent before 31 October
- Keep your contact details up to date with the ATO
- Respond promptly to any ATO correspondence
🎁 4. Bonus: Extended Time to Lodge with a Registered Tax Agent
If you’re on my client list before 31 October, you’ll benefit from an extended lodgement deadline — often into May of the following year.
This extension also applies to:
- Payment due dates — giving you more time to pay any tax owed to the ATO
- Lodgement flexibility for complex or delayed documentation
💡 5. Final Tips
- Don’t wait until the last minute — the earlier you act, the more options you have
- If you’re unsure whether you need to lodge, reach out and I’ll help assess your situation
- Already late? Let’s chat — I can help minimise penalties and get you back on track
⚖️ 6. Disclaimer
This blog post is intended as general information only and does not constitute financial or tax advice. You should consult with a registered tax agent or the Australian Taxation Office (ATO) for advice tailored to your individual circumstances.