Lodge on Time and Don't Risk a Fine

A few people have asked when their returns must be done by so I thought it worth mentioning here.

You have until the 31 October 2007 to lodge your 2006-07 tax return.

Late fines range from $110 to $550 if you lodge within four months after the due date, and up to $2,750 after that period. Interest is also incurred on outstanding tax.

Individuals lodging their own return must do so by October 31, whereas those registered under a tax agent have longer.

One reason many people avoid lodging on time is the fear they will have to pay a tax debt. If this applies to you, be aware that:

• you have plenty of time before now and the first payment,


• the ATO can work with you to come up with a manageable payment plan, and


• the longer you leave it, the more fines and interest charges you will eventually have to pay.

The lesson here is lodge on time and don't risk the fines.