With a tax deadline looming, one particular group of workers is delaying their annual return due to “tax paralysis”, according to new data.
The Australian Taxation Office is urging anyone wishing to lodge their own tax return to move quickly or risk a fine with the October 31 cut off point fast approaching.
The deadline only applies to those planning on submitting their own return, while those with a tax agent have until May 15 next year to file. One subset of the workforce, those who are self-employed, are holding off amid high costs and lower rebates, the Sole Trader Pulse by tax service Hnry has revealed.The representative data, based on interviews with 500 sole traders, shows almost one in two self-employed workers are yet to submit their tax return despite the deadline being just days away.
“Our research shows sole traders spend an average of six hours on financial admin every week,” he said.
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