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The penalty for lodging a tax return after the deadline in Australia is set to increase, if proposed legislation passes before the end of the financial year on July 1. The 5.4 per cent increase will bring the existing $313 penalty up to $330, and the penalty will continue to go up every three years after that, in line with indexation. Australia ns lodging their own tax returns for the 2023-2024 financial year will have until the October 31 deadline before a penalty is imposed.
It states that the change will commence “four weeks after passage of legislation”, and the review of the Crimes and Other Legislation Amendment Bill 2024 is currently before the parliament. The “penalty unit” is not just for late tax returns, it is also used by the Australian Taxation Office to deter communication, financial, tax and fraud offences. When the new increase comes into effect, the penalty will have increased by 83 per cent since 2017, according to DBA Lawyers.
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