The deadline for tax returns is swiftly approaching on 31 October. Missing this date could result in a $313 fine every 28 days, with the total penalty potentially reaching $1,565 if you neglect your tax return entirely.

To steer clear of these penalties:

1. Submit your tax return by 31 October.
2. Alternatively, register with an accountant by the same date, which extends your deadline to May 2024.

Penalties are automatic, but the ATO tends to be lenient, especially for returns with a nil result or those generating a refund, according to H&R Block’s Mark Chaman.

Filing early is beneficial. Any refund is essentially your money, and claiming it sooner can be advantageous. For instance, you can invest in high-interest savings accounts or offset home loan interests.

Remember to act quickly to avoid unnecessary fines.