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The deadline for self-lodged tax returns is fast approaching, with taxpayers required to turn over their details by October 31.
Australians who handle their own personal income tax returns now have just four weeks to complete their tax returns for the 2022-2023 financial year, or run the risk of incurring a failure to lodge (FTL) penalty.
The Australian Taxation Office (ATO) applies one penalty unit per 28 days a personal tax return remains overdue, up to a maximum of five penalty units.
The value of a single penalty unit is $313, meaning FTL penalties could cost the latest lodgers up to $1,565.
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