ATO tax bill deadline just hours away before daily interest penalty hits

Australians with a tax bill have just hours left to pay it before getting hit with a mounting penalty.

Anyone who has lodged their own return, including sole traders, must pay their tax bill by Tuesday.

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This includes taxpayers who lodged their return after the October 31 cut-off.

The ATO warns that a failure to meet this week’s deadline will bump up the cost, with outstanding bills to increase daily from Wednesday.

The tax debt will begin to accrue interest daily, at an annual rate of 11.15 per cent.

Taxpayers who used a registered tax agent to lodge may have longer to sort out their finances.

The ATO does have payment plans available but says taxpayers are likely to be better off financially if they pay in full and on time.

Having multiple overdue tax debts may cause the payment plan to default, meaning the bill will need to be paid in full to avoid debt recovery action.

For anyone who chooses not to engage, the warning is clear: the ATO will take “swift and firm actions”.

This could include a director penalty notice, a garnishee, a disclosure of the business’ tax debt, and in some cases, legal action such as winding up a business.

For more information on payment plans, visit the ATO’s help page.

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