Half a million Aussies have three days to dodge $1650 fine

Hundreds of thousands of Australians are staring down the barrel of a possible $1600 fine, with just three days left to file an income tax return for the past financial year.

The Australian Taxation Office confirmed to 9news.com.au that more than half a million taxpayers were yet to lodge their returns.

More than 10.2 million have filed on time.

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The deadline for doing so is this Friday, October 31.

People can face hefty fines for missing the deadline, starting with an immediate $330 penalty.

This increases by $330 for every full or partial 28-day period until the return is filed, so if you file it 30 days late, you will still be charged an extra $330 for those two days past 28.

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The penalties are capped at $1650 for individuals.

All bills are due by November 21, and people have previously been warned about buying into "myth" that late lodgment meant an extension of payment deadlines.

"There's a bit of a myth that delaying lodgment of your tax return will buy you more time to pay – that's not true," ATO assistant commissioner Rob Thomson said earlier this month.

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"If you have prepared your own tax return and incur a tax bill, it will be due on 21 November."

People who engage a tax agent to prepare their return can skip the October 31 deadline, as long as they're on the agent's books before that date.

Tax agents must be registered with the Tax Practitioners Board (TPB), which you can check online.

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