When you need to lodge your tax return by to avoid a hefty fine

Tax deadline is looming, and Aussies are urged to get their books in order to avoid getting hit by a a hefty late fine.

October 31 is the final day for people to either lodge their return or register with a tax agent, before they become open to stiff penalties.

People who don't lodge in time can be fined $222 every 28 days, up to five times, depending on how overdue their returns are.

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This means serious latecomers can expect a maximum penalty of $1110.

"The good news is that, whilst the penalty is normally applied automatically, it is not normally applied to returns that either have a nil result or generate a refund," H&R Block director of tax communications Mark Chapman said.

"In addition, where a penalty is applied, the ATO will sometimes remit it where it is 'fair and reasonable to do so', for example in the event of natural disaster or serious illness."

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Chapman said everybody who earned more than $18,200 - the tax-free threshold - was obliged to lodge a return.

"In some cases, you may be required to lodge even if you earn less than that amount, for example if you worked and had tax deducted from your pay," he said.

There is a way to lodge later than October 31, if your circumstances won't permit you to make the deadline.

"You simply need to be registered as a tax agent client by 31 October 2021 and you can lodge your tax return through that agent as late as 15 May 2023," Chapman said.

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