Online Article - news.com.au

MORE than four million Australians have not yet lodged their annual tax returns, and time is running out.

People who prepare their own returns have until October 31 to lodge, while those who use a registered tax agent may have longer.

The Australian Taxation Office's latest figures show 7.8 million people have lodged returns since July 1, and more than $14.9 billion has been issued in refunds.

During the 2010-11 financial year, the ATO issued 780,000 penalties to people for offences such as failure to lodge their returns on time, and Australians should expect to be penalised if they don't comply with this year's cut-off date.

HLB Mann Judd tax partner Mariana von-Lucken says Australians who have left doing their return to the last minute need to get organised. Read more

Article published online on news.com.au on 22 October 2012.