If you don't submit your tax return on time, you could end up with a hefty fine.

Tax Return Due Date: The due date for individual tax returns in Australia is typically 31st October each year. However, if you use a registered tax agent, you may have a later due date, often in May of the following year.

Penalties for Late Tax Returns:  The Australian Taxation Office (ATO) can charge you a "late filing penalty" (FTL). This penalty is calculated by adding $275 for each 28 days or part of it that your tax return is overdue, up to a maximum of $1,375. For bigger organizations, the penalty can be even higher, multiplied by two or five.

1. If you're 1-28 days late, you'll pay $275.
2. If you're 28-56 days late, it's $550.
3. Being 57-84 days late means a penalty of $825.
4. If you're 85-112 days late, the penalty is $1,100.
5. And if you're over 113 days late, you'll owe the maximum of $1,375.

Consequences of Late Filing: The ATO can take legal action and use debt collection agencies to recover unpaid tax debts.