With just days remaining until the October 31st tax return deadline, a significant number of self-employed Australians are facing a last-minute rush to file their tax returns. A recent study by Hnry reveals that nearly half of self-employed individuals have yet to file, and a concerning 14% haven’t even started the process. Time constraints, stress, and perceived minimal rebates are the primary factors hindering timely tax filing. As the deadline looms, many are scrambling to complete their returns, risking potential penalties and financial burdens.
Hnry’s data revealed that nearly half (45%) of self-employed Australians have not yet filed their tax returns, and 14% haven’t even started preparing, despite the October 31st tax return deadline being just days away. It shows the main factors holding them back from filing being time constraints (43%), stress (26%) and believing rebates will be minimal (17%), with the average Aussie sole trader spending over $1,000 and 15 hours preparing their tax return.
Dr Christine Brown, Psychologist, 55 Melbourne VIC shared her experience: “Tax and financial admin is so complicated and time consuming, it takes a lot just to understand the basics. When I became a sole trader, managing my financial admin was not something I thought much about and I was surprised at how much I had to do. When you’re short on time you tend to focus on what you’re good at, and the tricky admin tasks end up in the “too hard” basket. Of course, this is to your own detriment because if you put your financial admin tasks off for too long, you can end up with late fees or a huge tax bill. Please don’t ask me how I know this!”
