Millions of Australians fail to lodge tax returns

More than four million Australians could be failing to file their tax returns, those with savings accounts might be interested to learn.

Figures from the Australian Tax Office revealed that while 13 million individuals lodge an annual return, up to 4.3 million have yet to do so for the 2008-09 tax year, reports the Daily Telegraph.

The data showed that about 700,000 taxpayers had to enter into special plans to repay their debt to the Australian Tax Office in 2009-10, which represents a rise of 32 per cent in four years.

According to Yasser El-Ansary, an expert with the Institute of Chartered Accountants, those with small businesses are finding it particularly difficult to deal with their taxes.

This comes after Aussies hoping to increase their funds by comparing credit cards were warned by the Australian Tax Office that fake emails offering refunds are being circulated in the Redland Bay area, the Bayside Bulletin reported.

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