October 31 has come and gone and it's safe to say some Australians out there – for any number of reasons – missed the deadline for filing their tax return .

Penalties apply for not filing on time, starting with an immediate $330 fine, which increases by $330 for every full or partial 28-day period until the return is filed.

The penalties are capped at $1650 for individuals.

So if you've missed filing on time, what's your best course of action?

"If you've missed the tax deadline, don't panic – but don't ignore it either," H & R Block director of tax communications Mark Chapman said.

"The best thing you can do is lodge your return as soon as possible. The longer you wait, the higher the risk of penalties."

He said the Australian Taxation Office was "generally more understanding

See Full Page