Australia’s largest accounting body is urging Australians not to let their tax returns become a financial fright fest, with the October 31 deadline fast approaching.

CPA Australia says it’s time to get your DIY tax affairs in order before Halloween or at least get on the books of a tax agent to secure an extension.

CPA Australia’s tax lead Jenny Wong said while we're all busy, lodging your tax return on time is important, and your responsibility.

“Leaving it until the last minute comes with the risk that you cut corners, get things wrong and don’t submit your return accurately," Ms Wong said.

"You could receive a less favourable outcome, plus missing the deadline could summon a scary penalty from the ATO.

“Rushing to lodge your tax return can also put you at greater risk of falling for scams as scammers target people with last-minute calls to action, or promises of substantial refunds.

"So, if you haven’t already done it, set aside some time over the next week to compile your evidence and get your return in on time, or seek expert advice from a registered tax agent who can assist."

CPA Australia’s top 3 tips for fright-free tax lodgement is to check the pre-filled information carefully and don’t simply copy and paste last year’s deductions if lodging yourself through myGov, get the expert advice of a CPA if you have complex finances like a rental property, and avoid scammers by being wary of unsolicited calls, SMS messages and emails claiming to be from the ATO.

Ms Wong recommends taxpayers register for myID to increase their online security and help reduce the risk of identify fraud.

The deadline for DIY lodgers, or to register with a tax agent, is by Friday, 31 October, or contact the ATO if you need an extension to avoid a penalty, currently $330 for each 28-day period your return is overdue.