Navigating the Australian tax calendar can be a complex task, especially for those unfamiliar with the specific due dates for various tax-related responsibilities. To make this easier, here’s a blog-style guide highlighting the key tax return dates in Australia for the financial year 2024.
Tax Year Start and End
The Australian financial tax year starts on 1 July and ends on 30 June the following year. For the 2023-2024 financial year, this means the period covered is from 1 July 2023 to 30 June 2024.
Individual Tax Return Lodgement
Standard Deadline: For individuals, the standard deadline for lodging a tax return is 31 October 2024. This applies if you are lodging your tax return yourself.
Through a Tax Agent: If you are using a registered tax agent, you may have a different deadline, often extending into the next year, provided you are registered with them before 31 October.
Business Activity Statements (BAS)
Quarterly Lodgements: For those lodging quarterly BAS, the deadlines typically fall on the 28th day of the month following the end of the quarter (28 October, 28 February, 28 April, and 28 July).
Monthly Lodgements: If you are required to lodge monthly, the due date is generally the 21st day of the following month.
Company Tax Returns
Companies in Australia generally need to lodge their tax returns by 15 May of the following year if they use a tax agent. Otherwise, the due date is typically earlier.
PAYG Summaries
Employers must provide PAYG (Pay As You Go) withholding payment summaries to their employees by 14 July each year.
Fringe Benefits Tax (FBT)
For those who need to lodge an FBT return, the due date is 21 May, following the end of the FBT year (1 April to 31 March).
Superannuation Contributions
Superannuation contributions by employers for their employees must be made quarterly, with deadlines on 28 October, 28 January, 28 April, and 28 July.
Special Circumstances
In cases of natural disasters or other exceptional circumstances, the ATO may offer extensions or different due dates.
Tips for Compliance
Stay Informed: Tax laws and deadlines can change, so it’s crucial to stay informed by regularly checking the ATO website or giving us a call.
Use Digital Tools: Utilize digital tools and the ATO’s online services for reminders and easier lodgement.
Staying ahead of these key dates can significantly reduce stress and ensure compliance with Australian tax obligations. For more detailed information and specific queries, visiting the Australian Taxation Office (ATO) is recommended. Remember, this guide is a general overview, and individual circumstances may vary.
