As we approach the final quarter of the year, it’s crucial for individuals and businesses alike to be aware of the upcoming tax deadlines in 2024 October Deadlines. Staying informed and prepared can help avoid the stress of last-minute rush and potential penalties associated with late submissions. As your tax agent, I’m here to guide you through these important dates and offer assistance to ensure you meet your tax obligations smoothly.

 Key Tax Deadlines in 2024 October Deadlines

1. Quarterly BAS (Business Activity Statement) Submission

  • Deadline: Typically, for those lodging quarterly, the Q1 July – September 2024 BAS is due by 28 October 2024.
  • Importance: The BAS reports your business’s Goods and Services Tax (GST), Pay As You Go (PAYG) instalments, PAYG withholding tax, and other taxes. On-time submission is critical to avoid interest and penalties.

2. Superannuation Guarantee Contributions

  • Deadline: The due date for superannuation guarantee contributions for the July – September 2024 quarter is 28 October 2024.
  • Importance: Employers must make quarterly contributions to their employees’ superannuation funds. Late payments may result in the Superannuation Guarantee Charge (SGC), including penalties and interest.

3. Tax Return Deadlines

  • For Individuals and Businesses: If you’re lodging your own tax returns for the 2023-2024 financial year, and you’re not using a tax agent, the deadline typically falls on 31 October 2024.
  • For Tax Agent Clients: Clients of tax agents usually have an extended deadline, provided they are registered with the agent before 31 October. It’s crucial to consult with your tax agent about specific extended deadlines applicable to your situation.
  • Importance: Timely tax return lodgment ensures compliance with the Australian Taxation Office (ATO) and avoids potential late lodgment penalties.

Tailored Advice

  • Tailored Advice: Our team can provide personalised advice based on your specific tax situation, ensuring you take advantage of all applicable deductions and tax incentives.

BAS Preparation and Lodgment

  • BAS Preparation and Lodgment: We can assist with the accurate preparation and on-time lodgment of your BAS, alleviating the complexity and ensuring compliance with GST and PAYG obligations.

Superannuation Guidance

  • Superannuation Guidance: We’ll help ensure you’re meeting your superannuation guarantee obligations, offering advice on managing contributions and avoiding the SGC.

Tax Return Preparation

  • Tax Return Preparation: Whether you’re an individual or a business, our experts are equipped to handle your tax return preparation, ensuring accuracy and maximising your return.

Proactive Planning

  • Proactive Planning: Beyond just meeting deadlines, we’re committed to helping you plan for the future, offering strategies for tax minimisation and financial growth.

As we move closer to these October deadlines, I encourage you to get in touch with us to discuss your specific needs and how we can assist in ensuring you meet all your tax obligations efficiently and effectively.