When it comes to tax returns in Australia, knowing your deadlines is crucial. Whether you’re an individual taxpayer, a business owner, or using a tax agent, staying informed about due dates helps avoid penalties and ensures financial compliance.
Late tax returns can result in fines and penalties and depending on how late it is, may required you to lodge earlier in future years.
If you are a few years behind in your tax returns, the most important thing is to make sure that you do not let it get out of hand, the ATO generally will not permit you to amend significant returns if you get something wrong, and if you don’t have receipts you will not be able to claim deductions for the expenses that you have made.
For Individual Taxpayers
Standard Deadline: The Australian Taxation Office (ATO) sets the standard deadline for individual tax returns at 31 October following the end of the financial year (which runs from 1 July to 30 June). So, for the 2023-2024 financial year, your tax return is due by 31 October 2024.
Extension Possibility: If you’re planning to use the services of a registered tax agent, you might be eligible for an extended deadline. However, you must be enrolled with a tax agent before the standard 31 October deadline.
For Businesses
Varied Deadlines: Business tax return deadlines can vary depending on the structure and circumstances of your business. Typically, companies are expected to lodge their returns by 15 May of the following year if they are using a tax agent.
Different Reporting Requirements: Depending on your business operations, you may have additional reporting requirements and deadlines, such as Business Activity Statements (BAS).
Using a Tax Agent
Extended Deadlines: Tax agents often have special lodgement schedules which can extend your deadlines. However, it’s important to engage with a tax agent early to take advantage of these extensions.
Our Role: A registered tax agent can help you navigate the complexities of tax lodgement, ensuring that your returns are accurate and timely.
Tips for Timely Lodgement
Stay Organised: Keep your financial records organised throughout the year to avoid last-minute rushes. Photos and digital copies are okay for retaining your tax records.
Understand Your Obligations: Familiarise yourself with the specific tax obligations relevant to your situation. Most professions have similar items that they can claim, so be aware of what is specific to your situation.
Use Digital Tools: Leverage the ATO’s online services and digital tools for reminders and easier lodgement. These can include using digital log books or keeping your receipts as either photos or scanned copies. There is no longer a need to keep physical receipts if you have kept them via digital means.
Seek Professional Advice: When in doubt, consult a tax professional or a registered tax agent for personalised advice. We are here to help and can navigate you through the process of getting your returns done. If you have done something incorrectly or need help amending your return, it is always easier to have this completed by a tax agent, who can help you get it right.
Meeting your tax return deadlines is a crucial aspect of financial management. By staying informed and prepared, you can ensure that you meet your tax obligations efficiently and effectively. If you are running behind, the best thing you can do is to catch up your returns as soon as practical, doing nothing is not a good way to manage your tax responsibilities. Even if you are due a refund, it is important that you get your return lodged, penalties can still apply if your return is lodged outside of the lodgment period.
