Filing your tax return on time is crucial for avoiding penalties and ensuring you receive any refunds promptly. Knowing the key dates for lodging your 2024 tax return can help you plan ahead and manage your finances effectively. In this article, we’ll outline the important dates you need to remember for lodging your tax return in 2024.
Start of the Financial Year: 1 July 2023
The Australian financial year begins on 1 July 2023. This marks the start of the period during which you should begin organising your financial records and gathering the necessary documents for your 2024 tax return. Whether you are an employee, a business owner, or earning income from investments, keeping accurate records from this date can simplify the tax filing process.
Tax Return Lodgement Period: 1 July 2024
From 1 July 2024, you can officially start lodging your 2024 tax return. The Australian Taxation Office (ATO) begins accepting tax returns from this date onwards. Early lodgement can be advantageous, especially if you anticipate receiving a tax refund. It allows for quicker processing and reduces the risk of missing the deadline.
Deadline for Lodgement: 31 October 2024
The general deadline for lodging your 2024 tax return is 31 October 2024. This deadline applies to most individuals who lodge their tax returns themselves and are not using the services of a registered tax agent. Failing to lodge your tax return by this date may result in penalties and interest charges, so it’s important to ensure you submit your return on time.
Lodgement through a Registered Tax Agent: 15 May 2025
If you engage the services of a registered tax agent to prepare and lodge your tax return, you may be eligible for an extended deadline. The deadline for tax agents to lodge returns is typically 15 May of the following year, which for the 2024 tax year would be 15 May 2025. It’s advisable to engage a tax agent well before the general lodgement deadline to allow sufficient time for preparation and review of your tax return.
Quarterly Activity Statements: Various Dates
Businesses and individuals with specific types of income may be required to lodge quarterly activity statements throughout the financial year. The due dates for these statements are as follows:
Q1 (July-September): 28 October 2024
Q2 (October-December): 28 February 2025
Q3 (January-March): 28 April 2025
Q4 (April-June): 28 July 2025
These dates apply to businesses reporting their business activity statement (BAS) or individuals reporting other types of income such as investment income or rental income. Timely lodgement of these statements ensures compliance with tax obligations and helps manage cash flow throughout the year.
Important Tips for Lodging Your 2024 Tax Return:
Preparing and lodging your tax return can be a straightforward process if you follow these tips:
- Keep accurate records: Maintain detailed records of income, expenses, and deductions throughout the financial year to substantiate your claims.
- Seek professional advice: If you have complex tax affairs, consider seeking advice from a registered tax agent or accountant. They can provide tailored advice and ensure you maximise your deductions while complying with tax laws.
- Use ATO resources: The ATO provides online tools and resources to assist taxpayers in preparing and lodging their tax returns accurately. Utilise these resources to navigate tax obligations effectively.
Being aware of these key dates and tips can help you effectively manage your tax obligations and ensure you lodge your 2024 tax return on time. Marking these dates in your calendar, staying organised with your financial records, and utilising available resources can streamline the tax filing process. For personalised assistance with your tax return or any questions regarding tax obligations, contact us at Taxology. We’re here to help you navigate the complexities of taxation and achieve financial peace of mind.