Everything You Need To Know About Australia Tax Return 2024

By Kaleem Ulah

August 24, 2023

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Australia has one of the most complicated tax requirements. Therefore, each tax season comes with important information Aussies must notice. The tax system in Australia is progressive, which means that the more money you make, the more you pay in taxes. They have a tax year that starts on July 1 and ends on June 30 of the following year. 

We understand that paying taxes isn't at the top of anyone's list of favourite things. Nonetheless, there is no reason for them to be worrisome! This article will walk you through filing your tax return for 2023 and cover all you need to know to do it successfully. We will help you understand how to file your tax return in 2024 by answering some of the most common questions about the system.

Important 2024/2025 financial year tax dates

Nobody wants to find oneself subject to a penalty from the Australian Taxation Office because they missed a crucial deadline for filing their tax return. Make sure you stay on course by using this list of important Australian tax dates for 2024.

2025 Financial Year tax dates

January 21, 2024

Put in and pay the quarterly PAYG activity statement for head companies of combined business groups for June 2023–24. If your business makes less than $10 million a year and files its GST returns electronically every month, you do not need to file and pay the December 2023 monthly business activity statement. This exception is for clients who report GST and file online every month.

January 28, 2024

Ensure you make your superannuation guarantee contributions for the October-December 2023 period (Quarter 2 of the 2023-24 financial year) to your workers' super funds by the specified deadline.

Meeting this date is crucial to prevent any potential penalties. Employers who do not meet the minimum super guarantee payments for Quarter 2 by this deadline must pay the superannuation guarantee charge. In addition, they must submit a Superannuation Guarantee Charge statement to the ATO no later than 28 February 2024. Adhering to payment dates is crucial to prevent penalties for failing to meet superannuation guarantee commitments.

15 May 2024

All entities not previously obligated to submit and not qualifying for the 5 June filing exemption must submit their 2024 tax filings. This encompasses any surviving combined entities. The payment deadline for any tax liabilities applies to companies and superannuation funds falling under this category. Individuals and trusts falling under this category must make payments per the specified date mentioned on their notice of assessment.

June 25, 2024

Submit tax returns for all entities by 15 May 2024 if they were exempt from taxes or received a credit evaluation in the most recent year filed and if they satisfy the same requirements for the current year. This specifically excludes taxpayers classified as large or medium-sized, as well as the main enterprises within consolidated groupings.

Individuals and trusts must submit their tax returns by 15 May 2024, with the payment of any tax owed.

The ATO acknowledges that 15 May 2024 is a date that allows for some concessions. If taxpayers complete both the lodgment and payment by this date, the failure to lodge penalties will be waived. Nevertheless, the original underlying lodgment due date remains unchanged. This agreement offers flexibility, granting taxpayers tolerance as long as they fulfil their lodgment duties by the deadline of 15 May.

30 June 2024

To obtain a tax deduction in the 2023–24 financial year, it is necessary to pay for super guarantee contributions by the specified deadline. For clients who receive Child Care Subsidy and Family Tax Benefit payments from Services Australia, it is mandatory for both the client and their partners to submit their 2022-23 tax return by 30 June 2024, irrespective of any deferrals that may be in effect.

1 July 2024

On June 30, 2024, Australia will have reached the end of the current fiscal year. The Australian Taxation Office (ATO) started to process tax returns from the most recent fiscal year, but wait! It is in your best interest not to jump in too quickly. If you have a full-time job and run a side business, you must wait for your documentation to be deemed 'tax ready' before filing your taxes. Employers have till the 14th of July to update their records and upload them to the ATO to declare the PAYG tax and superannuation payments that have been made on behalf of their staff members.

31 October 2024

Individuals, sole proprietorships, independent contractors, and trusts are required to file tax returns with the Australian Taxation Office (ATO) before Oct 31st. If you or your small business uses the services of a tax professional, you have a little bit longer to file your taxes. Be aware that the deadline of May 15 can be extended for individual taxpayers, but this is conditional on the fact that the tax agent you have opted to hire must have added you to their client list by the end of October. You will not be eligible for the extended tax deadline if you have not submitted a return for the two years before the current one.

February 28, 2025

This is the deadline by which medium to large trusts that are not taxable but have an annual income of more than $10 million in the most recent year for which their tax returns were lodged are required to submit their tax returns. New registrations for big to medium trusts are also expected to be submitted.

31 March 2025

Individuals and trusts with a tax liability of $20,000 or more due to their most recent return are required to file tax returns by the due date.

When is the 2024 Australia tax return due date?

The deadline for filing your tax return, if you are preparing and submitting it yourself, for the preceding fiscal year (July 1 - June 30) is October 31. You can submit your tax return using The Kalculator's Online Tax Return portal. This efficient and user-friendly method assures you of having your tax return reviewed by one of our expert tax agents before submitting it.

Engaging the services of a tax agent or accountant to fulfil your tax return obligations will grant you eligibility for an extended deadline for submitting your tax return. The deadline may vary based on circumstances, although it can extend until May 15. It is crucial to emphasise that to utilise the services of an accountant and benefit from this extension; it is necessary to register with the tax accountant by October 31. Typically, if you have unresolved tax returns from past years, you are generally not qualified for an extension on the deadline for filing your taxes.

Conclusion

Understanding Australia's tax return system is crucial for individuals earning income there. Filing your tax return on time and claiming any applicable rebates can minimise your tax liability and ensure compliance. Remember to seek professional advice if you encounter difficulties or have specific tax-related questions. Also, find out how to get the most tax refunds for the 2024 fiscal year.

Filling out your tax returns might be stressful, but you can breeze through it with some forethought. All Australians have no reason to fear when it comes to filing their taxes because The Kalculators is always available to help. Feel free to contact us if you're struggling to prepare for your forthcoming BAS or IAS. Our expert tax preparers are committed to helping you avoid trouble with the tax authorities and any associated fines. If you need help completing your tax returns or anything related to them, please get in touch with us.

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Frequently Asked Questions

Who needs to file an Australian tax return?

Any individual, including residents, temporary residents, and non-residents, who have earned income in Australia during the tax year must file an Australian tax return. To comply with the country's tax regulations, individuals who generate money must acquire a tax file number (TFN) and fulfil their tax obligations by paying taxes on their earnings. Your annual tax obligation calculation is established by filing your yearly tax return. Employers automatically withhold income tax from employees' paychecks throughout the fiscal year, from July 1 to June 30. Self-employed individuals have the obligation to make regular income tax payments. Filing a tax return at the end of each fiscal year is necessary.

What information is required to file an Australia tax return?

When filing a tax return in Australia, you must furnish details regarding your earnings, deductions, tax credits, and superannuation. To guarantee precision and adherence to ATO regulations, it is crucial to possess the appropriate documents readily available. Please ensure that you furnish your PAYG payment summaries from employers, bank statements, share dividend statements, records of deductions, and any other pertinent evidence.

Additionally, it is necessary to furnish specific information regarding any applicable tax offsets or deductions, such as deductions for expenses associated with employment or contributions made to charitable organisations. Maintaining records of these deductions is crucial if the ATO demands them later. You must complete a tax return form if you submit a paper tax return. The ATO website offers a variety of tax return forms that can be downloaded. If you choose to lodge electronically, the process is significantly easier. Utilise myTax, a complimentary service provided by the ATO that enables you to submit your tax return electronically.

How to File an Australia Tax Return?

You can file an Australia tax return online using the myTax portal provided by the ATO (Australian Taxation Office). Alternatively, you can complete a paper tax return and send it to the ATO via mail or fax.

What types of tax are payable in Australia?

In Australia, there are three types of taxes:

  • Income Tax: This is calculated based on your income during the tax year.
  • Goods and Services Tax (GST): This tax is imposed on most goods and services sold in Australia.
  • Medicare Levy: This medicare levy is imposed on individuals and is used to fund healthcare services.
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About the Author / By Kaleem Ulah

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Kaleem is CEO & Author at "The Kalculators". With more than 10 years of experience in financial services, He built Kalculators to transform your financial challenges into strategic triumphs!

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