When is the individual tax return 2024 due date in Australia?

The 2024 Australian tax filing season is coming up quickly, so it's important to remember all the important dates and deadlines to ensure the process goes smoothly. You need to know when the tax return is due to avoid fines and ensure you follow the Australian Taxation Office (ATO) rules. To meet your tax responsibilities for the 2024 fiscal year, mark your calendar and stay current on the important dates.  Staying prepared and meeting these key dates will save you from unnecessary stress and possible fines, whether you're a business owner, an individual taxpayer, or a professional accountant. There are important times to remember for the Australian tax filing season 2024. This blog will show you those dates and when your tax return for 2024 will be due.

Due Date for the 2024 Tax Return

When the ATO gives you A due date for a tax, you have to send them the numbers that make up that tax. Usually, this is done by filling out the form and sending it to the ATO. You will also have to pay any money still owed from your filing. The last day to file an Australian tax return for 2024 is usually October 31. This date always appears on the tax calendar as the last day for people to file their Tax Returns with the ATO. But it's important to remember that the deadline might be pushed back if October 31 is a weekend or public holiday. It's best to watch for any official announcements from the ATO about deadline changes.

Even though the due date for filing tax returns is set, the ATO may offer different due dates for some taxpayers, like those who use a registered tax agency or live abroad. So, it's important to know about any changes to the due dates for deposits that may affect your situation. By being aware of these subtleties, filers can plan and ensure they meet their tax obligations on time. Tax returns must be filed on time to follow the law, and cash benefits may be available. There may be fines and interest charges for late filing, which can be easily avoided by meeting the dates. By filing their taxes by the due date, Australians can also get any possible tax refunds quickly, which gives them a chance to better handle their money.

As the due date for 2024 tax returns comes, people should organise their financial records, gather the necessary paperwork, and consider getting help from qualified tax professionals or using ATO-approved software to ensure they file their returns correctly and quickly. Preparing for the tax return ahead of time can help you avoid stress at the last minute and ensure the filing process goes smoothly.

Other Important Dates for Filing Taxes 

First, let's review the important dates you must remember for your business tax return. The Australian Taxation Office (ATO) has set due dates that you should be aware of: 

• October 31 2024: You have until October 31, 2024, if you don't use a tax agent, to file your tax report. Remember that getting help from a tax professional might give you more time. 
• May 15 2024: If you're working with a registered tax agency, this is when your tax return should be turned in by May 15, 2025. 
• July 1, 2024: With the start of a new financial year on July 1, the Australian tax filing season ends. Now is the time to get your tax records together and prepare to file your return.
• August 31 2024: The last day of the pay period for employees is August 31, 2023. Employers must give their workers PAYG payment reports by this date. Ensure you have this important document because it has the information you need to report your pay correctly.
• December 15, 2024: This is the due date if you're having a registered tax agent file your return for you. Working with a tax pro can make tax time less stressful because they can walk you through the process and ensure you do everything needed.
• January 15, 2025: This is the last day for new tax agents to file returns. Individual tax returns must be turned in by January 15, 2025, for tax agents who filed after October 31, 2024. Don't wait until the last minute to tell your tax agent about this date.

When to Pay your Tax Return 

Putting in your tax return is important, but knowing when your tax payments are due is even more important. The ATO gives you different due dates for paying your taxes based on how your business is set up: 

• Monthly Payments: If you pay your GST every three months, your monthly PAYG payments are usually due by the 21st of every month. 
• Quarterly Payments: If you pay GST every three months, your PAYG payments will usually be due on April 28, July 28, October 28, and January 28. 
• Yearly Tax Payment: You need to pay any tax you still owe by the due date on your tax assessment letter after considering any payments you've made. People usually do this in March, and businesses do it in May.

Missing a Tax Lodgement

You may have to pay interest or fines if you didn't file or pay your taxes on time for Australia's 2024–2025 tax year. Maybe you were out of the country or sick. You may have sent in your tax return, but for some reason, it didn't make it to the Australian Taxation Office (ATO). It's also possible that you forgot about it. You might not have turned in your tax return on time this year for many reasons.

In theory, that means you might have to pay a fine for filing late. The ATO may charge a $313 late filing fee every 28 days. It is important to call the ATO immediately to take care of it. It would be helpful to have proof, like a doctor's note, to explain why you filed your tax return late. This could help you avoid having to pay expensive fines. After that, you must finish and send in your tax return as soon as possible to avoid more fines.

If you still owe money on a tax return from a previous year, you can't use the longer tax agent dates for your next return, even if you hire a tax agent. That's why doing your tax forms as soon as possible is important. There's no need to worry if you're missing details about your income and/or early-year deductions. You can usually get help from your tax agent, who can look at the information that the ATO already has and tell you what claims you can make. Check out the ATO's Early Tax Lodgement warning for Australians in 2024

Conclusion

Everyone who owes taxes in Australia in 2024 must know the deadline. Individuals can take charge of their tax matters and meet their responsibilities on time if they know the important dates and any exceptions that may apply in certain situations. Staying informed, organised, and getting the right help will make sure that filing your taxes goes smoothly and correctly, giving you financial peace of mind. You can ensure your tax return goes smoothly and avoid fines by staying organised, gathering the necessary paperwork, and planning. Make sure you talk to experienced accountants like The Kalculators. We can help you figure out how to handle your complicated Australian tax obligations. Take charge of your taxes, file them on time, and set yourself up for financial success next year.

Frequently Asked Questions

What is the deadline for individuals lodging their tax returns?

If you are preparing and lodging your tax return without the assistance of a tax agent, the due date typically falls on October 31, 2024, for the 2024 financial year. This deadline applies to most individuals, including employees, sole traders, and investors. It's crucial to ensure that your tax return reaches the Australian Taxation Office (ATO) by this date to avoid potential penalties for late lodgment.

Can I lodge my tax return after the deadline if I do it myself?

Yes, you can still lodge your tax return after the October 31 deadline if you do it yourself, but you may face penalties for late lodgment unless you have a valid reason for the delay. The penalties for late lodgment can include fines and interest charges on any tax owed. However, if you believe you have a valid reason for the delay, such as illness or other extenuating circumstances, you may be able to apply to the ATO for an extension. It's important to note that extensions are typically granted only in exceptional circumstances.

What is the deadline for individuals lodging their tax returns through a tax agent?

If you engage a registered tax agent to prepare and lodge your tax return on your behalf, the due date for most individuals is generally extended to a later date. The exact deadline can vary, but typically, it falls between March and May of the following year. For example, for the 2024 financial year, the deadline through a tax agent may be in March, April, or May 2025. Utilising a tax agent can provide additional time to ensure that your tax return is accurate and complete and that you have access to professional advice and assistance throughout the process.

Are there any penalties for filing late tax returns in Australia?

Yes, there are penalties for lodging your tax return late in Australia. The penalties can vary depending on how late the return is lodged and your circumstances. Penalties can include fines and interest charges on any tax owed. The ATO assesses penalties based on the severity and duration of the delay, as well as factors such as your compliance history and the reasons for the delay. Therefore, it's important to prioritise meeting the tax return deadline to avoid potential financial consequences.

Is there any way I can request an extension if I cannot meet the tax return deadline?

If you cannot lodge your tax return by the due date, you may request an extension from the Australian Taxation Office (ATO). However, extensions are typically granted only in exceptional circumstances, such as illness or other serious reasons beyond your control. To request an extension, you must provide supporting documentation and evidence of the circumstances preventing you from meeting the deadline. The ATO will assess each request on a case-by-case basis and may grant an extension if they determine it is warranted.

Can I avoid late lodgment penalties if I owe no tax?

Even if you don't owe any tax, it's still important to lodge your tax return on time. Failing to do so may still incur penalties, and it's also necessary to ensure you receive any refunds you're entitled to promptly. Additionally, lodging your tax return on time helps to maintain compliance with tax laws and regulations, which is important for your financial record and reputation with the ATO.

How can I ensure that I meet the tax return deadline?

To ensure you meet the tax return deadline, it's advisable to start gathering your tax-related documents early, such as payment summaries, receipts, and bank statements. Consider hiring The Kalculators if you're unsure about preparing your return, as we can provide guidance and assistance to help you meet the deadline effectively. Additionally, online tax lodgment services provided by ATO or reputable tax software can streamline the process and help you confidently meet the deadline. Remember to keep track of important dates and deadlines throughout the tax year to avoid last-minute rush and ensure compliance with tax obligations.

How do I prepare my tax return?

Filing your taxes and meeting the Australian tax dates doesn't have to be hard. You can either do it yourself or hire a professional planner or tax agent to help you.​

• Do it yourself: If you run your business as a sole trader, you can file your taxes online through myGov. Usually, the last day to file your taxes yourself is October 31. Use software that supports Standard Business Reporting (SBR) or file through paper if your business is a company, partnership, or trust. 
• Using an accountant or tax preparer: Working with a tax preparer or an accounting company like The Kalculators can make things much easier. We take care of your taxes so you can run your business. If you're working with a tax professional and haven't filed your taxes, you usually have until May 15 of the following year. Read more on How to Choose The Right Accountant.