As we step into 2024, it’s essential for individuals and businesses in Australia to prepare for the upcoming tax season. Understanding tax due dates can significantly reduce your stress and help ensure compliance with the Australian Taxation Office (ATO) regulations. At Ample Finance, we believe that timely preparation is key to making your tax filing process as smooth as possible. Here’s everything you need to know about the important tax deadlines for 2024.

Key Tax Due Dates for Individuals and Businesses

1. Income Tax Returns for Individuals

    • Due Date: October 31, 2024 (if not lodging via a registered tax agent)
      If you’re preparing your tax return on your own, make sure to submit it by this deadline. However, if you’re using a registered tax agent, you may have an extended deadline — typically, tax agents have until May 15, 2025, depending on their individual lodgement schedule.

2. Business Income Tax Returns

    • Due Date: Varies by business structure
        • Small businesses (companies with under $10 million turnover): Due by February 28, 2025 (if lodged via a tax agent).
        • Other businesses (companies with profits exceeding $10 million): Due by March 31, 2025 (if tax return is lodged via a tax agent).

3. BAS and GST Reporting

Businesses registered for Goods and Services Tax (GST) must lodge their Business Activity Statements (BAS) regularly. Key due dates include:

    • Quarterly BAS: 28 days after the end of the quarter (January 28, April 28, July 28, October 28).
    • Monthly BAS: Due on the 21st of the following month.

4. Superannuation Contributions

    • Due Date: Quarterly lodgements need to be paid by the 28th day post-quarter-end, meaning:
        • Quarter 1 (July – September): October 28, 2024
        • Quarter 2 (October – December): January 28, 2025
        • Quarter 3 (January – March): April 28, 2025
        • Quarter 4 (April – June): July 28, 2025

5. Fringe Benefits Tax (FBT) Returns

If your business provides fringe benefits to employees, the FBT year runs from April 1 to March 31, and your return is due by April 28, 2025. Ensuring compliance with FBT obligations can save your business significant penalties.

Important Tips for a Stress-Free Tax Filing

    1. Keep Records Organised: Maintaining well-organised financial records throughout the year will ease the filing process. Use digital tools or accounting software to track income, expenses, and receipts.
    1. Engage a Tax Professional: For most individuals and businesses, engaging a registered tax agent or an accounting firm, like Ample Finance, can streamline the process, provide insights on potential deductions, and ensure compliance with ATO regulations.
    1. Monitor Changes in Legislation: Tax obligations can change from year to year. Stay informed about any changes to tax laws or policies that may affect your situation.
    1. Make Use of Allowable Deductions: Familiarise yourself with all available deductions. Often, taxpayers miss out on valuable deductions that could reduce their taxable income significantly.
    1. Start Early: Don’t leave your tax return until the last minute. By starting your tax preparation early, you can avoid the stress of rushing and missed deadlines.

Conclusion

As the 2024 tax season approaches, being aware of your obligations and the corresponding due dates is the first step toward a stress-free filing experience. By staying organised and proactive, you can navigate the tax landscape with confidence. Remember, Ample Finance is here to assist you with any questions or concerns regarding your tax situation. Let us help you achieve peace of mind as the tax deadline approaches. For tailored advice and professional assistance, don’t hesitate to reach out to us today!

Get in Touch

For more information or to arrange a consultation, please visit our website or contact us at Ample Finance. Let’s prepare for a successful tax season together!

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