As the year progresses and we inch closer to tax time, one question on everyone’s mind is: when can I lodge my tax return for 2024? Whether you’re an individual taxpayer, a business owner, or a tax professional, staying informed about key dates and requirements is essential. Here’s a comprehensive guide to help you understand when and how you can complete your tax return for 2024.
Key Dates for the 2024 Tax Season
- End of the Financial Year: The Australian financial year ends on 30 June 2024. From this date, you have been able to start gathering your financial documents and information needed for your tax return.
2. Lodgement Start Date: You have been able to lodge your tax return for the 2023-2024 financial year from 1 July 2024. This was the official start date set by the Australian Taxation Office (ATO).
3. Lodgement Deadline: The deadline for lodging your tax return is typically 31 October 2024 if you’re lodging yourself without the help of a tax agent.
4. Extended Deadlines for Tax Agents: If you’re using a registered tax agent (i.e. a tax accountant), you might be eligible for an extended deadline, provided you engaged with your new accountant and the ATO before the 31 October 2024 deadline. If you failed to engage a new accountant and the ATO before the 31 October 2024 deadline, best to engage with a new accountant ASAP (even if after 31 October 2024) who maybe able to negotiate the waiver of any penalties on your behalf.
5. Final date for lodgement of your income tax return: All taxpayers have a due date for lodgement of their income tax return. This is due date will be known to your tax accountant Melbourne. Please ensure that you provide the info requested to your accountant well in advance to allow enough time to finalise and lodge your tax return. Generally, the latest due date for lodgement is 15th May 2025.
Preparing Your Tax Return
To ensure a smooth tax return process, follow these steps:
- Gather Your Documents to provide to your accountant Melbourne:
- Income statements from employers (or PAYG summaries).
- Bank interest statements.
- Dividend statements from investments.
- Records of any government payments or Centrelink benefits.
- Invoices and receipts for deductible expenses (e.g., work-related expenses, charitable donations).
2. Review Any Tax Changes: Each year, the ATO may introduce new rules or update existing ones. Your accountant Melbourne will be able to advise what the changes are. Changes will generally be relating to:
- Deductions for working from home.
- Superannuation contributions.
- Offsets and rebates for low- and middle-income earners.
3. Decide on Lodgement Method:
- Online: Lodge directly through MyGov.
- Tax Agent: Engage an accountant Melbourne for professional assistance. We maybe biased saying this but we find that 99% of tax payers are better off lodging through an accountant like Nobel Thomas. Firstly, we understand the rules and the system and secondly, a tax agent worth his salt, will be able to obtain a higher refund legitimately than you will be able to.
- Paper Form: You can still lodge a paper tax return, but this is less common and takes longer to process. We highly recommend against using this process.
Why Lodge Early?
Many Australians prefer to lodge their tax returns as soon as possible to claim their refunds quickly. The ATO generally processes electronic lodgements faster, often within two weeks. However, rushing to lodge early without all necessary information can lead to errors and delays, so it’s best to wait until all relevant details are available. We have had numerous examples where a tax return has been lodged early and the ATO have later audited the tax return for missing or incorrect information. As an example, a tax return is lodged on 28th September 2024 but AMP only releases the income that you received for the year ended 30th June 2024 on the 15th October 2024. Once AMP releases this info, the ATO will be advised and will audit you if you did not include the AMP data into your 2024 tax return.
What Happens if You Miss the Deadline?
Failing to lodge your tax return by the deadline can result in penalties. The ATO may issue a Failure to Lodge (FTL) penalty, which increases in amount the longer your return is overdue. To avoid penalties, ensure you lodge on time or request an extension if you’re facing delays. Best to seek the assistance of a tax accountant Melbourne to request the extension for you.
Final Tips for the 2024 Tax Season
- Stay Organised: Keep your financial documents in order throughout the year to make tax time easier.
- Double-Check Details: Ensure all information is accurate to avoid unnecessary amendments.
- Seek Professional Advice: A tax accountant Melbourne can help maximise deductions and ensure compliance with ATO requirements.
By staying informed and prepared, you can tackle your 2024 tax return with confidence. If you have any questions or need assistance, consider consulting with a tax accountant Melbourne who can make the process seamless and stress-free.
