Tax time can be a stressful period, especially when you’re unsure about deadlines and processes.
This article will guide you through the essential information about lodging your tax return for the 2024-2025 financial year in Australia.
The Australian tax year runs from 1 July to 30 June.
Therefore, when we talk about the 2024-2025 tax return, we’re referring to your income earned between 1 July 2024 and 30 June 2025.
When Can I Start My Tax Return?
You can generally start preparing your tax return as soon as you have all the necessary documentation.
This typically includes:
- Your income statement (group certificate or payment summary) from your employer
- Payment summaries for any other income sources (e.g. bank interest, rental income)
- Receipts for deductions (work-related expenses, donations, etc.)
While you can start gathering information early, the Australian Taxation Office (ATO) usually releases the tax return forms closer to the official start of the tax season.
When Does the Tax Season Start?
The ATO typically announces the official start of the tax season in late January or early February.
This is when the tax return forms become available online, and you can officially lodge your return.
When is the Tax Return Deadline?
The deadline for lodging your tax return is generally 31 October of the following financial year.
For the 2024-2025 tax year, this means you need to lodge your return by 31 October 2025.
Note: There are exceptions to this deadline for specific circumstances.
For example, if you require an extension, you can request one from the ATO.
Can I Lodge My Tax Return Early?
Yes, you can lodge your tax return early once the tax season begins.
Many people choose to do this to avoid the last-minute rush and potential delays.
What if I Lodge My Tax Return Late?
Lodgeing your tax return late can result in penalties.
The ATO imposes late lodgement penalties based on the amount of tax you owe.
It’s essential to lodge your return on time to avoid these charges.
Can I Claim a Tax Refund?
If your tax deductions exceed your tax payable, you’ll receive a tax refund.
The ATO typically processes refunds within a few weeks of lodging your return.
How Long Does it Take to Process a Tax Return?
The ATO aims to process most tax returns within a few weeks.
However, complex returns or those requiring further scrutiny may take longer.
What Documents Do I Need for My Tax Return?
The specific documents you need will depend on your financial situation.
However, some common documents include:
- Group certificate or payment summary from your employer
- Payment summaries for other income sources
- Bank statements
- Receipts for deductions (work-related expenses, donations, etc.)
- Private health insurance statements
- Child care receipts
How Can I Get Help with My Tax Return?
If you find tax returns overwhelming, several options are available:
- DIY tax software: Many software programs can guide you through the process.
- Tax agent: A registered tax agent can prepare your tax return on your behalf.
- ATO assistance: The ATO provides online resources and phone support.
Remember that accuracy is a big deal when lodging your tax return.
Providing any form of false or misleading information can lead to very great penalties.