The tax year in Australia runs from 1 July to 30 June of the following year.
Therefore, the 2024-2025 tax year begins on 1 July 2024 and ends on 30 June 2025.
This article will provide a guide to the tax return lodgement process in Australia for the 2024-2025 financial year.
When is the Tax Return Due?
The general deadline for lodging your tax return in Australia is 31 October following the end of the financial year.
For the 2024-2025 tax year, this means you typically have until 31 October 2025 to lodge your return.
However, there are exceptions and circumstances that might affect your lodgement date.
Can I Lodge My Tax Return Early?
Yes, you can lodge your tax return earlier than the due date. Many taxpayers choose to do this to receive their tax refund sooner.
The Australian Taxation Office (ATO) usually opens the online portal for tax returns a few weeks before the official start of the tax season.
What if I Lodge My Tax Return Late?
Lodgement of your tax return after the due date can result in penalties and interest charges.
The ATO takes late lodgement seriously and will impose penalties if you don’t have a valid reason for the delay.
It’s important to lodge your return on time to avoid financial repercussions.
Do I Need to Lodge a Tax Return Every Year?
Generally, if you earn more than a certain amount of income, you’re required to lodge a tax return.
This income threshold changes from year to year, so it’s essential to check the ATO’s website for any new information.
Even if you don’t meet the income threshold, you might still need to lodge a tax return if you’re entitled to a refund, have certain deductions or credits, or need to report other income or information.
Tax Return Due Dates for Different Taxpayers
The tax return lodgement date can vary depending on your tax situation.
These are some common scenarios:
- Individuals: Generally, individuals have until 31 October following the end of the financial year to lodge their tax return.
- Businesses: The due date for businesses depends on the business structure. For example, sole traders and partnerships generally follow the same deadline as individuals, while companies have different lodgement dates.
- Trusts: Trust tax returns also have specific due dates, which vary depending on the type of trust.
Can I Get a Tax Return Extension?
In some cases, you might be eligible for a tax return extension.
This is usually granted if you have a valid reason for the delay, such as illness, a natural disaster, or complex tax affairs. T
o apply for an extension, you’ll need to contact the ATO and provide supporting documentation.
What Documents Do I Need to Lodge My Tax Return?
To lodge your tax return accurately, you’ll need to gather several documents, including:
- Your income statement (e.g. group certificate, payment summary)
- Bank statements
- Investment income details
- Deduction records (e.g. work-related expenses, rental property expenses)
- Child care receipts
- Superannuation information
How to Lodge Your Tax Return
You can lodge your tax return through various methods:
- Online: This is the most common and efficient way to lodge your tax return. The ATO provides a user-friendly online portal.
- Paper form: You can still lodge your tax return by completing a paper form and mailing it to the ATO. However, this method is generally slower and more prone to errors.
- Tax agent: You can engage a tax agent to prepare and lodge your tax return on your behalf.
What if I Owe the ATO Money?
If you owe the ATO money after lodging your tax return, you’ll typically need to pay this amount by the due date.
However, you might be able to arrange a payment plan if you’re unable to pay the full amount at once.
How Long Does it Take to Process a Tax Return?
The ATO aims to process most tax returns as quickly as 2 weeks.
However, the processing times will depend on the complexity of your return and the volume of returns being processed.