The Australian tax year runs from 1 July to 30 June.
This means that your tax return for the financial year 2023-2024 covers your income and deductions from 1 July 2023 to 30 June 2024.
Knowing when you can lodge this return will help you avoid penalties and maximize your refund.
When Does the Tax Return Lodgement Period Start?
Technically, you can lodge your tax return as soon as the new financial year begins on 1 July.
However, the Australian Taxation Office (ATO) strongly recommends waiting until late July.
This is because most of your income and deduction information will be pre-filled into your tax return by then.
Lodging too early could lead to errors and delays in processing your return.
What is the Deadline for Lodging Your Tax Return?
If you are lodging your own tax return, the deadline is 31 October each year.
This means you have until 31 October 2024 to lodge your return for the 2023-2024 financial year.
If you are using a registered tax agent, they generally have until 15 May of the following year to lodge your return.
However, it’s important for you to engage your tax agent before the 31 October deadline.
Can I Lodge My Tax Return Early if I’m Leaving Australia?
If you are leaving Australia permanently before the end of the financial year, you may be eligible to lodge your tax return early.
This can be done using the paper tax return form. However, processing your return will take approximately 50 business days.
If you are not leaving Australia permanently or if you continue to earn Australian-sourced income (other than interest, dividends, or royalties) after leaving, you must lodge your tax return during the normal lodgment period.
What if I Lodge My Tax Return Late?
Lodgement of your tax return after the due date can result in penalties.
The ATO imposes late lodgement penalties based on the amount of tax you owe.
The earlier you lodge your return, the better.
What is an Auto-Assessment?
An auto-assessment is a pre-filled tax return that the ATO generates for you.
It includes information from your employer, bank, and other third parties.
You can review and accept the information, or make changes as needed.
Auto-assessments are usually available from 1 July to 14 July each year.
Can I Claim a Tax Refund?
If you’ve paid more tax than you owe, you’re entitled to a tax refund.
The ATO will process your refund after you lodge your tax return.
The processing time can vary, but it usually takes several weeks.
What Deductions Can I Claim?
You can claim deductions for expenses related to earning your income.
Some of these deductions include work-related expenses, self-education expenses, and donations to registered charities.
You need to keep accurate records of your expenses to support your claims.
How Do I Lodge My Tax Return?
You can lodge your tax return online through the ATO’s myGov website or by using tax preparation software.
Alternatively, you can complete a paper tax return and mail it to the ATO.
What if I Have a Tax Debt?
If you owe the ATO money, you can arrange a payment plan. The ATO offers various payment options to help you manage your debt.
It’s important to contact the ATO as soon as possible if you’re struggling to pay your tax debt.
Remember that lodging your tax return on time will help you avoid penalties and ensure you receive any refunds you’re entitled to.
If you’re unsure about any aspect of your tax return, it’s always a good idea to seek professional advice from a registered tax agent.