When Can I Do My Tax Return For 2024
As we move into the first quarter of the new financial year, it's never too early to start thinking about your business tax return. We understand that tax time can be both a daunting and crucial period for small business owners, but fear not – I'm here to guide you through lodging your business tax return and the key dates you need to remember.
Key Tax Return Dates
First, let's talk about the key dates you need to keep in mind when it comes to your business tax return. The Australian Taxation Office (ATO) has specific deadlines in place that you should be aware of:
- 1 July 2024: The official start of the new financial year. This is when you can gather your financial records and organise your expenses.
- 31 October 2024: This is the due date for lodging your tax return if you're not using a tax agent. Remember that seeking a tax agent's assistance might provide you with extra time.
- 15 May 2025: If you're using a registered tax agent, this is generally the due date by which they should lodge your tax return.
Tax Return Payment Dates
While lodging your tax return is one thing, understanding when your tax payments are due is equally essential. The ATO sets different due dates for paying your taxes based on your business structure:
- Monthly Instalments: If you're a quarterly GST payer, your monthly PAYG instalments are usually due by the 21st of each month.
- Quarterly Instalments: For those paying quarterly GST, your PAYG instalments are generally scheduled on 28 April, July, October, and January.
- Final Tax Payment: After considering your instalments, any remaining tax you owe needs to be paid by the due date on your tax assessment notice. This is usually in March for individuals and in May for businesses.
How to Prepare Your Business Tax Return
Effective preparation is vital to a stress-free tax season. To help you get started, here's a simple checklist:
- Organise Your Records: Collect all your financial records, including receipts, invoices, bank statements, and other relevant documents.
- Claim Your Deductions: Familiarise yourself with the potential tax deductions available to your business. These could include equipment purchases, office rent, and marketing costs.
- Utilise Tax Planning: Consider implementing some last-minute tax planning strategies before the end of the financial year. This could involve prepaying expenses or deferring income to minimise your tax liability.
When to Lodge Your Business Tax Return
The timing of lodging your tax return depends on how you choose to do it:
- Self-Lodging: If you decide to lodge your tax return yourself, make sure to complete it by 31 October 2024 to avoid any penalties.
- Using a Tax Agent: Enlisting the help of a registered tax agent extends your lodgment deadline, giving you more time to ensure accuracy. The deadline typically means you will have until 15 May 2025.
When Tax Refunds and Bills are Due
After lodging your business tax return, you will either receive a tax refund or a bill. The timing of these outcomes can vary, but generally:
- Tax Refunds: If you're eligible for a tax refund, you can expect to receive it within a few weeks of lodging your return.
- Tax Bills: If your return indicates that you owe taxes, payment is due by the due date specified on your assessment notice. Make sure to settle any outstanding balance promptly to avoid penalties and interest.
Why Thriday is the Best Product for Tax
Thriday is a revolutionary tool that can simplify your tax preparation process. Thriday uses AI to help small business owners like you easily navigate the complexities of tax returns.
Thriday uses cutting-edge technology to determine eligible business tax deductions that can be claimed automatically. By analysing your financial data, Thriday identifies potential deductions that might be overlooked, helping you maximise your return while staying compliant with tax regulations.
Gone are the days of sifting through piles of receipts and needing help understanding complicated tax jargon. Thriday streamlines the process, giving you more time to focus on what truly matters – growing your business.
You can join for free today and start saving money and time on your tax immediately.
Tax Return FAQs
Here are some common questions you might have about your business tax return:
Can I lodge my tax return after the deadline?
While lodging after the deadline can incur penalties, submitting a late return is better than not submitting at all. The ATO may also grant extensions in certain circumstances.
What happens if I make a mistake on my return?
Don't panic! You can amend your return if you discover an error. Doing so as soon as possible is advisable to avoid any potential complications.
Do I need to keep records of my expenses?
Absolutely! Maintaining accurate and organised records of your business expenses is crucial for claiming deductions and staying compliant.
Tackling your 2024 business tax return doesn't have to be overwhelming. You can navigate the process confidently and efficiently with the correct information, planning, and tools like Thriday. Remember to mark those important dates on your calendar, gather your documents, and consider leveraging the power of AI to optimise your tax return. Here's to a successful tax season ahead!