Stay ahead of the ATO Tax Deadline in 2024
As an Australian taxpayer, staying on top of key tax dates is crucial for individuals and businesses alike to ensure compliance and meeting the ATO tax deadline. To help with this, we’ve compiled the following list of important tax cutoff dates to keep track of in 2024.
ATO Tax Deadline Dates for Individuals
- May 15, 2024 – Tax Agent Lodgement Deadline: Registered tax agents completing returns for the 2023 financial year for clients have until May 15 to lodge these returns electronically. This deadline allows additional time for tax professionals to manage and review multiple client submissions effectively.
- June 30, 2024 – End of the 2023-2024 Financial Year: June 30 marks the end of the financial year in Australia. MCG can issue an invoice for your tax depreciation schedule before this date to make sure you can claim the report cost on this year’s tax.
- July 21, 2024 – Most online tax returns processed and rebates issued by this date. However, if your return needs to be manually processed or was posted by mail, it may take up to 10 weeks to process.
- October 31, 2024 – Individual Tax Return Deadline: For individuals who are not using a registered tax agent, October 31 is the deadline for lodging their tax returns for the previous financial year. As a result, it’s crucial to gather all necessary documentation in advance to avoid penalties for late lodgement.
ATO Tax Deadline Dates for Australian Businesses
Quarterly Business Activity Statement Cutoff Dates
Businesses registered for Goods and Services Tax (GST) are required to submit quarterly Business Activity statements to the ATO. These statements outline GST collected and paid, as well as other tax obligations such as Pay As You Go (PAYG) installments.
- February 28, 2024 – For Q4 2023 (October to December 2023
- May 12, 2024 – For Q1 2024 (January to March 2024)
- August 11, 2024 – For Q2 2024 (April to June 2024)
- November 11, 2024 – For Q3 2024 (July to September 2024)
Fringe Benefits Tax Cutoff Dates
- May 21, 2024 – Fringe Benefits Tax (FBT) Return Deadline: Employers providing fringe benefits to their employees must lodge their 2023 FBT returns by May 21. FBT applies to non-wage benefits such as company cars, health insurance, and employee entertainment expenses.
Conclusion
Staying aware of the ATO tax deadlines is essential for individuals and businesses to comply with Australian Tax Office rules. Therefore, we suggest you mark these dates on your calendar, and seek professional assistance if needed to complete your return. Finally, we recommend you gather your required documentation well in advance of these dates to avoid the last minute rush.
How MCG Helps You Maximize Your Tax Return
MCG Quantity Surveyors are industry leaders in the preparation of tax depreciation schedules and construction cost estimating services. We are registered tax agents and members of the Australian Institute of Quantity Surveyor (AIQS) and the Royal Institute of Chartered Surveyors (RICS). Naturally, this makes us expertly qualified to provide you with the maximum possible deductions for your property.
Our report fee is 100% tax deductible, and we’ll never complete a report unless we know it’s worthwhile. Consequently, we guarantee our reports to provide at least double our fee worth of deductions in the first full year. Additionally, we’ll work with your accountant to ensure we provide an optimized report for your specific situation.
To learn more about tax depreciation, visit the FAQ page on our website. Alternatively, check out our industry-leading insight on property investing trends on our Research page, or take a look at the Geared for Growth podcast hosted by our managing director Mike Mortlock.
Sources: ATO – Check the progress of your tax report, ATO – Activity Statements, ATO – How fringe benefits tax works