Tax season is almost up. If you haven’t filed your income tax return, it’s time to get it done right away. Here are quick insights into the tax return deadline for 2024, penalties if you forget to file, and how you can avoid these penalties. So let’s get started.
What is the Tax Return Deadline 2024?
The tax return deadline for 2024 is October 31, 2024. This data is applicable to all those who earned income between July 1, 2023, and June 30, 2024. But if you get your tax returns done by a registered tax agent, you might get a tax return deadline filing extension. This extension is valid up to May 15, 2025. But there are certain criteria for that which we will take a look at in the later stage of this blog.
Why You Should Lodge Before the Deadline?
If you fail to lodge your tax return before the deadline, you’ll be staring at penalties. Remember, ATO (Australian Taxation Office) takes strict action against individuals who do not file tax returns on time. Fail
Here’s the list of problems you might face due to late tax return filing:
Financial Penalties:
Penalties for late lodgement increase the longer you wait to lodge your return. The fines start at $313 for delays of 1-28 days. Then, it can rise to $1,565 if your return is more than 112 days late. On top of that, General Interest Charges (GIC) may apply to any unpaid tax.
Interest Charges
If you owe tax and fail to lodge on time, the ATO will impose interest on the outstanding amount. This can quickly add up and make your tax debt much more costly than necessary.
Future Implications
If you fail to file tax returns on time regularly, ATO might take further action against you. This could be anything from garnishing wages to other measures.
What if You Didn’t Earn Income in 2023-2024??
This is the most common question we get from some of our clients. Sometimes, some individuals do not earn anything throughout the year. So, in that case, what do they have to do?
Well, they have to notify us about the same to ATO. If you do not have any income in the year 2023-2024, you’ll have to a Non-Lodgement Advice. This informs the ATO that you don’t need to lodge a return for the financial year.
If you don’t submit a Non-Lodgement Advice, ATO will be coming after you for failing to file your return. So it’s better to inform them directly before getting into any trouble with them.
Penalties for Late Lodgement
There are hefty penalties for those who fail to file their tax return on time. These penalties keep on rising at fixed intervals. Here’s the current penalty structure for late tax return lodgment:
- 1-28 days late: $313 fine.
- 29-56 days late: $626 fine.
- 57-84 days late: $939 fine.
- 85-112 days late: $1,252 fine.
- More than 113 days late: $1,565 fine
But wait, this is not it. Sometimes, additional interest charges may apply to the outstanding tax. So, this will add more to your tax burden. That’s the reason why you should file your tax return on time. Experts like Nanak Accountants can help you file your returns on time so you can avoid such hefty penalties.
Can You Get a Deadline Extension?
In some cases, yes. You might get a deadline extension. But there are a few criteria for that, too. You can request a deadline extension only if you are lodging your tax return with the help of a registered tax agent. More importantly, you must engage with such an agent before October 31.
If you do so, you might get an extension until May 15, 2025. So it’s very important to consult an expert like Nanak Accountant to ensure you do not pay hefty fines for late lodgement.
How to Avoid Last-Minute Rush for Tax Return Filing?
One of the biggest challenges taxpayers face is the last-minute rush to gather all necessary documents and lodge their returns before the deadline. To avoid this, here are some practical steps:
- Organize Your Records Early
You’ll have to make sure you keep your records clean. Keep all your payslips, receipts and financial records in one place. This will help you complete your result accurately. T
- Start Early
Don’t wait until the last week of October to begin your tax return. Start early so have enough time to iron-out any issues in your tax return lodging. Early start can also help you claim all the deductions without the stress of deadline.
- Seek Professional Help
This is the best way to go ahead. When you hire the best tax return expert like Nanak Accountants, you can rest assured about on-time return filing. We guide our clients through the entire tax lodging process.
When it comes to tax return lodging, there are a lot of moving parts. So it’s always better to hire a professional to get the job. This helps you focus on your core job or business while tax experts manage your returns.
How Nanak Accountants Can Help?
We understand that tax time can be stressful. But out seasoned tax professionals can take off the entire weight of tax return filing off your shoulder. We understand what works and what doesn’t in while filing the tax returns. We will help you claim maximum tax deductions and ensure you have to pay minimal tax.
Whether you’re a business owner, self-employed, or an employee, we can help you avoid penalties and make the tax process as smooth as possible. Don’t wait until the last minute—contact Nanak Accountants today and let us take the stress out of tax time.
Talk To ExpertsThe tax return deadline for 2024 is fast approaching. By lodging on time, you avoid penalties, interest charges, and future complications with the ATO. Whether you do it yourself or seek help from professionals like Nanak Accountants, it’s important to stay organized and avoid the last-minute rush. Make sure you’re prepared and submit your return before the October 31 deadline to ensure a smooth tax season.