Hey there, Aussie tax warriors! 

It’s that time of year when numbers come to life and receipts do a merry dance.

Yes, you guessed it—it’s Australian Tax Season 2024! Get ready to dive into the thrilling world of tax returns and financial acrobatics.

The Australian financial year spans from 1 July to 30 June, setting the stage for your tax adventures. With the 2023 tax return deadline swiftly approaching on October 31, 2023, it’s crucial to channel your inner financial guru and meet that date. 

Now, here’s a little secret sauce: having a registered tax agent by your side gives you some extra time. You’ll have until after the self-lodgment deadline to submit your return. But remember, you need to officially engage your trusty agent by October 31, so don’t dawdle!

In this blog post, we’ll guide you through the essential things to keep in mind when filing your tax returns. We’ll share some handy tips, advice, and perhaps even sprinkle in a touch of tax wizardry to ensure you conquer Australian Tax Season 2023 like a champ.

What Do You Need to Do to Lodge Your Tax Return?

To lodge your tax return, gather all income and expense documents like payslips, bank statements, investment statements, and receipts. Also, you can use the ATO’s online tax return portal for an easy, step-by-step process.

Here are a few important things you need to lodge your tax return.

• Gather Your Tax Documents: This includes your income statements, tax statements from your employer, bank statements, investment statements, and any other documents that show your income and expenses for the 2022-2023 financial year.
• Choose a Method of Lodging Your Tax Return: You can lodge your tax return online, by mail, or through a registered tax agent.
• Complete Your Tax Return: You can use the Australian Taxation Office (ATO)’s online tax return tool, or you can download a paper tax return form from the ATO website.
• Check Your Tax Return for Accuracy: Make sure that all of your income and expenses are correct, and that you have claimed all of the deductions that you are entitled to.
• Lodge Your Tax Return: You can lodge your tax return online, by mail, or through a registered tax agent.

What Are the Benefits of Lodging Your Tax Return Early?

Lodging your tax can provide financial benefits such as claiming deductions and credits, potentially reducing your tax liability and increasing your refund. Additionally, timely tax lodgment helps avoid penalties and ensures compliance with tax laws, reducing potential legal issues.

Here are a few benefits to lodging your tax return early in Australia.

1. You May Get Your Refund Sooner: The Australian Taxation Office (ATO) aims to process early lodgments within 21 business days. This means that if you lodge your tax return in July 2023, you could have your refund in your bank account by the end of August 2023.
2. You Can Avoid Late Lodgement Penalties: If you lodge your tax return after the due date of 31 October 2023, you may be liable for a penalty. The amount of the penalty depends on how late you lodge your return.
3. You Can Claim Any Deductions or Credits That You May Be Entitled To: If you wait until the last minute to lodge your tax return, you may forget about some of your deductions or credits. By lodging your return early, you can give yourself plenty of time to gather all of your paperwork and make sure that you claim everything that you are entitled to.

How Do I Know if I Need to Lodge a Tax Return?

If you are an Australian resident, you may need to lodge a tax return if you meet one of the following criteria:

• You have earned over the minimum income threshold.
• You have received any taxable income from investments.
• You have claimed any deductions or tax offsets.
• You have received a payment from Centrelink.
• If you are not sure whether you need to lodge a tax return, you can use the ATO’s online tool to check.

Important Dates to Keep In Mind This Tax Season 2024

By ensuring timely submission of your tax returns, you can prevent incurring penalties imposed by the Australian Taxation Office (ATO). Check out this checklist to stay on track.

• May 15, 2023: Individuals and partnerships that lodge their tax returns with a tax agent must have submitted their returns by this date.
• July 1, 2023: The Australian Taxation Office (ATO) starts to process tax returns from the most recent fiscal year.
• October 31, 2023: Individuals, sole proprietorships, independent contractors, and trusts that are required to file tax returns with the ATO have until this day to do so.
• January 15, 2024: The due date for filing tax returns for medium to large trusts with an annual income of more than $10 million in the most recent year for which they were required to file.
• February 28, 2024: The due date for filing tax returns for medium to large trusts that are not taxable but have an annual income of more than $10 million in the most recent year for which their tax returns were lodged.
• March 31, 2024: Individuals and trusts that had a tax liability of $20,000 or more as a result of their most recent return are required to file tax returns by the due date.

How Long Does It Take To Get a Tax Return Refund Back?

The processing time for a tax return refund depends on how you file your return. If you file your return online using the myTax website, you can expect to receive your refund within two weeks. However, if you file a paper tax return by mail, it may take up to 10 weeks to process your refund.

Wrapping Up

Lodging your tax return is an important part of being an Australian resident. By lodging your return early, you can avoid any late lodgement penalties and get your refund sooner. You can also give yourself more time to review your return and make sure that it is accurate.

Also, by keeping tabs on your income and expenses, you can assess your financial situation and avoid any unpleasant surprises when it’s time to submit your BAS.

So, grab your calculators and get ready to tackle the maze of deductions, exemptions, and rebates!

Want to Know More Filing Tax Returns This Season? Talk to Us!

If you need help with your tax return, our experts know a thing or two about simplifying and expediting your tax filing process. We have a range of resources available, including a helpline and a website with step-by-step guides to make things easy for you. Just drop us a line at info@nanakaccountants.com.au, and we’ll take it from there!

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