Major Dates

Key Deadlines

Every business owner knows that keeping up with tax obligations is a major part of managing finances—but it’s essential. With a new financial year comes a fresh set of tax deadlines, so we’ve gathered them all in one place for you. Be sure to bookmark this page.

Key Tax Dates To Bookmark

In Australia, the business tax year runs from 1 July to 30 June. If you’re not registered with a tax agent, your income tax return must be lodged between 1 July and 31 October. Registering with a tax agent before 31 October may give you an extension to lodge your return up until 15 May of the following year. However, these aren’t the only important dates to keep track of. Below is the full list of key tax deadlines for the financial year.
Date
Details

01 Jul

Financial Year Begins
Start of EOFY

14 Jul

STP finalisation
Single Touch Payroll finalisation

21 Jul

June BAS
Lodge and pay June monthly BAS

28 Jul

Q4 BAS & Super
• SELF LODGEMENT: Lodge and pay Q4 (April-June) BAS (quarterly)
• Super guarantee contributions for Q4 (April-June) due

21 Aug

July BAS
Lodge and pay July monthly BAS

25 Aug

Q4 BAS
BAS/TAX AGENT LODGEMENT: Lodge and pay Q4 (April-June) BAS (quarterly)

28 Aug

Lodge TPAR
Lodge Tax Payments Annual Report (TPAR)

21 Sep

August BAS
Lodge and pay August monthly BAS

21 Oct

September BAS
Lodge and pay September monthly BAS

28 Oct

Q1 BAS & Super
• SELF LODGEMENT: Lodge and pay Q1 (July-Sept) BAS (quarterly)
• Super guarantee contributions for Q1 (July-Sept) due

31 Oct

Income Tax Return Due
Deadline for individuals to submit tax returns (without a tax agent)

21 Nov

October BAS
Lodge and pay October monthly BAS

25 Nov

Q1 BAS
BAS/TAX AGENT LODGEMENT: Lodge and pay Q1 (July-Sept) BAS (quarterly)

Note: Some deadlines may differ depending on your individual circumstances. Be sure to check with your accountant or the ATO for confirmation.

Australian Income Tax Rates and Brackets

The Australian government has implemented new individual tax rates and thresholds. These adjustments are designed to offer tax relief to low and middle-income earners, while also responding to concerns raised about the original stage three tax cuts package. The updated tax rates and thresholds are as follows:
Taxable IncomeTax on this Income
0 – $18,200Nil
$18,201 – $45,00016c for each $1 over $18,200
$45,001 – $135,000$4,288 plus 30c for each $1 over $45,000
$135,001 – $190,000$31,288 plus 37c for each $1 over $135,000
$190,001 and over$51,638 plus 45c for each $1 over $190,000
These new tax rates and thresholds will take effect from 1 July 2024, applying to all taxable income earned from that date. The changes aim to alleviate the financial burden on low- and middle-income earners, promoting a more equitable distribution of tax responsibilities across various income groups.

Taxable Income and Assessable Income

What is Taxable Income?

Taxable income refers to the portion of your income that is subject to tax. It’s calculated by subtracting allowable deductions from your assessable income. This income can come from various sources, including employment, investments, and business activities.

In Australia, the tax system is progressive, meaning the higher your income, the higher the tax rate. The applicable tax rates and thresholds for the current financial year are listed above. This system ensures that higher-income earners contribute a fairer share to public services and infrastructure.

It’s important to note that taxable income can be influenced by factors like tax offsets, deductions, and exemptions. Taxpayers may be eligible for deductions on expenses related to earning their income, such as work-related costs, investment expenses, and donations to charity.

Understanding both taxable and assessable income is essential for managing your tax obligations and minimising your tax liability.

What Happens if You Miss Tax Deadlines?

Failing to lodge your tax return on time in Australia may result in interest charges or penalties imposed by the Australian Taxation Office (ATO). If you’re unable to pay by the due date, it’s important to contact the ATO or speak with your accountant to arrange a payment plan.

Australia’s tax system can be complex, but you don’t have to navigate it alone. The team at Reyes Group Australia Services is here to help ensure your tax lodgements are accurate and submitted on time.

How to Lodge Your Taxes and Report Taxable Income

Lodging your taxes in Australia doesn’t have to be overwhelming. You can choose to lodge your taxes yourself or hire a professional accountant or tax agent to handle it for you.

Do It Yourself:

  • Sole traders can lodge their tax returns online via myGov.
  • The standard deadline for DIY lodging is 31 October.
  • Businesses structured as companies, partnerships, or trusts must use SBR-enabled software or lodge their returns on paper.
  • Be sure to visit the ATO website for detailed information on income tax rates for the financial year.
Using a Tax Agent or Accountant

Partnering with a tax agent or accounting firm like Reyes Group Australia  Services can simplify the tax process. They handle your tax lodgements, so you can focus on growing your business.
If you have a tax agent and no outstanding lodgements, you may qualify for an extension until 15 May of the following year to lodge your taxes.
Additionally, they can assist with managing your Higher Education Loan Program (HELP) debt and other student loan programs.

Managing Tax Deadlines in Australia

As a business owner in Australia, staying on top of tax deadlines is crucial. With our integration with the ATO, we make it easy by sending you timely reminders for upcoming due dates and amounts owed for the tax year.

Our streamlined process provides your accountant with all the necessary information to efficiently handle your tax returns. Additionally, we help you understand how tax cuts and government initiatives designed to reduce the cost of living can improve your financial situation.

At Reyes Group Australia Services, you don’t just get an accountant—you get a dedicated partner who will assist you in maximising your tax deductions and avoiding overpayments.