Key Deadlines
Any business owner would agree that staying on top of tax obligations is half the challenge of keeping your finances on track. But it’s a necessity.
The financial year brings new tax deadlines to be aware of, so we’ve rounded them all up for you in one central spot – bookmark this page.
Key Tax Dates To Bookmark
The tax year for Australian businesses runs from 1 July to 30 June. Unless you are registered with a tax agent, you must lodge your income tax return between 1 July and 31 October. If you register with a tax agent before 31 October, you may be granted an extension until 15 May of the following year to lodge your tax return.
But these aren’t the only dates you’ll need to keep in mind. The full list includes:
Here are the key tax dates for the financial year:
| Date | Details |
|---|---|
| 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) |
| 21 Dec | November BAS Lodge and pay November monthly BAS |
| 21 Jan | December BAS Lodge and pay December monthly BAS |
| 28 Jan | Super Q2 Super guarantee contributions for Q2 (Oct-Dec) due |
| 21 Feb | January BAS Lodge and pay January monthly BAS |
| 28 Feb | Q2 BAS Lodge and pay Q2 (Oct-Dec) BAS (quarterly) |
| 21 Mar | February BAS Lodge and pay February monthly BAS |
| 21 Apr | March BAS Lodge and pay March monthly BAS |
Note: Some due dates may vary based on your specific circumstances. Always confirm with your accountant or the ATO.
Australian Income Tax Rates and Brackets
New Individual Tax Rates and Thresholds
The Australian government has introduced new individual tax rates and thresholds. These changes aim to provide tax relief to low and middle-income earners, while also addressing concerns about the original stage three tax cuts package. The new tax rates and thresholds are as follows:
| Taxable Income | Tax on this Income |
| 0 – $18,200 | Nil |
| $18,201 – $45,000 | 16c 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 apply to all taxable income earned from 1 July 2024. The adjustments are designed to ease the financial burden on low—and middle-income earners and ensure a fairer distribution of tax obligations across different income levels.
Taxable Income and Assessable Income
What is Taxable Income?
Taxable income is the amount of income that is subject to income tax. It is calculated by subtracting allowable deductions from assessable income. Taxable income can include income from various sources, such as employment, investments, and business activities.
In Australia, taxable income is subject to a progressive tax system, where the higher the income, the higher the tax rate. The tax rates and thresholds for the financial year are outlined above. This system ensures that higher-income people contribute a larger share of their earnings to support public services and infrastructure.
It’s worth noting that taxable income can be affected by various factors, such as tax offsets, deductions, and exemptions. Taxpayers can claim deductions for expenses related to their income, such as work-related expenses, investment expenses, and charitable donations.
Overall, understanding taxable and assessable income is crucial for individuals and businesses to manage their tax obligations and minimise their tax liability.
What Happens if You Miss Tax Deadlines?
Missing or not lodging your taxes on time for the tax year in Australia will incur interest or penalties, as outlined by the Australian Tax Office (ATO). If you can’t pay on time, contact the ATO or your accountant to discuss setting up a payment plan with instalments.
Australia’s tax year can be confusing, but you don’t have to do it alone. The team at Box Advisory Services can help and support you in getting your tax submissions right and on time.
How to Lodge Your Taxes and Report Taxable Income
Lodging your Australia taxes and meeting the deadlines doesn’t have to be scary. You can do it yourself or get a professional accountant or tax agent to do it for you.
Do It Yourself:
Using a Tax Agent or Accountant:
Managing Tax Deadlines in Australia
As an Australian business owner, you need to be aware of tax deadlines. Our integration with the ATO makes this easy by sending you reminders for upcoming due dates and amounts owed for the tax year.
Our simple process gives your accountant everything they need to process your tax returns quickly. In addition, we can help you understand how tax cuts and other government initiatives aimed at reducing the cost of living can benefit your financial situation.
With Box, you get more than an accountant; you get a dedicated partner who will help you claim more tax deductions and avoid overpayment.
Preparing for Tax Deadlines and Your Tax Return
Any business owner knows planning is key. We recommend setting aside up to 30% of your gross income in a separate bank account for taxes (e.g. GST, FBT and income tax) so you don’t run out of cash when tax deadlines hit. Understanding your annual taxable income is crucial for accurate tax planning and setting aside enough funds.
It is just as important to keep accurate records such as receipts, bank statements, and invoices. The ATO requires businesses to keep these records for a minimum of five years, so stay organised. Additionally, be aware of the Medicare levy, which is a percentage of your taxable income and can impact your overall tax liability.
If you’re feeling overwhelmed, remember Box AS is here to help. Get in touch now to see how you can save more on your next tax return.