Missing a tax deadline is not only stressful but can set a tax return back and potentially result in fines or legal penalties. Never miss an important tax date again by adding the following dates to your 2024 calendar.
2024 key tax dates
Tax return lodgement dates vary between individuals, companies, trusts and partnerships. The key factors that determine an individual or entity’s relevant return date is the amount of their tax liability, entity size and if they lodge their tax return themselves or do so through an accountant.
Large and medium trusts with a total annual income of more than $10 million in the latest year lodged and where the trust was taxable in the previous year of lodgement must lodge their tax returns on this date.
Large and medium trusts with a total annual income of more than $10 million in the latest year lodged, where the trust was non-taxable in the latest year lodged, must lodge their tax returns on this date.
This lodgement date includes newly registered large and medium trusts. Subsidiary members of a consolidated group that exited the consolidated group in the financial year, and new registrants of head companies of consolidated groups must lodge their tax return by this date.
Individuals, partnerships and trusts with a tax liability of $20,000 or more must lodge their tax returns on this date. This does not include medium or large trusts.
If an investor lodges their tax return via an accountant, the previous financial year’s return must be lodged by this date. Tax returns for all remaining individuals and trusts are also due on this date. Non-profit organisations with a requirement to lodge and which haven’t been allocated an earlier lodgement date must also lodge their tax returns by this date. This includes new registrations and entities not eligible for the 5 June concession. New registrants, excluding large and medium taxpayers, head companies of consolidated groups and SMSFs must also lodge their tax return by this date.
Although 5 June is not an official lodgement date, the ATO allows lodgement of tax returns past the lodgement due date of 15 May for individuals, partnerships and trusts who meet the necessary criteria. You do not need to apply for a deferral to receive the 5 June concession date. This concession allows the tax returns to be lodged by 5 June without penalty, provided any payment required is also made by this date.
The end of the financial year is a key tax date that should be marked in everyone’s calendar. Taxable income and expenses are measured in each financial year and 30 June signals the end of the formal financial year. Investors are encouraged to pay all the expenses they can, before the end of the financial year to ensure the best return. Where possible, expenses such as interest, insurance, tax depreciation schedules and other ongoing expenses should be pre-paid before this date, to ensure that they can also be claimed in the same financial year of payment.
If an investor is lodging their tax return through the ATO’s online MyTax portal, they must lodge the tax return of the previous financial year by October 31. The same date generally applies to all self-lodged returns including partnerships, self-managed super funds, trusts and sole traders, unless lodged through a registered accountant or otherwise advised.
Entities with one or more prior year tax returns outstanding as of 30 June 2024 and other entities who have been advised to lodge early must lodge their tax return by this date.
Companies that are not full self-assessment taxpayers must lodge their tax returns by this date.
How to keep track of income and expenses throughout the year
Be prepared and ensure a stress-free tax time by keeping diligent record of all income and expenses throughout the financial year. Keeping track of income and expenses with an investment property is easy with a MyBMT account.
The various tools and features available on a MyBMT account, helps thousands of investors record and track investment property related income and expenses, simplifying the process of sharing expenses with their accountant.
BMT Tax Depreciation is ATO compliant and works closely with accountants to ensure maximum property depreciation deductions for each client. To maximise the property depreciation tax deductions on your investment property Request a Quote or contact the BMT Team on 1300 728 726.