Navigating Australia's tax landscape can seem daunting, but it doesn't have to be! Let's break down everything you need to know for the 2024 tax season, making it easier than ever to stay compliant and informed.

Understanding Australia's Tax System

Australia's progressive tax system means the more you earn, the more you pay in taxes. With the tax year running from 1 July to 30 June, it's essential to be aware of key dates to avoid penalties and make the most of your financial planning.

Important Tax Dates for 2024

21 January 2024:
Ensure you've paid the quarterly PAYG activity statement for head companies of combined business groups for June 2023–24. Remember, businesses earning less than $10 million annually, filing GST returns online monthly, are exempt from the December 2023 monthly business activity statement.

28 January 2024:
Don't forget your superannuation guarantee contributions for the October-December 2023 period (Quarter 2 of 2023-24). Timely payments are crucial to avoid penalties and ensure compliance.

15 May 2024:
Entities not previously obligated to submit must file their 2024 tax filings. This includes surviving combined entities, companies, and superannuation funds. Individuals and trusts must adhere to payment deadlines as per their notice of assessment.

25 June 2024:
Tax returns for all entities exempt from taxes or receiving a credit evaluation must be submitted by 15 May 2024. Failure to meet this deadline could result in penalties, but the ATO offers some concessions for timely lodgment and payment.

30 June 2024:
To claim a tax deduction for the 2023–24 financial year, ensure super guarantee contributions are paid by the deadline. Additionally, clients receiving Child Care Subsidy and Family Tax Benefit payments must submit their 2022-23 tax return by 30 June 2024.

1 July 2024:
Before jumping into tax season, ensure your documentation is 'tax ready,' especially if you have a full-time job and a side business. Employers have until 14 July to update and upload PAYG tax and superannuation payments.

31 October 2024:
Individuals, sole proprietors, contractors, and trusts must file tax returns with the ATO by this date. However, using a tax professional extends this deadline to 15 May, conditional on registration by 31 October.

28 February 2025:
Medium to large trusts with an income exceeding $10 million must submit tax returns by this deadline, including new registrations for these trusts.

31 March 2025:
Individuals and trusts with a tax liability of $20,000 or more must file tax returns by this due date.

Conclusion

Filing your tax return on time and understanding the intricacies of Australia's tax system can save you time, money, and stress. If you're unsure or need assistance, professional advice is invaluable. Don't hesitate to reach out to experts like Ideas Group for guidance on preparing your BAS, IAS, or any tax-related queries. We're here to help you navigate tax season with ease and confidence!

Superannuation is a crucial part of retirement planning, designed to ensure you have enough funds to live comfortably when you stop working. While it may be tempting to dip into your super for immediate financial needs, doing so without meeting the strict conditions can land you in hot water.

Spotting Illegal Early Access Schemes

Be wary of schemes suggesting you use a self-managed super fund (SMSF) to access your super early for purposes like paying off business debts, buying a car, or funding a holiday. These are often warning signs of illegal early access schemes.

Educate Yourself

Our fact sheet provides detailed insights into these schemes, helping you identify the warning signs and avoid potential pitfalls. Download it to stay informed.

The Risks of Illegal Super Access

Illegally accessing your super can lead to severe consequences:

• Disqualification: You may be disqualified as an SMSF trustee, which becomes a part of your public record.

• Financial Penalties: Expect to pay additional tax, penalties, and interest, making it a costly mistake.

What Should You Do?

If you've accessed your super early or suspect any fraudulent activity, don't hesitate to contact us. We're here to help you navigate the complexities and ensure you're on the right track for a secure retirement. Remember, it's never too late to seek advice and rectify any mistakes. Stay informed, stay safe!

Source: ATO  Published 18 April 2024

• Should you have any queries, please contact Tax Ideas Accountants & Advisers on
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