When Can You Get Started on Your 2024 Tax Return?

• Tax

The new financial year is near, and while tax time might seem far off, it’s never too early to get prepared! Here at Gimbla , we understand the importance of a smooth tax season for small businesses.

This guide will walk you through the key dates for lodging your 2024 business tax return and answer some frequently asked questions.

Key Dates to Remember

• July 1, 2024: The official start of the new financial year. This is a great time to start gathering your financial records and organizing your business expenses.
• October 31, 2024: This is the deadline for lodging your tax return yourself.
• May 15, 2025: If you use a registered tax agent, they typically have until this date to lodge your return.

Don’t forget about tax payments!

The ATO has different due dates for tax payments depending on your business structure. Be sure to check their website for details specific to your situation.

Getting Ready for Tax Time

Preparation is key to a stress-free tax season. Here are some tips:

• Organize your records: Collect all your financial documents like receipts, invoices, bank statements, and anything else relevant.
• Know your deductions: Familiarize yourself with the tax deductions your business qualifies for. These could include equipment purchases, rent, and marketing costs.
• Consider tax planning: Explore some last-minute tax strategies to minimize your tax liability. This could involve prepaying expenses or deferring income.

When to Lodge Your Return

The deadline depends on whether you do it yourself or use a tax agent:

• Self-Lodging: The deadline is October 31, 2024, to avoid penalties.
• Using a Tax Agent: This extends your deadline to May 15, 2025.

Tax Refunds and Bills

After lodging your return, you’ll either receive a refund or a tax bill:

• Refunds: You can expect your refund within a few weeks after lodging.
• Tax Bills: The due date for any outstanding tax will be specified on your assessment notice. Pay promptly to avoid penalties and interest.

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Tax Return FAQs

• Can I lodge late? Yes, but penalties may apply. It’s always better to lodge on time. The ATO may offer extensions in specific situations.
• Mistakes on my return? Don’t worry! You can amend your return if you find an error. Do it as soon as possible to avoid complications.
• Keep expense records? Absolutely! Accurate and organized records are essential for claiming deductions and staying compliant.

Considering a Tax Agent?

Company tax returns can involve complexities. If you’re unsure about any aspect, consider consulting a registered tax agent. They can ensure your return is accurate and complete, potentially saving you time and money in the long run.

Conclusion

Filing your 2024 tax return doesn’t have to be a headache. With the right information, planning, and tools like Gimbla, you can navigate the process with confidence and efficiency. So mark those dates, gather your documents, and let Gimbla optimize your tax return. Here’s to a smooth and successful tax season!