When is Tax Return 2024 Australia Deadline : Tax Refund In Australia For Timely Tax Filers In 2024
October 31 is the tax return due date if you’re lodging your tax return yourself for the previous financial year (July 1 – June 30). You can lodge your tax return through H&R Block’s Online Tax Express Return, which is quick and easy to use, and gives you the security of having your tax return double-checked by one of our professional tax agents before it is lodged. If you use a tax agent or accountant to complete your tax return, you’ll be eligible for an extended tax return deadline. This deadline can vary depending on circumstances, but can be as late as May 15.
It’s important to note that if you want to use an accountant and take advantage of this extension, you need to sign up with the tax accountant prior to October 31. And you’re generally not eligible for an extended tax return due date if you have outstanding tax returns that have not been lodged from previous years. If you’re a business owner, there are various other tax deadlines that you should know about. Check them out here.
What happens if I miss the tax return deadline?
Maybe you were overseas or have been unwell? Maybe you lodged your tax return but it didn’t arrive at the Australian Taxation Office (ATO) for some reason? Or maybe you just simply forgot about it? There many reasons why you might have missed the tax return due date this year. In theory that means you may be liable to a late lodgement penalty. ATO late lodgement penalties may apply of $313 per 28 day period. The important thing is to deal with it as soon as possible by contacting the ATO.
If you have any documentation to support your reason for lodging a late tax return (such as a doctor’s certificate) then it would be good to have these on hand, as they may help to minimise your outstanding penalties. Then you just need to get your tax return completed and lodged as soon as possible to avoid further penalties. Unfortunately, if you have a return outstanding from an earlier year, you can’t take advantage of the extended tax agent deadlines for your next return, even if you use a tax agent. So it definitely pays to get any prior year returns done asap. Don’t worry if you’re missing information about your income and/or deductions for those earlier years. Your tax agent will typically be able to help by drawing on information already held by the ATO and advising you on what deductions you can claim. Our amazing expert tax consultants here at H&R Block are experienced and understanding – and we’re ready to help you get you tax return sorted out quickly (with the maximum possible tax refund).
Key Dates:
- July 1, 2024: Implementation of new tax rates.
- October 31, 2024: Deadline to file tax returns.
- Payment Date: Refunds will be issued after processing, typically a few weeks after filing.
Updated Income Tax Rates for 2024
The 2024 tax relief package includes adjusted income tax rates designed to benefit individuals across different income brackets. These revised rates are especially favorable for high-income earners, with those earning $200,000 and above receiving the maximum benefit of $4,529. Here’s a breakdown of the new tax rates:
| Income Range | Tax Rate |
| Up to $18,200 | 0% |
| $18,201 to $45,000 | 16% |
| $45,001 to $135,000 | 30% |
| $135,001 to $190,000 | 37% |
| Above $190,001 | 45% |
These changes reduce the complexity of the tax system and offer significant tax savings for those earning more than $200,000.