News
With the third quarter of our current financial year right behind us, and the end of the financial year now approaching fast, it's crucial for everyone to be aware of key tax lodgement deadlines to ensure compliance and avoid potential penalties.
One significant date to adhere to is May 15, which serves as the lodgement due date for many taxpayers. It’s fast approaching and may take some time to prepare your lodgement, so to start with, let’s get familiar with the details (below). Then, as soon as you’re able, we suggest starting the preparation process in the lead up to May 15 – the Attune Advisory team are here to help …
The May 15 deadline applies to individuals and trusts that:
• Have no outstanding prior year tax returns as of June 30, 2024.
• Are not classified as large or medium trusts (those with annual total income exceeding $10 million).
• Do not have a tax liability of $20,000 or more based on their latest return.
• Are not new registrants.
For a comprehensive list of lodgement due dates based on specific circumstances, refer to the Australian Taxation Office (ATO) guidelines.
You’ll find this page on the ATO website to be useful for more information: Individuals and trusts outline.
The ATO offers a concessional extension for tax returns due on May 15, allowing individuals, partnerships, and trusts to lodge by June 5, 2025, without incurring penalties, provided any payment due is also made by this date.
The payment due date for tax liabilities depends on when the return is lodged:
• Up to February 12, 2025: Payment is due by March 21, 2025.
• Between February 13 and March 12, 2025: Payment is due by April 21, 2025.
• From March 13, 2025, onwards: Payment is due by June 5, 2025.
These staggered payment arrangements ensure taxpayers have adequate time to meet their obligations.
Failing to lodge your tax return by the due date can result in penalties and interest charges. Moreover, timely lodgement ensures you remain compliant with tax laws and can assist in better financial planning for the upcoming year.
With the May 15 deadline fast approaching, now is the time to prepare all relevant documentation and engage Attune Advisory to begin the lodgement process. Let's get ahead of tax deadlines and make sure you remain compliant and in the best tax position possible for the next financial year. Give the team a call on 1300 866 113 or send us an email to start the conversation – you’ll be glad you did.
