Key Tax Dates for 2024 in Australia: Essential Guide for Businesses and Individuals

Key Tax Dates for 2024 in Australia

Don't Miss Out on Key Tax Dates for 2024 in Australia!

Navigating the complexities of the Australian tax system requires a keen understanding of key tax dates and deadlines. Missing these important dates can lead to penalties, interest charges, and increased scrutiny from the Australian Taxation Office (ATO). This comprehensive guide aims to provide businesses and individuals with a detailed overview of the key tax dates for 2024 in Australia, ensuring you stay compliant and avoid unnecessary stress.

Key Tax Dates for 2024 in Australia

January 2024

15 January 2024
Monthly Activity Statement (BAS) Due
For businesses that lodge their BAS on a monthly basis, the statement and payment for December 2023 are due. This includes reporting and paying GST, PAYG withholding, and other obligations.

28 January 2024
Quarterly Superannuation Guarantee Contributions Due
Employers must ensure superannuation contributions for the October to December 2023 quarter are paid to their employees’ super funds by this date. Failure to meet this deadline may result in the Superannuation Guarantee Charge (SGC), which includes penalties and interest.

February 2024

21 February 2024
Monthly Activity Statement (BAS) Due
For businesses that lodge their BAS on a monthly basis, the statement and payment for January 2024 are due.

28 February 2024
Quarterly Business Activity Statement (BAS) Due
For businesses lodging quarterly, the BAS covering October to December 2023 is due. This includes reporting and paying GST, PAYG installments, PAYG withholding, and other tax obligations.

28 February 2024
Lodge Taxable Payments Annual Report (TPAR)
Businesses in the building and construction industry, cleaning services, courier services, road freight, IT services, and security, investigation, or surveillance services must lodge their TPAR for payments made to contractors during the financial year.

March 2024

21 March 2024
Monthly Activity Statement (BAS) Due
For businesses that lodge their BAS on a monthly basis, the statement and payment for February 2024 are due.

April 2024

15 April 2024
FBT Return Lodgement and Payment Due
The Fringe Benefits Tax (FBT) year ends on 31 March 2024, and the lodgement and payment of the FBT return are due by 15 April 2024 if lodging by paper. If lodging electronically, the due date is 25 June 2024.

21 April 2024
Monthly Activity Statement (BAS) Due
For businesses that lodge their BAS on a monthly basis, the statement and payment for March 2024 are due.

28 April 2024
Quarterly Superannuation Guarantee Contributions Due
Employers must ensure superannuation contributions for the January to March 2024 quarter are paid to their employees’ super funds by this date.

May 2024

15 May 2024
Lodge Tax Returns for 2022-2023
The due date for lodging tax returns for individuals and trusts who were not required to lodge earlier. Companies and super funds with a due date of 15 May 2024 must also lodge their returns by this date.

21 May 2024
Monthly Activity Statement (BAS) Due
For businesses that lodge their BAS on a monthly basis, the statement and payment for April 2024 are due.

21 May 2024
Lodge and Pay FBT Returns
For businesses lodging FBT returns electronically, the due date is 21 May 2024.

26 May 2024
Quarterly Business Activity Statement (BAS) Due
For businesses lodging quarterly, the BAS covering January to March 2024 is due.

June 2024

5 June 2024
Lodge Tax Return for Entities with a 31 December 2023 Balance Date
Entities that balance their accounts on 31 December must lodge their tax returns by this date.

21 June 2024
Monthly Activity Statement (BAS) Due
For businesses that lodge their BAS on a monthly basis, the statement and payment for May 2024 are due.

25 June 2024
Lodge and Pay FBT Returns (Electronic Lodgements)
For businesses lodging FBT returns electronically, the lodgement and payment are due by 25 June 2024.

July 2024

21 July 2024
Monthly Activity Statement (BAS) Due
For businesses that lodge their BAS on a monthly basis, the statement and payment for June 2024 are due.

28 July 2024
Quarterly Superannuation Guarantee Contributions Due
Employers must ensure superannuation contributions for the April to June 2024 quarter are paid to their employees’ super funds by this date.

28 July 2024
Quarterly Business Activity Statement (BAS) Due
For businesses lodging quarterly, the BAS covering April to June 2024 is due.

31 July 2024
TFN Report for Closely Held Trusts
Trustees of closely held trusts must lodge the TFN report for any beneficiaries who received distributions during the 2023-2024 financial year.

August 2024

14 August 2024
PAYG Payment Summary Annual Report Due
Employers must lodge the PAYG payment summary annual report for the 2023-2024 financial year by this date.

21 August 2024
Monthly Activity Statement (BAS) Due
For businesses that lodge their BAS on a monthly basis, the statement and payment for July 2024 are due.

28 August 2024
Lodge Taxable Payments Annual Report (TPAR)
Businesses in the building and construction industry, cleaning services, courier services, road freight, IT services, and security, investigation, or surveillance services must lodge their TPAR for payments made to contractors during the financial year.

September 2024

21 September 2024
Monthly Activity Statement (BAS) Due
For businesses that lodge their BAS on a monthly basis, the statement and payment for August 2024 are due.

October 2024

21 October 2024
Monthly Activity Statement (BAS) Due
For businesses that lodge their BAS on a monthly basis, the statement and payment for September 2024 are due.

28 October 2024
Quarterly Superannuation Guarantee Contributions Due
Employers must ensure superannuation contributions for the July to September 2024 quarter are paid to their employees’ super funds by this date.

28 October 2024
Quarterly Business Activity Statement (BAS) Due
For businesses lodging quarterly, the BAS covering July to September 2024 is due.

November 2024

21 November 2024
Monthly Activity Statement (BAS) Due
For businesses that lodge their BAS on a monthly basis, the statement and payment for October 2024 are due.

25 November 2024
Lodge and Pay 2023-2024 SMSF Annual Return
Self-managed super funds (SMSFs) must lodge their annual return for the 2023-2024 financial year by this date.

December 2024

1 December 2024
Income Tax Payment Due for Companies and Super Funds
Companies and super funds with an annual turnover of more than $10 million must pay their income tax liability for the 2023-2024 financial year by this date.

21 December 2024
Monthly Activity Statement (BAS) Due
For businesses that lodge their BAS on a monthly basis, the statement and payment for November 2024 are due.

Key Tips for Managing Tax Dates

To effectively manage these key tax dates for 2024 in Australia and ensure compliance, consider the following tips:

1. Use a Tax Calendar: Maintain a detailed tax calendar that includes all relevant deadlines for your business. Set reminders ahead of time to avoid last-minute rushes.

2. Employ a Tax Advisor: Engage with a professional tax advisor who can provide expert guidance, keep you informed of changes in tax laws, and help ensure timely lodgement and payment of your tax obligations.

3. Leverage Accounting Software: Utilise accounting software that integrates with ATO systems for easier BAS lodgement, payroll management, and tax calculations.

4. Regular Reviews: Conduct regular reviews of your financial records to ensure accuracy and completeness. This will facilitate smoother tax reporting and compliance.

5. Plan for Cash Flow: Ensure you have sufficient funds set aside to meet your tax obligations. Effective cash flow management is crucial to avoid penalties and interest charges.

6. Stay Informed: Keep abreast of any changes to tax laws or regulations that may impact your business. The ATO website is a valuable resource for the latest updates.

The Value of Key Tax Dates

Staying on top of key tax dates is essential for the smooth operation of your business and to avoid unnecessary penalties. By planning ahead, leveraging professional advice, and utilising modern accounting tools, you can ensure compliance and focus on growing your business. Use this guide to navigate the key tax dates for 2024 in Australia, and set yourself up for a financially successful year.

What are key tax dates, and why are they important for businesses and individuals in Australia?
Key tax dates refer to deadlines set by the Australian Taxation Office (ATO) for various tax-related activities such as lodgement of returns, payments, and reporting. These dates are crucial as they ensure compliance with tax laws, avoiding penalties, interest charges, and legal issues.

What is the significance of quarterly Business Activity Statement (BAS) due dates in 2024?
Quarterly BAS due dates in 2024 mark deadlines for businesses to report and pay their Goods and Services Tax (GST), Pay As You Go (PAYG) installments, and other tax obligations. Timely submission ensures accurate reporting and compliance with ATO regulations.

What are the consequences of missing the Fringe Benefits Tax (FBT) return lodgement deadline in 2024?
Failure to lodge the FBT return by the specified deadline in 2024 can result in penalties imposed by the ATO. These penalties may vary depending on the delay and the entity's compliance history, potentially leading to financial repercussions for businesses.

How can businesses ensure compliance with Taxable Payments Annual Report (TPAR) deadlines in 2024?
Businesses in specific industries need to lodge TPARs to report payments made to contractors. To meet the deadlines in 2024, businesses should maintain accurate records of payments and utilise accounting software that facilitates TPAR lodgement.

What steps can individuals take to meet the income tax return lodgement deadline in 2024?
Individuals should gather relevant financial documents and information, such as payment summaries and investment statements, well in advance of the income tax return lodgement deadline in 2024. Utilising online tax lodgement services or engaging a tax agent can streamline the lodgement process and ensure timely compliance.

How can businesses manage cash flow effectively to meet tax payment deadlines in 2024?
Businesses can implement cash flow management strategies, such as forecasting and budgeting, to ensure they have sufficient funds available to meet tax payment deadlines in 2024. Setting aside a portion of income for tax obligations and optimising revenue streams can help mitigate financial strain.

What options are available for businesses if they cannot meet tax payment deadlines in 2024?
Businesses facing difficulty in meeting tax payment deadlines in 2024 should proactively communicate with the ATO to discuss payment arrangements or request extensions where applicable. Ignoring deadlines can exacerbate financial challenges and lead to additional penalties.

How can businesses stay informed about changes to tax deadlines and regulations in 2024?
Businesses can stay informed about changes to tax deadlines and regulations in 2024 by regularly monitoring updates from the ATO website, subscribing to newsletters or alerts, and consulting with tax advisors. Being proactive in seeking information ensures businesses can adapt to any changes promptly.

What role do tax advisors play in helping businesses navigate key tax dates in 2024?
Tax advisors provide invaluable guidance and expertise to businesses in navigating key tax dates in 2024. They assist in understanding compliance requirements, identifying tax-saving opportunities, and developing strategies to meet deadlines efficiently while optimising financial outcomes.

How can businesses leverage modern accounting software to manage key tax dates effectively in 2024?
Modern accounting software offers features such as automated reminders, real-time reporting, and integration with ATO systems, making it easier for businesses to manage key tax dates effectively in 2024. By harnessing the capabilities of accounting software, businesses can streamline tax compliance processes and reduce the risk of missed deadlines.

Acro Accounting & Financial Planning (AAFP) offers a one stop solution right from accounting, taxation, financial planning to other business advisory services. As Certified Practicing Accountants (CPA’s) and professional tax advisors, we pride ourselves on being experts with the latest developments relating to business and taxation. We as professional public practice firm, provide high quality taxation and business advice to our clients through a personalised service at competitive rates.

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