Mark your calendars, fellow taxpayers! For the 2024-25 financial year, individual self-lodgers must submit their tax returns by 31 October 2025, with payments due by 21 November 2025. Working with a registered tax agent? You've got extra time, but you'll need to engage them before 31 October 2025. Missing these deadlines is like missing your morning coffee – painful and entirely avoidable.
Let's face it – tax time can feel like preparing for a surprise party where the surprise is a hefty bill from the government. But just like any well-planned event, knowing your deadlines is half the battle won. The other half? Actually meeting them.
If you're taking the DIY route (we admire your courage), here's what you need to know:
Working with a registered tax agent like Amplify 11 comes with some perks, including extended deadlines. However, you must:
Let's look at how Australians are handling their tax returns:
| Lodgment Method | Number of Returns (2024) | Percentage |
|---|---|---|
| Self-lodged | 4+ million | 51.3% |
| Tax Agent | 3.8 million | 48.7% |
| Total | 7.9+ million | 100% |
The ATO isn't known for its sense of humour when it comes to missed deadlines. Here's what you might face:
| Period Overdue | Potential Penalty |
|---|---|
| Up to 28 days | $222 |
| Up to 56 days | $444 |
| Up to 84 days | $666 |
| 84+ days | $888 |
*Note: Penalty amounts are subject to change and may vary based on circumstances.
The ATO has modernised its systems, replacing myGovID with myID (same function, snazzier name). Here's your digital toolkit:
Consider working with a registered tax agent like Amplify 11 if:
For those in creative industries, additional documents might include:
Most online lodgments are processed within two weeks, but several factors can affect this:
Remember these key points:
Tax time doesn't have to be stressful. Whether you're a self-lodger aiming for the October deadline or working with a registered tax agent, planning ahead is your best strategy. Remember, proper tax management isn't just about meeting deadlines – it's about setting yourself up for financial success.
If you need support or have questions, please contact us at Amplify 11.
Even if you're overseas, the same deadlines apply. However, you can appoint a registered tax agent to handle your return or lodge online from anywhere in the world.
Extensions may be granted in special circumstances, such as natural disasters or serious illness. Contact the ATO or your tax agent before the deadline to discuss your situation.
Yes, you generally still need to lodge a return if you've had tax withheld from your income or you're running a business, regardless of the amount earned.
Online lodgment through myID and ATO online services is typically the fastest method, with most returns processed within two weeks.
Visit the Tax Practitioners Board website (tpb.gov.au) and use their register search function to verify your tax agent's registration status.
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