Tax season can feel like composing a complex symphony – multiple parts need to come together perfectly, and timing is everything. As we look ahead to 2025, understanding your tax obligations and deadlines is crucial for maintaining financial harmony.
The standard deadline for individual tax returns remains 31 October 2025. However, this deadline applies only to self-lodgers. If you're working with a registered tax agent, you may have additional time through the tax agent lodgment program.
Business Activity Statements (BAS)
The Australian tax lodgment system offers specific deadlines and concessions for businesses working with registered tax agents. Here's a comprehensive breakdown of the key dates and requirements:
Business Activity Statements (BAS)
For quarterly BAS lodgments in 2024-25, registered BAS agents can access extended deadlines when lodging through Online services or PLS:
Standard Quarters:
Q1 (Jul-Sep 2024): Extended to 25 November 2024
Q2 (Oct-Dec 2024): 28 February 2025 (no extension)
Q3 (Jan-Mar 2025): Extended to 26 May 2025
Q4 (Apr-Jun 2025): Extended to 25 August 2025
Tax Agent Lodgment Program
Key Registration Requirement:
To qualify for extended lodgment periods, all new clients must register with their tax agent by 31 October 2024.
Individual and Trust Returns:
Standard deadline: October 31st
Extended deadline through tax agent: May 15th
Payment Due Dates:
Lodgments up to February 12th: Payment due March 21st
Lodgments February 13th-March 12th: Payment due April 21st
Lodgments after March 12th: Payment due June 5th
Important Changes for 2024-25
New Compliance Measures:
Late client documentation is no longer accepted as a valid reason for extensions
The ATO has implemented fast-track processing for low-risk deferrals with 4-hour turnaround times
A new Supported Lodgment Program offers assistance packages, including temporary suspension of compliance actions
Online Lodgment Requirements:
To ensure clients receive program due dates, agents must lodge activity statements through:
Online services for agents
Practitioner lodgment service (PLS)
Superannuation Guarantee Contributions
Employers must pay super guarantee contributions quarterly:
Quarter 1: 28 October 2024
Quarter 2: 28 January 2025
Quarter 3: 28 April 2025
Quarter 4: 28 July 2025
Extended Lodgment Through Tax Agents
Working with a registered tax agent can provide additional breathing room. The tax agent lodgment program typically extends deadlines to:
15 May 2026 for most individual returns
Various concessional deadlines throughout the year for business returns
Important Note: You must be registered as a client with your tax agent before 31 October 2025 to access these extended deadlines.
Key Lodgment Deadlines
Large/Medium Taxpayers
Due date: 31 January 2024
Payment date: 1 December 2024
Applies to companies with annual total income exceeding $10M and members of large business groups
Inaccurate record-keeping leads to incorrect reporting, overlooked deductions, and potential audits. Implement digital tools and accounting software to streamline documentation and enhance accuracy.
Cash Flow Challenges
Poor cash flow management can threaten even profitable businesses. Common issues include:
Late-paying customers (affecting 87% of businesses)
Insufficient cash reserves for unexpected expenses
Manual processing errors in accounting
Delayed supplier payments
Tax Management Problems
Several tax-related pitfalls can impact businesses:
Use automated processing tools like Xero or Dext to reduce manual errors
Regular reconciliation of tax forms and certificates
Enhance Cash Flow Management
Establish multiple communication channels for payment follow-ups
Simplify payment processes for customers
Create and maintain emergency cash reserves
Implement flexible budgeting practices
Strengthen Tax Compliance
Engage in proactive tax planning throughout the year
Keep detailed documentation for all business expenses
Regularly review and update tax forecasts
Seek professional advice for complex tax matters
Income Averaging for Creative Professionals
Income averaging is a significant tax advantage for artists and creative professionals in Australia. This provision recognizes the irregular nature of creative income, where you might spend years developing work before receiving payment.
Key Benefits:
Your special professional income is taxed at a reduced rate based on a 5-year rolling average
Particularly beneficial in the first four years, potentially resulting in minimal tax on earnings up to $90,000
Applies to authors, artists, composers, inventors, performers, and production associates
Tax Deductions for Creatives
Home Studio Expenses
Claim a percentage of rent/mortgage interest, utilities, and insurance based on the area used exclusively for work
For example, if your studio takes up 20% of your living space, you can claim 20% of eligible household expenses
Equipment and Tools
Immediate deductions for items under $1,000
Depreciation claims for equipment over $1,000
Temporary Full Expensing allows eligible businesses to claim immediate deductions for business assets until June 30, 2023
Professional Development
Interactive online courses exploring new techniques
Business coaching sessions
Industry seminars and workshops
GST Considerations
Registration Requirements:
Mandatory GST registration if annual turnover exceeds $75,000
Must charge 10% GST on taxable supplies when registered
Issue proper tax invoices for all transactions
Mixed Supplies:
Clear identification of taxable supplies
Show total GST payable
Indicate the total amount payable
Record Keeping and Administration
Essential Records:
Keep all receipts and invoices for five years
Maintain separate bank accounts for business transactions
Consider using accounting software to track income and expenses
Tax compliance doesn't have to be overwhelming. With proper planning and support, you can maintain control of your tax obligations and focus on what you do best – running your business or pursuing your creative passions.
Remember, while deadlines are important, what matters most is having a systematic approach to managing your tax affairs throughout the year. It creates a foundation for financial success and peace of mind.
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