Key Dates for the Australian Tax Year
Let's face it. Tax is confusing!
It's hard enough to get a handle on the tax system in your own country. And then, when you move to Australia for your working holiday, you have to come to terms with the Aussie tax system too!
But don't worry, we're here to help!
In this blog, we'll take a look at the basics of the Australian fiscal year and outline some of the most significant dates and deadlines during the tax year.
Here are the most important Australian tax dates that every backpacker should know.
When is tax season in Australia?
Tax season in Australia runs from 1 July – 31 October for individuals (businesses have to submit monthly and quarterly activity statements all year round).
15 May 2024
If you're an individual and used a registered tax agent to help lodge your annual tax return for the fiscal year 2023 (1 July 2022 – 30 June 2023), this is typically the deadline they will adhere to for the submission of your return. This isn't something you really need to concern yourself with, as hopefully the agents will take care of it for you.
30 June 2024
Official end of the fiscal year.
1 July 2024
The Australian Taxation Office begins to process tax returns from the fiscal year just ended.
The average tax refund Down Under is AU$2600
14 July 2024
At the end of each financial year employers must lodge a Pay As You Go (PAYG) withholding annual report for all payments not reported through Single Touch Payroll (STP). When your employer has reported and finalised your information through STP, they are exempt from providing PAYGs to their employees. However, if your employer does not report payments through STP, they must give a PAYG to you by 14 July each year, even if the withheld amount is nil.
This is the estimated month for the issue of tax rebates from the previous fiscal year. The timing can differ slightly from year-to-year, but refunds are typically issued in July.
31 October 2024
Deadline for lodging your tax return for the fiscal year 1 July 2023 – 30 June 2024. If you use a Registered Tax Agent like us for help, the deadline is usually later, but you'll still need to consult with them before the 2nd to avoid penalties. Alternatively, you can apply for an extension – Remember that it's better to lodge a complete, delayed tax return than an incomplete one on time.
How much tax will I get back?
The average tax refund Down Under is AU$2600. You don't want to leave that kind of money behind in Oz!
What are the Australian Tax Dates for Businesses?
The most important tax dates for businesses in Australia are listed below.
15 January 2024
The due date for income tax returns for companies, trusts and businesses whose taxable annual income exceeded $10 million in the previous fiscal year. Some companies may be advised to submit returns earlier if they have a history of failing to lodge tax returns on time in previous years (in which case, the recommended lodge date would have been October 31 2023).
21 January 2024
The first deadline for monthly PAYG activity statements falling in 2021. As the Australian tax system runs on a Pay As You Go basis where tax is automatically deducted, it's necessary for your employer to lodge monthly activity statements on the 21st of every month.
These relate to the withholding of income at source for tax and superannuation (retirement fund) reasons. This is only something you need to worry about if you're an employer and have PAYG withholding responsibilities.
Each activity statement is a month in arrears, so for the 21 January 2023 the report would be lodged for tax activities between then and the 21 December 2023. Find out more about the PAYG system by clicking here.
We help thousands of working holidaymakers to get their tax refund
28 February 2024
Deadline for businesses to make certain lodgings and payments relating to the December quarter of the fiscal year, for example Goods and Services Tax (GST).
28 April 2024
Deadline for businesses to make certain lodgings and payments relating to the March quarter of the fiscal year.
28 July 2024
Deadline for businesses to make certain lodgings and payments relating to the June quarter of the fiscal year.
14 August 2024
The deadline for businesses to submit an annual summary of PAYG withholding, detailing all payments made to employees/additional payees and the total amounts withheld from wages and salaries.
File your Australian tax return today
28 October 2024
Deadline for businesses to make certain lodgings and payments relating to the September quarter of the fiscal year.
21 December 2024
Deadline for your employer to submit the November PAYG activity statement for their payees, and the final tax date for 2023.
Tax deadlines can sometimes be confusing. Hopefully this list has given you a better idea of the taxation timeline as it runs in Australia.
If you have any Australian tax questions or you need any further information, contact our Australian tax team today!
If you want to calculate your refund, use our free online tax back calculator!
Ready to file your tax return and claim your Australian tax refund?
If you are ready to file your tax return now, we can help you out. Fill out this simple online form and our tax experts will be in touch to complete your tax return and help you claim your maximum tax refund in Australia!
The average tax refund Down Under is AU$2600