As we approach the new financial year, understanding your tax obligations and key deadlines is essential for a stress-free tax season. At Perth Mobile Tax & Business Services, we’re committed to helping you navigate the Australian tax system with confidence and ease.
Understanding the Australian Financial Year
The Australian financial year runs from July 1 to June 30 of the following year. This means that the current financial year (FY) 2025 began on July 1, 2024, and will end on June 30, 2025. This timing might seem unusual compared to the regular calendar, but it’s designed to align with other government operations.
Key Tax Deadlines for 2025
October 31, 2025
This is the standard deadline for individuals lodging their own tax returns for the 2024-2025 financial year. Missing this deadline can result in penalties from the Australian Taxation Office (ATO).
May 15, 2026
If you choose to lodge through a registered tax agent like Perth Mobile Tax & Business Services, you’ll generally have until May 15, 2026, to lodge your return. However, this extended deadline only applies if you engage a tax agent before October 31, 2025.
Consequences of Missing Tax Deadlines
The ATO takes late lodgements seriously. Here’s what you need to know about potential penalties:
- Late lodgement may result in penalties of $330 for the first 28 days
- An additional $330 for each subsequent 28-day period
- Penalties can accumulate up to a maximum of $1,650
Benefits of Timely Tax Lodgement
Filing your tax return on time offers several advantages:
- Access refunds faster, especially helpful if you’ve had more tax withheld than needed
- Avoid penalties for late or incorrect lodgements
- Contribute to funding national initiatives such as healthcare, infrastructure, and educational programmes
What to Do If You’re Running Late on Your Tax Lodgement
If you’re concerned about missing the deadline, consider these options:
1. Engage a registered tax agent like Perth Mobile Tax & Business Services before October 31, 2025, to gain access to extended lodgement deadlines
2. If you’ve already missed a deadline, provide supporting documentation explaining the reason to the ATO as soon as possible, as this may help minimise penalties
3. Remember that if your tax return is outstanding from an earlier year, you won’t be able to take advantage of any concessions
How a Tax Practitioner Can Help You
At Perth Mobile Tax & Business Services, we understand that tax time can be stressful. Our team of experienced professionals can:
- Help you gather all necessary documentation for your tax return
- Retrieve important information from the ATO if you’re missing details
- Ensure your return is accurate and maximises your eligible deductions
- Contact the ATO on your behalf if you’ve incurred penalties and try to get them reduced or cancelled
End of Financial Year Tax Preparation
The end of the financial year (EOFY) can be overwhelming, especially for individuals experiencing their first tax season. It’s a time when all income, expenses, and financial activities need to be reviewed and accounted for.
To prepare for EOFY 2025:
- Gather all payment summaries and income statements
- Collect receipts for work-related expenses
- Organise documentation for any deductions you plan to claim
- Consider scheduling a consultation with our team to discuss tax planning strategies
Don’t wait until the last minute to address your tax obligations. Our mobile service means we can come to you at a time and place that suits your schedule throughout Perth and the surrounding areas. Request a consultation today to ensure you’re well-prepared for the 2025 tax season.
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