S & H Tax Accountants

Tax Season has commenced

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Reception

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Tax season has officially commenced in Australia, marking the start of the 2025–26 financial year on July 1. This period is crucial for individuals and businesses to prepare and lodge their tax returns for the 2024–25 financial year, which concluded on June 30, 2025

🗓️ Key Tax Dates for 2025

  • Lodgment Start Date: Taxpayers can begin lodging their tax returns from July 1, 2025.

  • Self-Lodged Returns: If you’re lodging your tax return independently (e.g., via myGov), the deadline is October 31, 2025. Missing this date may result in penalties.

  • Using a Registered Tax Agent: Engaging a registered tax agent before October 31, 2025, may grant you an extension to lodge your return, potentially up to May 15, 2026, depending on your circumstances.

⚠️ Consequences of Late Lodgment.

Failing to lodge your tax return on time can lead to a Failure to Lodge (FTL) penalty, starting at $313 and potentially increasing to $1,565 for prolonged delays. The Australian Taxation Office (ATO) may also issue a default assessment with a 75% administrative penalty, which could trigger audits or legal action.

✅ Tips for a Smooth Tax Season

  • Gather Necessary Documents: Ensure you have all relevant income statements, receipts, and records of deductions.

  • Wait for Pre-Filled Information: The ATO recommends waiting until the end of July to lodge your return, as most income data (like employer and bank information) is pre-filled by then, reducing errors.

  • Beware of Misinformation: Avoid relying on unverified tax advice from social media or unqualified sources.Incorrect claims can lead to penalties or audits.

🛍️ EOFY Sales and Tax Deductions

The End of Financial Year (EOFY) sales, which concluded on June 30, 2025, offered significant discounts on various products, including electronics and office equipment. Purchases made during this period for work-related purposes may be tax-deductible. Ensure you retain receipts and consult with a tax professional to determine eligibility.

🧾 Need Assistance?

If you’re uncertain about your tax obligations or need help with lodging your return, consider consulting a registered tax agent like ourselves S & H Tax Accountants. We are able to assist you in your tax obligations as we always prioritise our client’s growth and goals. Our team consists of well-qualified, vastly experienced and very professional individuals. Book your appointment today at S & H Tax Accountants, call us on 03 8759 5532 or you can email us on info@sahtax.com.au.

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