What happens if you don't lodge your tax return by October 31

Every year millions of residents and non-residents in Australia are required to submit a tax return to the Australian Taxation Office (ATO), either by themselves or through a registered tax agent.

As of the end of September, the ATO reported that it had received just under eight million tax returns from individuals for the 2023-24 financial year. Roughly four million of those were self-lodged, while 3.8 million were done with the help of a tax agent.

There is a limited window for people to submit their tax returns though. In fact, the ATO has warned Australians that the deadline for people to lodge their own returns - without incurring a penalty - is fast approaching.

So read on for a run through of the major tax dates and deadlines in Australia that you'll need to know about, as well as answers to some other commonly-asked tax questions.

Key tax dates for 2024

• June 30: Last day of the financial year
• July 1: Taxpayers can start to prepare and lodge their tax returns
• July 14: Final date for most employers to lodge their income statement data
• October 31: Lodgement deadline for individuals preparing their own tax returns

When can I lodge a 2024 tax return in Australia?

The 2023-24 financial year ended on June 30, which means that tax season in Australia officially started on July 1. That's when taxpayers could, in theory, begin lodging their tax returns.

Although it can be tempting for people to get cracking on their tax return straight away if they're doing it themselves - especially if they're expecting a refund - the ATO generally recommends waiting until the end of July to lodge it though.

That's because it typically takes a couple of weeks or longer for income statements to be marked as 'tax ready' by employers. So jumping the gun and lodging it before that's done could result in someone having to amend their return.

What is the due date to submit a 2024 tax return?

Although the latest ATO figures suggest that plenty of people have already lodged their 2023-24 tax returns, the critical date for individual taxpayers to mark in their calendar is October 31.

For anyone preparing their own tax return, this is the date that it needs to be lodged before. People lodging their return with the help of a tax agent will also need to have engaged the agent before that date (though agents have more flexibility when it comes to when they'll need to submit a return).

What happens if I miss the October 31 tax deadline?

If, for whatever reason, you're unable to lodge your tax return by October 31, the tax office recommends getting in contact with them as early as possible to work out a solution.

Not lodging a return before the deadline could result in a fine (starting from $313), or even firmer action from the ATO like a default assessment penalty or even prosecution.

What are the tax rates for 2024-25?

On July 1, 2024, a new set of income brackets and tax rates came into effect for the 2024-25 financial year as part of the stage three tax cut reforms outlined by the government in January.

How long will it take for my 2024 tax return to be processed?

Most tax returns that are lodged online take less than two weeks to process, according to the ATO, although it could take longer if any manual checking needs to be done.

It's also possible to check the status of the return as it's being processed via the ATO's app, through the myGov portal, or by checking in with your tax agent if you've used one.

If you're due a refund and you've already provided your bank account details to the ATO then the money will be transferred directly into your nominated account. If you have a tax bill you'll be provided with a payment due date on your notice of assessment.

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