Stay Ahead of the Game: Key Tax Deadlines and the Benefits of a Registered Tax Agent
As we march through 2025, it’s crucial to stay on top of important tax deadlines to avoid any last-minute stress or penalties. At I DO TAX, we’re here to help you navigate the complex world of tax obligations with ease. Here’s a rundown of the key tax deadlines you need to be aware of, along with the benefits of having a registered tax agent by your side.
Key Tax Deadlines in Australia for 2025
- Company Tax Returns
- Due Date: 15 May or 31 October (if lodged by yourself).
- Business Activity Statements (BAS)
- Quarterly BAS: 28 April (Q3), 28 July (Q4), 28 October (Q1), and 28 January (Q2).
- Monthly BAS: 21st of each month following the reporting period.
- Individual Tax Returns
- Due Date: 31 October (if lodged by yourself) or 15 May (if lodged by a registered tax agent).
- Fringe Benefits Tax (FBT) Returns
- Due Date: 21 May (if lodged by yourself) or 25 June (if lodged by a registered tax agent).
The Benefits of Having a Registered Tax Agent
Navigating tax deadlines can be daunting, but a registered tax agent can make the process much smoother. Here are some key benefits:
- Extended Deadlines
- One of the biggest advantages of using a registered tax agent is access to extended lodgment deadlines. For example, while the standard deadline for individual tax returns is 31 October, engaging a tax agent can extend this deadline to 15 May of the following year. This extra time can be invaluable, especially if you’re still gathering documents or need more time to ensure accuracy.
- Expert Guidance and Accuracy
- Registered tax agents are well-versed in the latest tax laws and regulations. They can provide expert advice, help you maximize deductions, and ensure your tax return is accurate. This reduces the risk of errors that could lead to penalties.
- Stress Reduction
- Tax time can be stressful, but a registered tax agent can take the burden off your shoulders. They handle the complexities of tax filing, allowing you to focus on your business or personal life.
- Legal Protection
- Registered tax agents are regulated by the Tax Practitioners Board (TPB), ensuring they adhere to high standards of professionalism and ethics. This provides an added layer of protection and peace of mind.
Penalties for Late Lodgment
Failing to lodge your tax return on time can result in penalties and interest charges. The Australian Taxation Office (ATO) imposes a Failure to Lodge (FTL) penalty, which can be up to $1,110 for individuals and higher for businesses, depending on the delay. Additionally, interest charges may apply to any outstanding tax owed, compounding daily until the debt is paid.
Staying on top of tax deadlines is essential to avoid penalties and ensure compliance. Engaging a registered tax agent can provide numerous benefits, including extended deadlines, expert guidance, and stress reduction. At I DO TAX, we’re here to help you navigate the tax landscape with confidence and ease.
Contact Us
For any queries or assistance regarding Fringe Benefits Tax, feel free to reach out to I DO TAX ACCOUNTANTS:
📞 Tel: (03) 8594 1811 ~ 1800 955 811
📧 Email: info@idotax.com.au
📍 Address: 295 Victoria Street, Abbotsford, VIC 3067
For more detailed information, you can visit the Australian Taxation Office (ATO) website.