Tax season is upon us; open for important ATO links and urgent deadlines

Hey Gigster 👋

We are not far from the very middle of the year where it is essential to review financial strategies, savings and possible burn outs for sole trade, freelance and small businesses, including gig workers who partner to work with gig platforms. But nearing the end of the previous fiscal year with early announcements of the tax season, here are they key tax dates you need to keep in mind while we maximise your tax savings! 🤑

🗓 30th June:
The financial year ends this month. Now is the perfect time to organise your files and prepare your accounts. Ensure all your income and expense records are up-to-date, and start gathering any documents you’ll need for your tax return. All ABN, ACN and TFN holders should have their eyes on the June window for ATO’s urgent deadlines, available here.

🗓 1st July:
For self-employed contractors, the new financial year begins today, meaning you can now lodge your individual tax return. While you have until 31st October to complete this, early submission can help avoid last-minute stress and ensure all your savings are promptly shown. New tax cuts are subjected to change from July onward, you can find the changed rates here.

🗓 14th July:
Mark this date for the due date of Pay As You Go (PAYG) withholding payments. Timely payments are essential to avoid any penalties or interest charges. If you have withheld installments please check this important column.

🗓 28th August:
If your business makes payments to other contractors or subcontractors, you are required to lodge a taxable payments annual report by 28th August. This report details the payments you have made to contractors and is essential for ensuring compliance with tax regulations.

🗓 31st October:
This is the final day to lodge your tax return for the previous financial year. Ensure you have all your documents in order well before this deadline to avoid any last-minute rush. Late submissions can attract penalties, so it’s best to plan ahead. Made a mistake in tax statements or income-expense records under high pressure of running your business smoothly? Don’t worry, you can always apply for penalty reliefs, check your eligibility now!

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See you in the next edition - Go Gigsters!

Benjemen
CEO & Founder of MyGigsters