JavaScript is disabled

For full functionality of this site it is necessary to enable JavaScript in your web browser. Click the button below for instructions on how to enable JavaScript, then refresh the page.

Instructions

Your browser is unsupported

You'll need to upgrade to a modern web browser to access this site. Click below to see some options.

View Browsers

Important tax dates for the 2024/25 Financial Year

All the tax dates you need to know as a sole trader

As a sole trader, you’re a one-person operation, meaning that you’re solely responsible for keeping your tax admin up to date. Making sure you know, and hit, all key tax deadlines is super important!

So, what do you need to know? What do you need to do? And when do you need to do it by?

Key tax dates for sole traders

The Financial Year

First up is the start of the financial year. This is July 1st, and it’s when the ‘financial clock’ ticks over. Your taxable income for the upcoming financial year starts fresh here, at $0 and will accrue over the next 12 months.

The end of the financial year (EOFY) is the following year (of course) on June 30th. This is when the clock stops and everything you’ve earned as income needs to be reported to the ATO in your tax return. You’ll also need to include any receipts for business expenses you’re claiming, so you can reduce your taxable income.

Lodging your tax return

Next, you’ll need to be mindful of key dates for lodging your tax return:

  • If you do this on your own, your deadline is October 31st after the EOFY. For example, for the 2023/24 tax year, this deadline will be October 31st, 2024.
  • If you’re lodging through a registered tax agent (Hi! That’s us, Hnry!), they’re given a bit more wiggle room. As long as you have no outstanding lodgements with the ATO, they may be eligible for a deadline extension to the 15th of May the following year.

BAS and GST

If you’re registered for GST, you’ll have to regularly lodge Business Activity Statements (BAS). This is where you essentially declare and pay any GST that you’ve been collecting on behalf of the ATO.

📖 Wait, what? If that last sentence didn’t quite make sense to you, check out our monster guide to GST.

While there are different options for GST collection periods, the most common option is quarterly. This means your BAS will be due on the 28th of the month following each quarter. Easy!

Tl;dr: The sole trader tax calendar

Date Deadline Description
1st July New Financial Year begins From 1st July onwards, you can lodge tax returns and apply for tax refunds from the financial year that just ended. 🙋 At Hnry, we start lodging your tax return in early August, after employers have finalised all their ATO submissions. This means when we lodge, we have the most accurate and up-to-date information on hand.
31st October Tax return due If you don’t have an extension, have any outstanding tax returns, or have an accountant or tax agent lodging on your behalf, you have until the 31st of October to lodge your tax return.
15th of May (the following year) Tax return due (lodging through a tax agent/accountant) If you do have an accountant or tax agent lodging on your behalf (and no outstanding tax returns), your tax return is due on the 15th of May the following year.🙋 Hnry is a registered tax agent, but we don’t wait until the deadline to lodge your tax return!
28th October 28th February 28th April 28th July BAS lodgement/payment dates Your quarterly BAS lodgements and payments are due on these dates.
30th July Financial Year ends Welcome to the EOFY! Well done on all your successes over the last year. You’ve worked hard, and it shows 💪

Psst – you could add all these dates and deadlines to your calendar, gather all your paperwork, and spend time, money and effort getting it all sorted.

… or, you could literally just ask us to look after all of this for you. Hnry is a registered tax agent, meaning we can lodge your tax return, lodge your BAS, manage your expenses, and so much more. Basically, we handle it all, so you never have to think about tax again.

Join Hnry today!

Share on: