Details You Need to Know for your Individual Tax Return in 2024

Do you need to lodge a 2024 tax return?

If you earned any sort of taxable income in the 2023/24 financial year then yes, you should lodge a 2024 tax return with the Australian Tax Office (ATO).

Be careful when calculating your taxable income because it can include:

• Your primary job income
• Side-jobs
• Contract work
• Consulting
• Any interest you received for bank savings
• Income or profit from any investments
• Plus more

These incomes also contribute towards the Australian tax free threshold in 2024 which is $18,200. This means if your total taxable income was less than $18,200 in the 2023/24 financial year then you don’t have to pay any income tax to the ATO - but you will need to lodge a return to have the already paid tax refunded to your bank account. This amount differs for seniors, pensioners and other circumstances.

Even if you didn’t work this financial year you may still need to lodge a 2024 tax return as there are many Government rebates available, such as the private health rebate, and a long list of exempt incomes that our tax accountants are aware of and can provide financial advice on.

Non Lodgement Advice
What happens if you had no income, no rebates available, made less than $18,200 with no tax withheld and no other incomes?

Instead of a tax return, you may need to lodge a Non-Lodgement Advice 2024 with the ATO though we recommend speaking to one of our tax accountants to be certain.

In summary
Everyone needs to lodge either a 2024 Tax Return or a “Non-Lodgment Advice” form with the ATO in 2024 but we highly recommend giving our tax accountants a call to be certain of your financial responsibilities.

When are 2024 tax returns due in Australia?

Anthony Long has an extended deadline to submit your 2024 individual tax returns which is 15 May 2023 because as he is a fully qualified and registered tax agent.

For people wanting to submit their own 2024 tax returns online or via post, the ATO advises to do so before 31 October 2024 otherwise they may be subject to a failure to lodge on time penalty

What happens if you miss the 31 October 2024 deadline to submit your own tax return? You can make an appointment with the Anthony Long tax accountants prior to 15 May 2023 to submit your return without penalty, or, contact the ATO as soon as possible.

What do I need to bring to my appointment with a tax accountant?

Along with your Tax File Number there are many bits of information needed that our tax accountants will need to get the maximum refund on your 2024 tax return claim.

A lot of required information is connected via MyGov and the ATO however not everybody is fully set up nor do tax accountants have access to all required information.

Some of the main thing your accountant must understand is you total income which may include:

• A copy of previous years tax return
• PAYG summaries of income
• Identification documents, such as a license or passport
• Employer termination payments
• Foreign income details
• Your spouses income details
• Investment property or managed investment details
• Capital gains acquisition and disposal details
• Summary of expense's and income for financial year including
• any work related travel expenses
• Business or sole trader income and expense summary
• Government pensions
• Dividend returns
• Rental income
• Distributions from trusts etc

To understand exactly what documents you need to complete your 2024 tax return for your financial situation, after you submit the above contact form or while making a tax appointment by phoning 0490 795 725, please confirm with the Anthony Long team what information will be needed to supply at your 2024 tax return meeting.

Please also have prepared your list of work expenses you want to use as tax deductions which is detailed below.

Tax deductions, work expenses and working from home expenses you can claim on your individual tax return 2024.

If you are an employee then you may be entitled to claim back your costs that were spent for the purposes of your job, however this varies upon industry and what the costs were for.

(Australian Tax Office website)

Other expenses you can deduct in your tax return in 2024 may include:

• Vehicle and travel costs
• Telephone and internet costs
• Dry cleaning
• Uniform expenses
• Computer software
• Education, courses and seminars
• Tool and equipment
• Donations
• Superannuation contributions
• Fees and interest of certain accounts
• And more

Working From Home Expenses
A common tax deduction in 2024 will be working from home expenses given that so many more people have shifted from location-based employment to remote working.

Firstly, if an employer has already repays you for your money spent on the setup/costs then you can’t claim them on your 2024 tax return.

Other things you can’t claim on your tax return are:

• Coffee
• Tea
• Milk and other grocery expenses
• Your children's education requirements (setting them up for online learning)

Interested in claiming a computer, phone, tablet or electronic device as a work expense? You may be able to claim them however you must:
Be able to demonstrate how you use them for work
Only claim the percentage of time you use them for work purposes

Assets depreciating in value
There are strict ways of which the ATO calculates home expenses so we recommend making an appointment with Anthony Long tax accountants to ensure you get the most from your 2024 tax return and make no mistakes when claiming tax deductions and assets that are declining in value or depreciating

How long do individual tax returns take to process in 2024?

Anthony Long chartered accountant and his professional tax accountants offer tax return rebate money in 14-days after lodgement though this does depend on ATO processing times. Once complete and approved all tax return money will be directly deposited into your nominated bank account.

Where do I see Anthony Long tax accountants for my 2024 tax return appointment?

Anthony Long tax accountants work from Melbourne, Bendigo, Melton and Geelong locations and have been serving individuals and businesses Australia-wide with their accounting and tax needs for 30+ years.

If you are outside a face-to-face service area then Anthony Long offers online tax returns via email, video conferencing or phone calls so no matter where you are you our tax accountants can lodge your 2024 tax return, get the most value on your refund and offer a 14-day return (depending on ATO processing times).

You can make an appointment via the form and our friendly team will reply to organise a tax appointment and discuss further details. Otherwise you can phone 0490 795 725 right now.