Important tax deadlines expire on September 30, 2024. These relate in particular to the possibility of adjusting current income tax and CIT prepayments for the 2024 assessment year. In addition, the interest period for interest claims relating to the 2023 tax assessment begins on October 1, 2024.
Additionally, corporations and comparable partnerships (e.g. GmbH & Co KG) with a balance sheet date of December 31, 2023 must disclose their 2023 annual financial statements to the commercial register by September 30, 2024 at the latest. Failure to do so may result in penalties being imposed on both the company and its legal representatives.
The following article aims to provide an overview of some of these deadlines:
Application for reduction of tax prepayments
September 30, 2024 is the last possible date to apply for a reduction of prepayments of income tax or CIT for the year 2024.
It is therefore advisable to compare the prepayments made with the expected tax liability for 2024. If the expected tax liability is lower than the prepayments, an application for a reduction can be submitted until 30.09.2024.
This application must be substantiated. Furthermore, the amount of income expected in 2024 must be disclosed.
Adjustment of the preliminary contribution base in the SVS (social security)
The preliminary contributions to the SVS are calculated on the basis of the income of the third preceding calendar year (preliminary contribution base). The contribution base is the sum of the income according to the income tax assessment plus the prescribed social security contributions.
If the final contribution base in the current year is likely to be higher/lower than the preliminary contribution base, an adjustment of the contributions can be applied for. The application must state the expected amount of the contribution base for the current year.
An application for an adjustment of the SVS contributions only has an effect on the current year if it is submitted by the end of September.
Start of the interest period for credits / subsequent claims of income tax or CIT
The interest period for tax credits or claims resulting from the annual tax return 2023 will start from October 1, 2024.
Tax credits or claims resulting from the annual (corporate) income tax return 2023 will be interest bearing from October 1, 2024 until the tax assessment (for a maximum period of 48 months). The interest rate applied is 2% above the base rate of currently 3,88%, i.e. 5,88% and is calculated on a daily basis. Such interest credits or payments are tax neutral.
In order to avoid interest payments a tax prepayment based on the expected taxable income can be made to the tax authorities until September 30, 2024.
Start of the interest period for subsequent claims of VAT
Tax claims resulting from the annual VAT return 2023 will be interest bearing from October 1, 2024 until the tax assessment (for a maximum period of 48 months). The interest rate applied is 2% above the base rate of currently 3,88%, i.e. 5,88% and is calculated on a daily basis. Such interest credits or payments are tax neutral. In case the amount does not exceed EUR 50, interest will not be assessed.
Input VAT refund from EU member states
Input VAT from supplies and other services purchased in other EU countries can be reclaimed by Austrian entrepreneurs under certain conditions. The refund application for input VAT for 2023 must be submitted electronically via Finanzonline by September 30, 2024 at the latest.
The input VAT deduction is based on the regulations applicable in the respective member state. Invoices with an assessment basis of over EUR 1,000 and fuel receipts over EUR 250 must be enclosed with the application. The input VAT claimed must amount to at least EUR 50 if the application relates to the entire calendar year 2023. For refund applications during the year, the input tax must be at least EUR 400.
Reorganization notifications
If a reorganization has been carried out in accordance with the Austrian Reorganization Tax Act using the retroactive effect for tax purposes and the effective date is December 31, 2023, the reorganization must be reported to the tax authorities by September 30, 2024 at the latest.
Deadline for the disclosure of the annual financial statements to the commercial register
The legal representatives of corporations (e.g. GmbH, AG) and comparable partnerships (e.g. GmbH & Co KG) are obliged to disclose the company’s annual financial statements to the commercial register within 9 months after the balance sheet date.
For companies with a standard balance sheet date of December 31, the deadline for the disclosure of the 2023 annual financial statements is therefore September 30, 2024.
Timely disclosure is checked by the competent commercial register court. If the nine-month deadline is missed, the court is obliged to impose penalties of at least EUR 700 up to EUR 3,600. In the case of micro-corporations, the penalties range from EUR 350 to EUR 1,800. It should be noted that these penalties are imposed both on the company and on the legal representatives (individually). The penalties will be imposed repeatedly until the annual financial statements are disclosed.
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