Dear Clients,
We would like to remind you of the deadline September 30, 2024 which is important for the following topics.
Entitlement interest (“Anspruchszinsen”) for the 2023 tax returns
Assessments of income or corporation tax 2023 are subject to special interests, the so-called "entitlement interests". This affects the outstanding tax returns for 2023.
Assessments of income or corporation tax 2023 which are done by the tax office after October first, 2024 will cause interests at an annual interest rate of approximately 5,88% (as at July 2024). This interest can be prevented by making an advance payment to the tax office no later than September 30, 2024 in the amount of the expected tax.
Only after completion of the tax return 2023 is it possible for us to inform you about the expected amount of final tax payment. In order to avoid interests the tax liability should be paid to the tax office by September 30, 2024 at the latest.
If you pay the outstanding income or corporation tax liability 2023 to the tax office, please note the relevant purpose in the online banking program (e.g. "K 1-12/2023" or "E 1-12/2023") in order to ensure correct allocation of the payment.
If you have not yet sent us your documents for the 2023 tax return, please send them to us as soon as possible so that we can inform you of any additional tax payments.
Reduction requests for corporate tax and income tax prepayments
Do your tax advance payments for 2024 exceed the tax liability resulting from the expected taxable income for 2024? If yes you can apply for a reduction in advance payments for 2024 until September 30, 2024 at the latest. For this purpose, a comprehensible planning or forecast calculation for the probable income 2024 must be sent to the tax office together with the reduction request.
Please let us know if you would like us to apply to the tax office for a reduction of your 2024 tax prepayments.
Reduction (increase) of the preliminary contribution basis of the SVS
The basis for calculating the provisional social security payments for the self-employed (SVS) is the “provisional contribution basis”. This “provisional contribution basis” is calculated on the income from the third calendar year preceeding.
Is the final contribution base in the current year 2024 likely to be lower than the provisional contribution base? Then an application can be made to reduce the provisional contribution basis. In this reduction request (an increase is also possible in order to prevent high back payments) the probable amount of the final contribution basis for the current year must be indicated. In mathematical terms this is the summery of the income plus the paid social security contributions. The SVS recalculates your contributions based on this forecast.
There is no deadline for this and a reduction can be requested throughout the year. However, the reduction will only have an effect on the current year if it is requested by the 3rd quarter, i.e. by the end of September / beginning of October.
Please get in touch with us if you need our support.
Apply for input tax refund from EU member states by 30.9.2024
Austrian entrepreneurs who purchase supplies or other services abroad can reclaim the invoiced foreign input tax under certain conditions. The deadline for the refund of input VAT for 2023 from EU member states is September 30, 2024. Applications must be submitted via FinanzOnline in Austria for entrepreneurs based in Austria.
As possible error messages are only transmitted with some delay, we recommend submitting them a few days before the deadline.
The deductibility of input tax depends on the regulations applicable in the respective EU member state. As a rule, invoices with an assessment basis of more than EUR 1,000 or fuel receipts of more than EUR 250 must be scanned and attached to the application as a PDF file. Applications submitted during the year must include input tax of at least EUR 400. If an application relates to an entire calendar year or the last period of a calendar year, the refund amounts must be at least EUR 50.
We will be happy to help you submit your input tax refund application.
Deadline for disclosure of the annual financial statements as of 31.12.2023
The nine-month period from the balance sheet date applies to the disclosure of the annual financial statements for submission to the commercial register. For a financial year that corresponds to the calendar year, i.e. with a balance sheet date of December 31, 2023, the annual financial statements must therefore be submitted electronically to the commercial register by September 30, 2024 at the latest. No deadline extensions are possible. Late submissions automatically result in penalties.
Best regards
Manfred Gross
Vienna, August 2024
