Here we go again, it’s coming up to tax time. As you’re likely aware, each financial year runs between 1 July – 30 June.
So, whether you’re a sole trader, SME, or a larger company, be sure to lodge all necessary documents on time.
Easy reminders
Firstly, there are two very useful ways to get organised and stay on top of compliance and lodgment due dates.
- Use proper accounting software. It will have built-in reminders to alert you to key dates throughout the year.
- Download the ATO app! It’s a highly useful resource that includes a function to automatically populate your calendar with key lodgment dates.
Key tax dates
What do you need to know for the next 12 months of the new financial year?
Every GST-registered business is required to submit a Business Activity Statement (BAS) to the ATO either on the 21st of every month or each quarter in February, April, July, and October.
If your business turns over less than $20 million it’s up to you whether you lodge your BAS each month or each quarter, but entities turning over more must report monthly. The purpose of completing a BAS form is to report and pay tax liabilities like GST, PAYG, FBT et cetera.
Aside from lodging and paying your business activity statements, there are numerous business ATO deadlines to be aware of. Why not take a moment to plan (as you’re preparing for EOFY) and punctuate your calendar with all mandatory submissions until 2024?
July 2023
1 July: Beginning of the new financial year! You can lodge your 2022/23 tax return from now until 31 October.
It’s also time to be wrapping up all your admin for FY23—then consider FY24 to be a fresh start.
Reset, glance back at your efforts since the start of the 2023 calendar year, and tweak your marketing plans and technology investments accordingly (before the festive season creeps up).
14 July: Issue PAYG withholding payment summaries to employees.
21 July: If you lodge monthly, your BAS statement is due today.
28 July: If you lodge quarterly, your Q4 2022-2023 BAS statement is due today.
28 July: Super guarantee contributions for Q4 (April–June) are due by today.
August 2023
21 August: If you lodge monthly, your BAS statement is due today.
28 August: If you did not pay your contributions earlier (to receive the 30 June tax deduction) this is the final date to lodge and pay your Q4 (1 April–30 June) Superannuation Guarantee Charge Statement.
28 August: Taxable Payments Annual Report (TPAR) is due for building and construction; government entities; cleaning services; courier and road freight services; information technology services; security; investigation; and surveillance firms.
September 2023
21 September: If you lodge monthly, your BAS statement is due today.
October 2023
21 October: If you lodge monthly, your BAS statement is due today.
28 October: Super guarantee contributions for Q1 (July–Sept) are due by today.
28 October: If you lodge quarterly, your Q1 2023-2024 BAS statement is due today.
This includes all sole traders. NB: If you lodge yourself, this is the date. If you lodge with a tax agent, this can be extended.
If you’re a sole trader, you must now be sure you have enough cash on hand to pay your tax bill, or ideally, you’ve been paying your tax quarterly through the pay-as-you-go system (PAYG).
November 2023
21 November: If you lodge monthly, your BAS statement is due today.
December 2023
1 December: Large/medium companies and super funds submit income tax for taxable income.
21 December: If you lodge monthly, your BAS statement is due today.
January 2024
21 January: If you lodge monthly, your BAS statement is due today.
28 January: Super guarantee contributions for Q2 (Oct–Dec) are due today.
February 2024
21 February: If you lodge monthly, your BAS statement is due today.
28 February: If you lodge quarterly, your Q2 2023-2024 BAS statement is due today.
March 2024
21 March: If you lodge monthly, your BAS statement is due today.
April 2024
21 April: If you lodge monthly, your BAS statement is due today.
28 April: If you lodge quarterly, your Q3 2023-2024 BAS statement is due today.
28 April: Super guarantee contributions for Q3 (Jan- Mar) are due by today.
May 2024
15 May: Company income tax returns due for lodgement and payment.
15 May: Partnership & Trust Income tax returns due for lodgement.
15 May: If using a tax agent, individual income tax returns due for lodgement.
21 May: If you lodge monthly, your BAS statement is due today.
21 May: The Fringe Benefit Tax return is due by today if you lodge by paper.
28 May: The Fringe Benefit Tax return is due by today if you lodge electronically.
June 2024
21 June: If you lodge monthly, your BAS statement is due today.
25 June: Tax agents must lodge and pay their Fringe Benefits Annual Tax Return.
30 June: End of the financial year! Wrap up your books.
Plan your diary with key the ATO deadlines we’ve itemised till EOFY 2024, but remember, always consult with your accountant or bookkeeper to be sure of all your responsibilities as this article doesn’t constitute professional advice.
