EOFY 2022 is coming up fast which means tax time is looming…

If you’re a business owner, the ATO requires entities of all sizes to file their tax documentation before 30 June 2022. This means you need to start getting your ducks in a row now.

As you may well be aware, each financial year runs between 1 July – 30 June. So, whether you’re a sole trader, SME, or a larger firm, you should be looking to ensure you lodge all necessary documents on time.

Easy reminders

Here’s two very useful ways to get organised and stay on top of due dates:

  1. Proper accounting software should have reminders. Try our EOFY 3-month free trial offer of Reckon One which is only available until 1 July 2022.
  2. Get the ATO app, and navigate to the key dates feature which includes a function to automatically populate your calendar.

Key tax dates

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. You can also choose to mail a hard copy, submit it online through the ATO’s business portal, or engage a tax professional to submit yours for you.

The purpose of completing a BAS form is to report the goods and services tax amount you’ve collected on your sales, minus any that you’ve paid on your purchases with the difference being your refund—or what you owe—to the ATO since your last lodgment.

Aside from lodging and paying your business activity statements, there are numerous business ATO deadlines to be aware of in 2022. Because missing even one deadline is not an option, why not take a moment to plan ahead (as you’re preparing for EOFY) and punctuate your calendar with all mandatory submissions until 31 December 2022?

June 2022

21 June: If you lodge monthly, your June 2022 BAS statement is due today.

25 June: Tax agents must lodge and pay their 2022 Fringe Benefits Annual Tax Return.

30 June: End of the financial year! To qualify for a tax deduction in the 2021–22 financial year, super guarantee contributions must be paid by this date. This is also the final day to take out health insurance for the financial year ahead.

July 2022

1 July: Beginning of the new financial year! It’s time to celebrate wrapping up all your admin for FY22—then consider FY23 to be a fresh start. Reset, glance back at your efforts since the start of the 2022 calendar year, and tweak your marketing plans and technology investments accordingly (before the festive season creeps up).

21 July: If you lodge monthly, your July 2022 BAS statement is due today.

August 2022

11 August: If you lodge quarterly, your Q4 2021-2022 BAS statement is due today.

21 August: If you lodge monthly, your August 2022 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.

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 2022

21 September: If you lodge monthly, your September 2022 BAS statement is due today.

October 2022

21 October: If you lodge monthly, your October 2022 BAS statement is due today.

31 October: Individual tax returns due for 2021-22. This includes all sole traders. If you lodge yourself, this is the date. If you lodge with an agent, you technically have until 15 May 2023.

This means you need to either submit your tax return online, or better yet, head to a tax agent in person, or by phone, to get your tax return submitted.

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 2022

11 November: If you lodge quarterly, your Q1 2022-2023 BAS statement is due today

21 November: If you lodge monthly, your November 2022 BAS statement is due today.

December 2022

1 December: Large/medium companies and super funds submit income tax for taxable income.

21 December: If you lodge monthly, your December 2022 BAS statement is due today.

Plan your diary with key the ATO deadlines we’ve itemised till 31 December 2022, but remember, always consult with your accountant or bookkeeper to be sure of all your responsibilities as this article doesn’t constitute as professional advice.