Blog Layout

Key Tax and Superannuation Lodgement Dates For Small Business

June 6, 2023

The start of a new financial year is the perfect opportunity to get your ducks in a row to ensure that you are organised to meet your compliance obligations for the year ahead.

 

Taking proactive steps to ensure compliance with tax and superannuation lodgement dates can save you from potential costly penalties. By simply setting up reminders for these important dates in your diary or calendar now, you can avoid the last-minute rush or, even worse, missing the deadlines altogether.

 

Below is a general overview of important lodgement dates that Australian small business owners should be aware of. However, it's important to note that specific lodgement requirements may vary based on individual circumstances, so consulting with a professional accountant or the Australian Taxation Office (ATO) is always recommended for accurate and up-to-date information.

 

Monthly Business Activity Statement (BAS) Lodgement

If you lodge your BAS monthly, the due date is generally the 21st day of the month after the taxable period. For example, August monthly BAS will be due on 21 September.

 

We note that in the last few months the ATO has changed some of our clients to monthly lodgement for PAYGW. This due date will apply to these businesses.

 

Quarterly Business Activity Statement (BAS) Lodgement

If you lodge your BAS quarterly, the due dates are generally:

 

28 October (for the July-September quarter) – or 25 November if Wrights lodges your BAS

28 February (for the October-December quarter)

28 April (for the January-March quarter) – or 24 May if Wrights lodges your BAS

28 July (for the April-June quarter) – 25 August if Wrights lodges your BAS

 

Annual Income Tax Return Lodgement

The due date for lodging your annual income tax return is typically 31 October. However, if you use Wrights as your registered tax agent, you may have an extended due date. This date is typically 15 May the following year.

 

Fringe Benefits Tax (FBT) Return Lodgement

The FBT year runs from 1 April to 31 March so the due date for lodging your FBT return is generally 21 May each year.

 

Superannuation Guarantee (SG) Contributions

 

28 October (for the July-September quarter)

28 February (for the October-December quarter)

28 April (for the January-March quarter)

28 July (for the April-June quarter)

 

You can also make payments more frequently than quarterly, for example fortnightly or monthly. If you do, ensure you pay your total super guarantee (SG) contribution for the quarter by the due date.

 

Pay As You Go (PAYG) Withholding

PAYG withholding tax must be reported and paid to the ATO by the due date, which depends on your reporting frequency. For most small businesses, this is monthly or quarterly. If it is quarterly, the dates are the same as your quarterly SG contributions – i.e. the 28th day of the month following the FY quarter.

 

Single Touch Payroll (STP) Reporting

STP reporting is generally done each time you run payroll. The information is sent to the ATO either on or before each payday.

 

Business Activity Statement (BAS) Annual Reconciliation

The BAS annual reconciliation should be completed and lodged by 28 July each year.

 

Please note that these dates are general guidelines, and certain circumstances or exemptions might affect the deadlines for your business. It is crucial to stay informed and consult with a professional accountant or the ATO to ensure compliance with your specific obligations.

 

If you have any concerns or questions about your tax obligations, it's always best to seek advice from a qualified professional. If you’d also like to benefit from our tax planning advice, please contact one of our team at admin@wrightsca.com.au.

 

Important notice: This article provides information rather than financial advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information.


March 18, 2025
We’re now over halfway through the financial year, making it the perfect time to pause and assess how your business is tracking.
January 28, 2025
The start of a new year offers a clean slate—an opportunity to reset, refocus, and ensure your business is on solid financial footing.
October 9, 2024
Here’s a closer look at the five key stages of business growth and how strategic financial planning can support success at every step.
August 20, 2024
As accountants, we often see businesses at various stages of growth, and one of the most common questions we encounter is: "When is the right time to grow?"
July 26, 2024
Growing your business is an exciting journey filled with opportunities and challenges.
June 25, 2024
Expanding your team is an exciting step towards growing your business, but it also comes with its own set of challenges and considerations.
June 6, 2024
Budgeting is not just a mundane task relegated to the realm of accounting; it's a strategic imperative that serves as the cornerstone of financial management for businesses of all sizes.
April 30, 2024
Navigating Financial Perspectives for Businesses 
April 1, 2024
In the world of business, the management of debt is a fundamental aspect that can significantly impact an organisation's financial health and long-term success. However, amidst the myriad of financial principles, one overarching truth often remains overlooked: "Debt is always repaid with after-tax money." Understanding this principle is paramount for businesses aiming to navigate the complex landscape of finance effectively. Let's delve deeper into this concept and explore why grasping it sooner rather than later is crucial for businesses of all sizes. What Does "Debt is Repaid with After-Tax Money" Mean? At its core, this principle emphasises that any debt incurred by a business must eventually be repaid using profits that have been subjected to taxation. Unlike pre-tax earnings, which can be reinvested into the business or used for various purposes before taxation, the funds allocated for debt repayment have already been taxed. This distinction has significant implications for businesses, particularly in terms of financial planning, budgeting, and decision-making. Why Understanding This Principle Matters Accurate Financial Planning: Recognising that debt repayment relies on after-tax profits enables businesses to develop more accurate financial forecasts and budgets. By factoring in tax obligations when planning for debt repayment, businesses can avoid overextending their financial resources and ensure sustainable growth. Optimised Tax Strategies: Understanding the tax implications of debt repayment allows businesses to implement tax-efficient strategies to minimize their overall tax burden. From leveraging tax deductions to optimising debt structures, businesses can strategically manage their finances to maximize after-tax profits and drive long-term success. Informed Decision-Making: Armed with the knowledge that debt is repaid with after-tax money, business leaders can make more informed decisions regarding capital allocation, investment opportunities, and risk management. By considering the true cost of debt repayment, businesses can assess the feasibility of potential investments and prioritise initiatives that yield the highest returns. Mitigated Financial Risks: Failing to acknowledge the impact of taxation on debt repayment can expose businesses to financial risks and cash flow challenges. By proactively managing debt obligations with an understanding of after-tax implications, businesses can mitigate risks associated with excessive debt and maintain financial stability even in volatile economic environments. Partnering with a Trusted Accounting Firm At Wrights, we understand the importance of aligning financial strategies with overarching principles like "Debt is always repaid with after-tax money." Our team of experienced professionals is dedicated to providing personalised guidance and support to help businesses navigate the complexities of finance with confidence and clarity. From tax planning and compliance to financial analysis and strategic advisory services, we are committed to empowering businesses to achieve their goals and thrive in today's competitive landscape. In conclusion, grasping the principle that debt repayment relies on after-tax profits is essential for businesses seeking to optimise their financial performance and achieve sustainable growth. By embracing this truth and partnering with a trusted advisor, businesses can unlock new opportunities for success and build a solid foundation for a prosperous future. Let's work together to turn financial challenges into opportunities and pave the way for lasting success. At Wrights, we're committed to empowering businesses with accurate and actionable financial information. Our team of experienced professionals is dedicated to providing comprehensive accounting services tailored to your unique needs. To find out more about how we can help you, please contact one of our team at admin@wrightsca.com.au . Important notice: This article provides information rather than financial advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information.
More Posts
Share by: